Mirae Asset Global Investments Co. Ltd. Raises Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in The Hartford Insurance Group by 5.0%, acquiring an additional 3,161 shares, bringing its total ownership to 66,898 shares valued at approximately $8.49 million.
• The Hartford recently reported quarterly earnings of $3.41 per share, surpassing expectations by $0.58, while revenue for the quarter was $6.99 billion, slightly below estimates.
• The company announced a quarterly dividend of $0.52 per share, equating to an annualized dividend of $2.08 and a yield of 1.6%.

Mirae Asset Global Investments Co. Ltd. increased its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 5.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,898 shares of the insurance provider's stock after purchasing an additional 3,161 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in The Hartford Insurance Group were worth $8,487,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Merit Financial Group LLC raised its stake in shares of The Hartford Insurance Group by 17.5% during the 1st quarter. Merit Financial Group LLC now owns 8,317 shares of the insurance provider's stock worth $1,029,000 after buying an additional 1,239 shares in the last quarter. Gateway Investment Advisers LLC raised its position in The Hartford Insurance Group by 1.1% in the first quarter. Gateway Investment Advisers LLC now owns 53,890 shares of the insurance provider's stock worth $6,668,000 after acquiring an additional 573 shares in the last quarter. Wedmont Private Capital lifted its holdings in The Hartford Insurance Group by 11.5% in the first quarter. Wedmont Private Capital now owns 4,650 shares of the insurance provider's stock valued at $540,000 after acquiring an additional 479 shares during the period. City Center Advisors LLC purchased a new stake in shares of The Hartford Insurance Group during the 1st quarter worth $260,000. Finally, Park Avenue Securities LLC grew its stake in shares of The Hartford Insurance Group by 5.8% during the 1st quarter. Park Avenue Securities LLC now owns 21,090 shares of the insurance provider's stock worth $2,609,000 after purchasing an additional 1,162 shares during the period. Hedge funds and other institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Stock Up 0.4%

Shares of NYSE:HIG opened at $133.51 on Monday. 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 company has a market capitalization of $37.54 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.29 and a beta of 0.69. The Hartford Insurance Group, Inc. has a 52-week low of $104.93 and a 52-week high of $135.17. The stock's fifty day simple moving average is $130.65 and its 200-day simple moving average is $126.02.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.58. The firm had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.50 EPS. As a group, equities research analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

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

Analyst Upgrades and Downgrades

HIG has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research note on Friday. Raymond James Financial reiterated an "outperform" rating and set a $140.00 price target (up from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Wells Fargo & Company boosted their price target on The Hartford Insurance Group from $138.00 to $139.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of The Hartford Insurance Group in a research note on Saturday, September 27th. Finally, Wolfe Research began coverage on The Hartford Insurance Group in a report on Tuesday, September 16th. They set a "peer perform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, The Hartford Insurance Group currently has an average rating of "Moderate Buy" and a consensus price target of $137.93.

Insider Buying and Selling

In other The Hartford Insurance Group news, EVP Donald Christian Hunt sold 2,124 shares of The Hartford Insurance Group stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Beth Ann Costello sold 35,340 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $123.50, for a total value of $4,364,490.00. Following the transaction, the chief financial officer directly owned 77,574 shares in the company, valued at approximately $9,580,389. This 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 company insiders.

The Hartford Insurance Group 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.

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