Lockheed Martin Investment Management Co. Boosts Stock Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Lockheed Martin Investment Management Co. increased its stake in The Hartford Insurance Group by 11.9% in the fourth quarter, buying 8,880 additional shares and bringing its total holding to 83,540 shares worth about $11.5 million.
• Institutional ownership remains very high, with 93.42% of HIG shares held by hedge funds and other institutional investors. Several firms, including Northwestern Mutual Wealth Management, Balyasny Asset Management, and Zurich Insurance Group, also boosted their positions.
• Analysts are mixed but cautiously positive on the stock, with an average rating of “Moderate Buy” and an average price target of $149.31. The company most recently reported earnings of $3.09 per share, missing estimates, while revenue came in well above expectations.

Lockheed Martin Investment Management Co. lifted its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,540 shares of the insurance provider's stock after purchasing an additional 8,880 shares during the period. Lockheed Martin Investment Management Co.'s holdings in The Hartford Insurance Group were worth $11,512,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of HIG. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of The Hartford Insurance Group by 286,241.4% during 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 during the period. Danske Bank A S purchased a new stake in shares of The Hartford Insurance Group during the third quarter worth about $91,398,000. Balyasny Asset Management L.P. boosted its holdings in shares of The Hartford Insurance Group by 6,431.8% during 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 during the period. Zurich Insurance Group Ltd FI boosted its holdings in shares of The Hartford Insurance Group by 208.2% during the third quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider's stock worth $106,708,000 after purchasing an additional 540,445 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of The Hartford Insurance Group by 10.3% during the third quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock worth $711,141,000 after purchasing an additional 496,821 shares during the period. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HIG has been the subject of a number of analyst reports. Roth Mkm increased their target price on shares of The Hartford Insurance Group from $120.00 to $135.00 and gave the stock a "neutral" rating in a report on Friday, January 30th. Barclays dropped their target price on shares of The Hartford Insurance Group from $159.00 to $156.00 and set an "overweight" rating for the company in a report on Friday, April 24th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $149.00 target price (down from $163.00) on shares of The Hartford Insurance Group in a report on Monday, March 30th. Bank of America raised their price objective on shares of The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a report on Tuesday, April 14th. Finally, Mizuho raised their price objective on shares of The Hartford Insurance Group from $158.00 to $159.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $149.31.

The Hartford Insurance Group Stock Performance

Shares of HIG opened at $134.02 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a one year low of $119.61 and a one year high of $144.50. The company has a 50-day simple moving average of $135.86 and a two-hundred day simple moving average of $135.41. The firm has a market capitalization of $36.74 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 2.41 and a beta of 0.50.

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 Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The company had revenue of $14.45 billion during the quarter, compared to analysts' expectations of $7.41 billion. During the same quarter last year, the business earned $2.20 earnings per share. The business's quarterly revenue was up 6.1% on a year-over-year basis. On average, analysts anticipate that The Hartford Insurance Group, Inc. will post 13.17 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, March 2nd. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 16.87%.

Insider Activity

In other news, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the transaction, the executive vice president directly owned 25,392 shares in the company, valued at approximately $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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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