Harvest Investment Advisors LLC Invests $1.99 Million in The Hartford Insurance Group, Inc. $HIG

Key Points

• Harvest Investment Advisors initiated a new position in The Hartford Insurance Group, buying 14,409 shares worth about $1.99 million in the fourth quarter.
• Institutional ownership remains very high, with hedge funds and other institutions holding 93.42% of the company; several large investors also recently added to their HIG stakes.
• The Hartford reported Q1 earnings below expectations with EPS of $3.09 versus $3.39 expected, though revenue still rose 6.1% year over year and the company declared a quarterly dividend of $0.60 per share.

Harvest Investment Advisors LLC bought a new position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 14,409 shares of the insurance provider's stock, valued at approximately $1,986,000.

Several other large investors have also recently modified their holdings of HIG. Northwestern Mutual Wealth Management Co. increased its stake in shares of The Hartford Insurance Group by 286,241.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock worth $10,178,152,000 after purchasing an additional 73,835,976 shares in the last quarter. Norges Bank purchased a new position in shares of The Hartford Insurance Group in the fourth quarter worth about $611,724,000. Allianz Asset Management GmbH increased its stake in shares of 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 worth $224,901,000 after purchasing an additional 925,789 shares in the last quarter. Danske Bank A S purchased a new position in shares of The Hartford Insurance Group in the third quarter worth about $91,398,000. Finally, Balyasny Asset Management L.P. increased its stake in shares of 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 worth $85,829,000 after purchasing an additional 633,592 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 NYSE:HIG opened at $130.92 on Wednesday. The company has a 50 day moving average of $134.10 and a 200 day moving average of $135.56. The stock has a market cap of $35.89 billion, a P/E ratio of 9.20, a P/E/G ratio of 2.35 and a beta of 0.47. The Hartford Insurance Group, Inc. has a 12 month low of $119.61 and a 12 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 0.24.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $3.09 EPS for the quarter, missing the consensus estimate of $3.39 by ($0.30). The firm had revenue of $7.23 billion for the quarter, compared to analysts' expectations of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The Hartford Insurance Group's revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.20 EPS. As a group, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 13.05 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Monday, June 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Monday, June 1st. The Hartford Insurance Group's payout ratio is currently 16.87%.

Insider Buying and Selling

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value 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. The trade was a 18.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HIG shares. Barclays reduced their target price on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a research note on Friday, June 12th. Mizuho reduced their target price on shares of The Hartford Insurance Group from $159.00 to $154.00 and set an "outperform" rating for the company in a research note on Friday, June 5th. Weiss Ratings cut shares of The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Wednesday, May 27th. Piper Sandler reduced their price objective on shares of The Hartford Insurance Group from $154.00 to $148.00 and set an "overweight" rating for the company in a research note on Thursday, June 11th. Finally, UBS Group reduced 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 note on Monday, April 27th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $147.31.

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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