Groupama Asset Managment Cuts Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Groupama Asset Management cut its Hartford stake by 48.6% in the first quarter, selling 8,242 shares and retaining 8,711 shares valued at approximately $1.18 million.
• The Hartford reported quarterly EPS of $3.42, exceeding estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion. Shares opened at $141.97, near their 12-month high of $146.07.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 1.7% yield. Analysts overall maintain a “Hold” consensus, with an average price target of $149.67.

Groupama Asset Managment lessened its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 48.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 8,711 shares of the insurance provider's stock after selling 8,242 shares during the quarter. Groupama Asset Managment's holdings in The Hartford Insurance Group were worth $1,178,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in HIG. Bank of America Corp DE increased its stake in shares of The Hartford Insurance Group by 2.1% during the first quarter. Bank of America Corp DE now owns 3,831,622 shares of the insurance provider's stock worth $518,150,000 after buying an additional 79,827 shares during the period. Kentucky Retirement Systems lifted its stake in The Hartford Insurance Group by 109.3% in the first quarter. Kentucky Retirement Systems now owns 36,912 shares of the insurance provider's stock worth $4,992,000 after acquiring an additional 19,276 shares during the last quarter. Janus Henderson Group PLC lifted its stake in The Hartford Insurance Group by 5.6% in the first quarter. Janus Henderson Group PLC now owns 383,504 shares of the insurance provider's stock worth $51,862,000 after acquiring an additional 20,197 shares during the last quarter. Oddo BHF Asset Management Sas grew its holdings in The Hartford Insurance Group by 28.3% during the 1st quarter. Oddo BHF Asset Management Sas now owns 104,377 shares of the insurance provider's stock worth $14,115,000 after acquiring an additional 23,015 shares in the last quarter. Finally, Strategic Investment Advisors MI acquired a new position in The Hartford Insurance Group during the 1st quarter worth approximately $813,000. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Insurance Group Stock Down 0.8%

Shares of NYSE:HIG opened at $141.97 on Friday. The company has a market capitalization of $38.46 billion, a PE ratio of 9.18, a P/E/G ratio of 3.48 and a beta of 0.47. 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, Inc. has a twelve month low of $120.33 and a twelve month high of $146.07. The firm has a 50 day simple moving average of $134.51 and a 200-day simple moving average of $135.72.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, beating 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 business had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. During the same quarter in the prior year, the business posted $3.41 EPS. The company's revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts predict that The Hartford Insurance Group, Inc. will post 12.84 EPS 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 issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 15.51%.

Analyst Upgrades and Downgrades

HIG has been the topic of a number of analyst reports. Bank of America raised their price objective on shares of The Hartford Insurance Group from $136.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. JPMorgan Chase & Co. boosted their target price on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Wells Fargo & Company dropped their target price on 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. 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. Finally, Barclays decreased their price target on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a report on Friday, June 12th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $149.67.

Insider Activity at The Hartford Insurance Group

In other 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 transaction of $1,201,981.35. Following the sale, the president owned 38,208 shares in the company, valued at approximately $5,163,047.04. The trade was a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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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