Legal & General Group Plc Acquires Shares of 2,617,546 The Hartford Insurance Group, Inc. $HIG

Key Points

• Legal & General Group Plc acquired 2.62 million shares of The Hartford Insurance Group in the second quarter, valued at approximately $346.9 million and representing about 0.97% of the company.
• The Hartford reported stronger-than-expected quarterly results, with EPS of $3.42 versus the $3.16 consensus and revenue of $7.26 billion, up 8.1% year over year.
• Analysts maintain a generally neutral view, with an average “Hold” rating and a $149.67 price target, while Hartford announced a $0.60 quarterly dividend, equal to a 1.7% annualized yield.

Legal & General Group Plc bought a new position in shares of 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 Securities and Exchange Commission. The firm bought 2,617,546 shares of the insurance provider's stock, valued at approximately $346,877,000. Legal & General Group Plc owned about 0.97% of The Hartford Insurance Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ashton Thomas Private Wealth LLC bought a new stake in shares of The Hartford Insurance Group during the first quarter worth approximately $207,000. NewEdge Advisors LLC increased its stake in shares of The Hartford Insurance Group by 1.6% during the second quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider's stock worth $7,122,000 after purchasing an additional 886 shares during the period. Treasurer of the State of North Carolina lifted its holdings in The Hartford Insurance Group by 3.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider's stock worth $21,297,000 after purchasing an additional 6,285 shares during the last quarter. HUB Investment Partners LLC lifted its holdings in The Hartford Insurance Group by 9.8% during the 2nd quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider's stock worth $878,000 after purchasing an additional 619 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in The Hartford Insurance Group by 25.5% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider's stock valued at $24,488,000 after purchasing an additional 39,220 shares during the period. Institutional investors and hedge funds own 93.42% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on HIG shares. Piper Sandler reiterated a "neutral" rating and set a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Royal Bank Of Canada boosted their target price on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a research note on Tuesday, July 28th. Barclays lowered their price target on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a research report on Friday, June 12th. Finally, Wells Fargo & Company cut their price objective on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a report on Monday, July 27th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $149.67.

The Hartford Insurance Group Trading Down 0.6%

Shares of HIG opened at $138.19 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Insurance Group, Inc. has a 52-week low of $120.33 and a 52-week high of $146.07. The firm has a market cap of $37.43 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 3.41 and a beta of 0.46. The business's fifty day moving average is $137.90 and its 200-day moving average is $136.62.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, topping the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The business had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the prior year, the company earned $3.41 EPS. The Hartford Insurance Group's revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The business also recently disclosed 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 of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 1.7%. The Hartford Insurance Group's dividend payout ratio is presently 15.51%.

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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