Fifth Third Bancorp Purchases 83,544 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Fifth Third Bancorp increased its stake in The Hartford Insurance Group by 311.7% in the first quarter, buying 83,544 additional shares and lifting its total holdings to 110,349 shares worth about $14.9 million.
• The Hartford posted Q1 earnings of $3.09 per share, missing analyst estimates of $3.39, while revenue came in at $7.23 billion versus expectations of $7.41 billion. Revenue still rose 6.1% year over year.
• The company paid a $0.60 quarterly dividend on July 2, equal to a 1.7% annualized yield, while analysts currently maintain a Moderate Buy consensus with a target price of $148.50.

Fifth Third Bancorp boosted its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 311.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 110,349 shares of the insurance provider's stock after purchasing an additional 83,544 shares during the period. Fifth Third Bancorp's holdings in The Hartford Insurance Group were worth $14,923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC bought a new position in shares of The Hartford Insurance Group in the third quarter valued at approximately $26,000. First Pacific Financial bought a new stake in The Hartford Insurance Group during the 1st quarter worth approximately $26,000. Sunbelt Securities Inc. bought a new stake in The Hartford Insurance Group during the 3rd quarter worth approximately $29,000. Barnes Dennig Private Wealth Management LLC increased its holdings in The Hartford Insurance Group by 144.8% during the 4th quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 152 shares in the last quarter. Finally, Sound Income Strategies LLC increased its holdings in The Hartford Insurance Group by 45.3% during the 4th quarter. Sound Income Strategies LLC now owns 279 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 87 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Insurance Group Stock Performance

HIG stock opened at $138.22 on Wednesday. The company has a 50 day moving average price of $132.77 and a 200 day moving average price of $135.42. The Hartford Insurance Group, Inc. has a fifty-two week low of $119.61 and a fifty-two week high of $144.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $37.89 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 3.22 and a beta of 0.47.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $3.09 EPS for the quarter, missing analysts' consensus estimates of $3.39 by ($0.30). The firm had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The firm's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.20 earnings per share. Analysts forecast that The Hartford Insurance Group, Inc. will post 12.81 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 1.7%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 16.87%.

Insider Transactions at The Hartford Insurance Group

In related news, President Adin M. Tooker sold 8,895 shares of The Hartford Insurance Group stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the completion of the sale, the president directly owned 38,208 shares in the company, valued at $5,163,047.04. This trade represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

HIG has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on The Hartford Insurance Group from $142.00 to $143.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 8th. UBS Group lowered their target price on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Mizuho lifted their price target on The Hartford Insurance Group from $154.00 to $163.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Weiss Ratings downgraded shares of The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Wednesday, May 27th. Finally, Cantor Fitzgerald upped their price target on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $148.50.

The Hartford Insurance Group Company Profile

The Hartford Financial Services Group, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.

Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.

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