Norges Bank Buys Shares of 4,439,218 The Hartford Insurance Group, Inc. $HIG

Key Points

• Norges Bank initiated a large new position in The Hartford Insurance Group, buying 4,439,218 shares valued at about $611.7 million and owning 1.59% of the company at quarter-end.
• The Hartford reported quarterly earnings of $3.09 per share, missing expectations, while revenue came in at $7.23 billion versus estimates of $7.41 billion. Revenue still rose 6.1% year over year, and analysts now expect full-year EPS of 13.17.
• The company announced a quarterly dividend of $0.60 per share, payable July 2, while analysts maintain a consensus rating of Moderate Buy with a target price of $149.31.

Norges Bank bought a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,439,218 shares of the insurance provider's stock, valued at approximately $611,724,000. Norges Bank owned 1.59% of The Hartford Insurance Group at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new position in The Hartford Insurance Group during the 4th quarter valued at about $8,933,000. Hillsdale Investment Management Inc. grew its stake in shares of The Hartford Insurance Group by 1.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 7,150 shares of the insurance provider's stock worth $985,000 after purchasing an additional 100 shares during the last quarter. Fideuram Asset Management Ireland dac acquired a new position in shares of The Hartford Insurance Group in the 4th quarter worth approximately $36,000. National Pension Service grew its stake in shares of The Hartford Insurance Group by 4.8% in the 4th quarter. National Pension Service now owns 534,073 shares of the insurance provider's stock worth $73,595,000 after purchasing an additional 24,493 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of The Hartford Insurance Group in the 4th quarter worth approximately $694,000. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Insurance Group Stock Performance

The Hartford Insurance Group stock opened at $127.29 on Monday. The firm's 50 day simple moving average is $135.47 and its 200-day simple moving average is $136.04. The company has a market cap of $34.89 billion, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 2.28 and a beta of 0.47. 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 fifty-two week low of $119.61 and a fifty-two week high of $144.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share for the quarter, missing the consensus estimate of $3.39 by ($0.30). The firm had revenue of $7.23 billion during the quarter, compared to analysts' expectations of $7.41 billion. The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The business's revenue was up 6.1% on a year-over-year basis. During the same period last year, the business earned $2.20 earnings per share. As a group, equities research analysts predict that The Hartford Insurance Group, Inc. will post 13.17 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, June 1st. The Hartford Insurance Group's dividend payout ratio (DPR) is 16.87%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on HIG shares. Bank of America lifted 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 research note on Tuesday, April 14th. Barclays lowered their price objective on shares of 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. Mizuho lifted 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 research note on Tuesday, April 28th. Citigroup lifted their price objective on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 4th. Finally, Morgan Stanley lifted their price objective on shares of 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. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $149.31.

Insider Activity at The Hartford Insurance Group

In other news, President Adin M. Tooker sold 8,895 shares of The Hartford Insurance Group stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value of $1,201,981.35. Following the transaction, the president directly owned 38,208 shares of the company's stock, valued at $5,163,047.04. This trade represents a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction that occurred on Tuesday, March 10th. The stock was 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. Additional details regarding this sale are available in the official SEC disclosure. Company 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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