Newport Trust Company LLC Sells 72,619 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Newport Trust Company trimmed its Hartford stake by 2.9% in the fourth quarter, selling 72,619 shares and still holding 2.46 million shares worth about $338.9 million.
• Insider selling was also reported, with EVP Lori A. Rodden selling 40,693 shares on March 10 for about $5.6 million, reducing her position by 61.6%.
• The Hartford reported mixed first-quarter results, with EPS of $3.09 missing estimates of $3.39 and revenue of $7.23 billion slightly below expectations, though revenue still rose 6.1% year over year.

Newport Trust Company LLC lowered its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,459,709 shares of the insurance provider's stock after selling 72,619 shares during the period. The Hartford Insurance Group accounts for approximately 0.8% of Newport Trust Company LLC's investment portfolio, making the stock its 23rd biggest holding. Newport Trust Company LLC owned approximately 0.88% of The Hartford Insurance Group worth $338,948,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Addison Advisors LLC increased its stake in shares of The Hartford Insurance Group by 39.3% during the fourth quarter. Addison Advisors LLC now owns 383 shares of the insurance provider's stock worth $53,000 after purchasing an additional 108 shares during the period. Global Retirement Partners LLC increased its stake in shares of The Hartford Insurance Group by 119.4% during the fourth quarter. Global Retirement Partners LLC now owns 3,568 shares of the insurance provider's stock worth $492,000 after purchasing an additional 1,942 shares during the period. Griffin Asset Management Inc. increased its stake in shares of The Hartford Insurance Group by 1.1% during the fourth quarter. Griffin Asset Management Inc. now owns 15,755 shares of the insurance provider's stock worth $2,171,000 after purchasing an additional 175 shares during the period. MJP Associates Inc. ADV increased its stake in shares of The Hartford Insurance Group by 4.3% during the fourth quarter. MJP Associates Inc. ADV now owns 2,226 shares of the insurance provider's stock worth $307,000 after purchasing an additional 91 shares during the period. Finally, ABN Amro Investment Solutions increased its stake in shares of The Hartford Insurance Group by 340.2% during the fourth quarter. ABN Amro Investment Solutions now owns 13,980 shares of the insurance provider's stock worth $1,926,000 after purchasing an additional 10,804 shares during the period. Institutional investors own 93.42% of the company's stock.

Insider Activity

In other news, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total value of $5,617,668.65. Following the transaction, the executive vice president owned 25,392 shares in the company, valued at approximately $3,505,365.60. This trade represents a 61.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company's stock.

The Hartford Insurance Group Price Performance

The Hartford Insurance Group stock opened at $136.02 on Friday. The Hartford Insurance Group, Inc. has a one year low of $119.61 and a one year high of $144.50. The stock's fifty day moving average price is $135.66 and its two-hundred day moving average price is $135.84. 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 firm has a market cap of $37.29 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 2.46 and a beta of 0.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.39 by ($0.30). The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The business had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the previous year, the business posted $2.20 EPS. The company's revenue for the quarter was up 6.1% on a year-over-year basis. As a group, research analysts expect that The Hartford Insurance Group, Inc. will post 13.14 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 16.87%.

Analyst Upgrades and Downgrades

HIG has been the topic of a number of recent research reports. Morgan Stanley increased their target price on The Hartford Insurance Group from $140.00 to $142.00 and gave the stock an "equal weight" rating in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods restated a "market perform" rating and set a $149.00 price objective (down from $163.00) on shares of The Hartford Insurance Group in a research note on Monday, March 30th. Bank of America raised their price objective on The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 14th. Barclays lowered their price objective on The Hartford Insurance Group from $159.00 to $156.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Finally, Wells Fargo & Company raised their price objective on The Hartford Insurance Group from $156.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $149.31.

About The Hartford Insurance Group

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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