Great Lakes Advisors LLC Buys New Shares in The Hartford Insurance Group, Inc. $HIG

Key Points

• Great Lakes Advisors initiated a position in The Hartford Insurance Group, buying 70,964 shares valued at approximately $9.4 million. Institutional investors collectively own 93.42% of HIG’s outstanding stock.
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS and $7.26 billion in revenue, with revenue up 8.1% year over year.
• The company declared a quarterly dividend of $0.60 per share, equivalent to a $2.40 annualized payout and a 1.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $149.67.

Great Lakes Advisors LLC bought a new position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 70,964 shares of the insurance provider's stock, valued at approximately $9,404,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HIG. Haven Private LLC grew its stake in The Hartford Insurance Group by 1.1% during the 4th quarter. Haven Private LLC now owns 6,751 shares of the insurance provider's stock valued at $930,000 after purchasing an additional 71 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of The Hartford Insurance Group by 40.3% in the fourth quarter. GW&K Investment Management LLC now owns 268 shares of the insurance provider's stock worth $37,000 after purchasing an additional 77 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of The Hartford Insurance Group by 0.4% during the fourth quarter. Kestra Advisory Services LLC now owns 17,646 shares of the insurance provider's stock worth $2,432,000 after purchasing an additional 79 shares during the period. Koshinski Asset Management Inc. lifted its holdings in shares of The Hartford Insurance Group by 3.8% during the first quarter. Koshinski Asset Management Inc. now owns 2,253 shares of the insurance provider's stock worth $305,000 after purchasing an additional 82 shares during the period. Finally, Castlekeep Investment Advisors LLC boosted its position in The Hartford Insurance Group by 0.7% in the fourth quarter. Castlekeep Investment Advisors LLC now owns 13,137 shares of the insurance provider's stock valued at $1,810,000 after buying an additional 86 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

Insider Activity at The Hartford Insurance Group

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the 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 transaction, the president owned 38,208 shares of the company's stock, valued at $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by insiders.

The Hartford Insurance Group Stock Performance

HIG opened at $138.89 on Wednesday. The firm's fifty day simple moving average is $137.08 and its two-hundred day simple moving average is $136.59. The Hartford Insurance Group, Inc. has a 52-week low of $120.33 and a 52-week high of $146.07. The company has a market cap of $37.62 billion, a price-to-earnings ratio of 8.98, a PEG ratio of 3.39 and a beta of 0.46. The company has a quick ratio of 0.31, a current 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 earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. During the same quarter in the previous year, the company earned $3.41 earnings per share. The company's quarterly revenue was up 8.1% on a year-over-year basis. Equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

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

Wall Street Analysts Forecast Growth

HIG has been the topic of several research reports. Wells Fargo & Company cut their price target on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating on the stock in a report on Monday, July 27th. Piper Sandler reaffirmed a "neutral" rating and issued a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Mizuho increased their price objective on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Zacks Research cut shares of The Hartford Insurance Group from a "hold" rating to a "strong sell" rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $149.67.

About The Hartford Insurance Group

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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