Maridea Wealth Management LLC Trims Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Maridea Wealth Management LLC reduced its stake in The Hartford Insurance Group by 54% during the second quarter, bringing its holdings to 1,676 shares valued at $213,000.
• Several institutional investors increased their positions, with Park Square Financial Group LLC raising their holdings by 146.2% and Golden State Wealth Management LLC boosting theirs by 167.8% in the first quarter.
• The Hartford Insurance Group's stock has a consensus rating of "Hold" with a price target of $138.00, while analysts note a recent earnings beat with $3.41 EPS surpassing estimates.

Maridea Wealth Management LLC trimmed its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 54.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,676 shares of the insurance provider's stock after selling 1,967 shares during the quarter. Maridea Wealth Management LLC's holdings in The Hartford Insurance Group were worth $213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Park Square Financial Group LLC raised its holdings in shares of The Hartford Insurance Group by 146.2% in the first 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 in the last quarter. Center for Financial Planning Inc. purchased a new position in The Hartford Insurance Group during the 1st quarter valued at about $33,000. Meeder Asset Management Inc. raised its holdings in shares of The Hartford Insurance Group by 123.8% in the 1st quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 161 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of The Hartford Insurance Group in the 1st quarter worth approximately $37,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of The Hartford Insurance Group by 167.8% during the first quarter. Golden State Wealth Management LLC now owns 316 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 198 shares in the last quarter. Institutional investors own 93.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler upped their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Morgan Stanley boosted their price target on The Hartford Insurance Group from $130.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Citigroup initiated coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of The Hartford Insurance Group from $138.00 to $139.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Barclays lowered their price target on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a report on Monday, July 7th. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $138.00.

The Hartford Insurance Group Stock Down 0.2%

HIG stock opened at $131.63 on Friday. The stock has a market capitalization of $37.01 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 1.28 and a beta of 0.72. The Hartford Insurance Group, Inc. has a 52 week low of $104.93 and a 52 week high of $135.17. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average of $129.43 and a 200 day moving average of $125.31.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.58. The firm had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The business's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.50 earnings per share. Sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be given a $0.52 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The Hartford Insurance Group's dividend payout ratio is currently 18.86%.

Insider Activity at The Hartford Insurance Group

In other news, EVP Donald Christian Hunt sold 2,124 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $133.87, for a total value of $284,339.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $123.50, for a total transaction of $4,364,490.00. Following the transaction, the chief financial officer directly owned 77,574 shares of the company's stock, valued at approximately $9,580,389. This trade represents a 31.30% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

About The Hartford Insurance Group

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.

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