Modern Wealth Management LLC Invests $854,000 in The Hartford Insurance Group, Inc. $HIG

Key Points

• Modern Wealth Management LLC has acquired a new position in The Hartford Insurance Group, purchasing 6,900 shares valued at approximately $854,000 in the first quarter.
• The company's CFO, Beth Ann Costello, sold 35,340 shares at an average price of $123.50, representing a 31.30% decrease in ownership.
• The Hartford Insurance Group announced a quarterly dividend of $0.52 per share, yielding 1.6%, to be paid on October 2nd to investors of record as of September 2nd.

Modern Wealth Management LLC purchased a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 6,900 shares of the insurance provider's stock, valued at approximately $854,000.

Several other hedge funds also recently made changes to their positions in HIG. Golden State Wealth Management LLC boosted its holdings in The Hartford Insurance Group by 167.8% in the first quarter. Golden State Wealth Management LLC now owns 316 shares of the insurance provider's stock worth $39,000 after acquiring an additional 198 shares in the last quarter. Sharp Financial Services LLC purchased a new position in shares of The Hartford Insurance Group in the first quarter worth $260,000. Oppenheimer & Co. Inc. raised its stake in shares of The Hartford Insurance Group by 86.7% in the first quarter. Oppenheimer & Co. Inc. now owns 4,306 shares of the insurance provider's stock worth $533,000 after purchasing an additional 2,000 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new stake in The Hartford Insurance Group during the first quarter valued at $233,000. Finally, Aurora Investment Counsel purchased a new stake in The Hartford Insurance Group during the first quarter valued at $2,434,000. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Price Performance

Shares of NYSE HIG traded down $1.82 during mid-day trading on Tuesday, reaching $129.64. The company's stock had a trading volume of 2,306,366 shares, compared to its average volume of 1,624,120. The stock has a fifty day moving average of $127.91 and a two-hundred day moving average of $124.67. The Hartford Insurance Group, Inc. has a 52 week low of $104.93 and a 52 week high of $135.17. The firm has a market capitalization of $36.45 billion, a PE ratio of 11.75, a P/E/G ratio of 1.28 and a beta of 0.72. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.31 and a quick ratio of 0.31.

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 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.58. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The company had revenue of $6.99 billion during the quarter, compared to analyst estimates of $7.02 billion. During the same period in the prior year, the company earned $2.50 earnings per share. The firm's revenue was up 7.7% on a year-over-year basis. As a group, sell-side analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 18.86%.

Insiders Place Their Bets

In other The Hartford Insurance Group news, EVP Donald Christian Hunt sold 2,124 shares of The Hartford Insurance Group stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $133.87, for a total transaction of $284,339.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Beth Ann Costello sold 35,340 shares of The Hartford Insurance Group 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 transaction, the chief financial officer owned 77,574 shares of the company's stock, valued at $9,580,389. The trade was a 31.30% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on HIG. Wall Street Zen upgraded The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday. Morgan Stanley upped 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. Raymond James Financial restated an "outperform" rating and issued a $140.00 price target (up previously from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Keefe, Bruyette & Woods upped their price target on The Hartford Insurance Group from $135.00 to $137.00 and gave the stock an "outperform" rating in a research report on Monday, August 4th. Finally, 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 price target for the company. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $138.00.

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.