Gabelli Funds LLC Cuts Holdings in The Hartford Insurance Group, Inc. $HIG

Gabelli Funds LLC lowered its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 22.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,200 shares of the insurance provider's stock after selling 16,850 shares during the quarter. Gabelli Funds LLC's holdings in The Hartford Insurance Group were worth $7,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of The Hartford Insurance Group by 286,241.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock valued at $10,178,152,000 after purchasing an additional 73,835,976 shares in the last quarter. Norges Bank acquired a new stake in The Hartford Insurance Group during the 4th quarter worth approximately $611,724,000. Allianz Asset Management GmbH raised its holdings in The Hartford Insurance Group by 131.1% in the fourth quarter. Allianz Asset Management GmbH now owns 1,632,082 shares of the insurance provider's stock valued at $224,901,000 after buying an additional 925,789 shares during the period. Balyasny Asset Management L.P. raised its holdings in The Hartford Insurance Group by 6,431.8% in the third quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider's stock valued at $85,829,000 after buying an additional 633,592 shares during the period. Finally, Zurich Insurance Group Ltd FI lifted its position in The Hartford Insurance Group by 208.2% during the third quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider's stock valued at $106,708,000 after buying an additional 540,445 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Price Performance

Shares of HIG stock opened at $140.06 on Tuesday. The firm has a fifty day simple moving average of $133.90 and a 200-day simple moving average of $135.52. The company has a market capitalization of $37.94 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 3.83 and a beta of 0.47. The Hartford Insurance Group, Inc. has a twelve month low of $120.33 and a twelve month high of $144.50. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm had revenue of $7.26 billion for the quarter, compared to the consensus estimate of $7.17 billion. During the same quarter in the previous year, the firm posted $3.41 EPS. The firm's quarterly revenue was up 8.1% on a year-over-year basis. Equities research analysts anticipate that The Hartford Insurance Group, Inc. will post 12.69 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The Hartford Insurance Group's payout ratio is 15.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. UBS Group dropped their price objective on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. upped their price target on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Royal Bank Of Canada increased their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a report on Monday. Bank of America raised their price objective on The Hartford Insurance Group from $136.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. Finally, Weiss Ratings cut The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Wednesday, May 27th. Eight analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $149.00.

Insider Activity at The Hartford Insurance Group

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the completion of the sale, the president owned 38,208 shares in the company, valued at $5,163,047.04. This trade represents a 18.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.30% of the company's stock.

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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