Pensionfund Sabic Sells 2,300 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Pensionfund Sabic has reduced its stake in The Hartford Insurance Group by 15.9%, selling 2,300 shares and holding 12,200 shares worth approximately $1.51 million.
• The Hartford reported a quarterly EPS of $3.41, exceeding analysts' expectations, but revenue fell short of projections at $6.99 billion.
• Several institutional investors increased their positions in The Hartford during Q1, with institutional ownership now at 93.42% of the company's stock.

Pensionfund Sabic decreased its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 15.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,200 shares of the insurance provider's stock after selling 2,300 shares during the period. Pensionfund Sabic's holdings in The Hartford Insurance Group were worth $1,510,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC lifted its position in The Hartford Insurance Group by 167.8% during the 1st quarter. Golden State Wealth Management LLC now owns 316 shares of the insurance provider's stock worth $39,000 after buying an additional 198 shares in the last quarter. Sharp Financial Services LLC acquired a new position in The Hartford Insurance Group during the 1st quarter worth about $260,000. Oppenheimer & Co. Inc. lifted its position in The Hartford Insurance Group by 86.7% during the 1st quarter. Oppenheimer & Co. Inc. now owns 4,306 shares of the insurance provider's stock worth $533,000 after buying an additional 2,000 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new position in The Hartford Insurance Group during the 1st quarter worth about $233,000. Finally, Aurora Investment Counsel acquired a new position in The Hartford Insurance Group during the 1st quarter worth about $2,434,000. 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 $132.52 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The company has a market cap of $37.26 billion, a PE ratio of 12.01, a PEG ratio of 1.29 and a beta of 0.72. The company's 50-day moving average is $127.74 and its two-hundred day moving average is $124.47. The Hartford Insurance Group, Inc. has a 1 year low of $104.93 and a 1 year high of $135.17.

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 company had revenue of $6.99 billion during the quarter, compared to analysts' expectations of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The Hartford Insurance Group's revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.50 EPS. Equities analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 2nd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The Hartford Insurance Group's dividend payout ratio is 18.86%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HIG. Piper Sandler upped their price target on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Wells Fargo & Company upped their price target on shares of The Hartford Insurance Group from $138.00 to $139.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday. Cantor Fitzgerald assumed coverage on shares of The Hartford Insurance Group in a research report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 target price on the stock. Finally, Keefe, Bruyette & Woods upped their target price on shares of The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.00.

Insider Transactions at The Hartford Insurance Group

In other news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 77,574 shares of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Donald Christian Hunt sold 2,124 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $133.87, for a total value of $284,339.88. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company's stock.

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.

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