Korea Investment CORP Decreases Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Korea Investment CORP has reduced its stake in The Hartford Insurance Group by 26.9%, owning 238,490 shares valued at approximately $29.5 million after selling 87,700 shares in Q1.
• GAMMA Investing LLC dramatically increased its stake by 14,049.5% during the same quarter, now holding 1.42 million shares worth about $1.76 billion.
• The Hartford Insurance Group reported a quarterly EPS of $3.41, exceeding analyst expectations of $2.83, while its revenue for the quarter was $6.99 billion, slightly below the forecast of $7.02 billion.

Korea Investment CORP cut its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 26.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 238,490 shares of the insurance provider's stock after selling 87,700 shares during the period. Korea Investment CORP owned 0.08% of The Hartford Insurance Group worth $29,508,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Park Square Financial Group LLC raised its holdings in The Hartford Insurance Group by 146.2% in the 1st quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 155 shares during the last quarter. Center for Financial Planning Inc. acquired a new position in The Hartford Insurance Group in the 1st quarter valued at $33,000. Meeder Asset Management Inc. increased its holdings in shares of The Hartford Insurance Group by 123.8% during the 1st quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock worth $36,000 after buying an additional 161 shares during the last quarter. Spurstone Advisory Services LLC acquired a new stake in shares of The Hartford Insurance Group during the 4th quarter worth $33,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in shares of The Hartford Insurance Group in the 1st quarter worth $37,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Insurance Group Stock Up 0.6%

The Hartford Insurance Group stock traded up $0.7780 during trading on Friday, reaching $133.9780. 1,459,319 shares of the company's stock were exchanged, compared to its average volume of 1,481,287. The company's 50-day moving average is $125.64 and its two-hundred day moving average is $122.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Insurance Group, Inc. has a 52-week low of $104.93 and a 52-week high of $134.94. The firm has a market cap of $37.67 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.29 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The firm had revenue of $6.99 billion during the quarter, compared to analysts' expectations of $7.02 billion. During the same period in the prior year, the company earned $2.50 EPS. The firm's revenue was up 7.7% on a year-over-year basis. On average, analysts predict that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio is presently 18.86%.

Analyst Ratings Changes

Several research analysts recently weighed in on HIG shares. Barclays cut their target price on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a research report on Monday, July 7th. Wells Fargo & Company increased their target price on The Hartford Insurance Group from $138.00 to $139.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Wall Street Zen raised The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Cantor Fitzgerald started coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They issued an "overweight" rating and a $152.00 target price on the stock. Finally, Citigroup started coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $138.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $137.64.

Insiders Place Their Bets

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $123.50, for a total value of $4,364,490.00. Following the completion of the transaction, the chief financial officer directly owned 77,574 shares of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by insiders.

The Hartford Insurance Group Company Profile

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.