Philadelphia Financial Management of San Francisco LLC Purchases New Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Philadelphia Financial Management initiated a stake of 118,700 Hartford Insurance shares worth approximately $15.7 million in the second quarter. Institutional investors and hedge funds collectively own 93.42% of HIG.
• Hartford exceeded quarterly expectations, reporting $3.42 in EPS versus the $3.16 consensus and $7.26 billion in revenue, up 8.1% year over year. Shares recently traded at $138.51, while analysts maintain a consensus “Hold” rating with a $149.67 average price target.
• The company declared a quarterly dividend of $0.60 per share, or $2.40 annually, representing a 1.7% yield and a 15.51% payout ratio.

Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 118,700 shares of the insurance provider's stock, valued at approximately $15,730,124. The Hartford Insurance Group makes up 0.0% of Philadelphia Financial Management of San Francisco LLC's holdings, making the stock its 3rd largest position.

A number of other large investors have also made changes to their positions in the business. Ashton Thomas Private Wealth LLC purchased a new stake in The Hartford Insurance Group in the first quarter valued at approximately $207,000. NewEdge Advisors LLC increased its holdings in shares of The Hartford Insurance Group by 1.6% in the 2nd quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider's stock valued at $7,122,000 after purchasing an additional 886 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of The Hartford Insurance Group by 3.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider's stock worth $21,297,000 after purchasing an additional 6,285 shares during the period. HUB Investment Partners LLC boosted its holdings in The Hartford Insurance Group by 9.8% in the second quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider's stock valued at $878,000 after acquiring an additional 619 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of The Hartford Insurance Group by 25.5% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider's stock valued at $24,488,000 after acquiring an additional 39,220 shares in the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Insurance Group Trading Up 0.5%

Shares of HIG stock traded up $0.71 during trading hours on Friday, reaching $138.51. 875,240 shares of the stock were exchanged, compared to its average volume of 1,611,414. The company's 50-day moving average price is $138.29 and its 200-day moving average price is $136.57. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The Hartford Insurance Group, Inc. has a 12-month low of $120.33 and a 12-month high of $146.07. The firm has a market capitalization of $37.52 billion, a price-to-earnings ratio of 8.95, a price-to-earnings-growth ratio of 3.44 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping analysts' consensus estimates of $3.16 by $0.26. The company had revenue of $7.26 billion for the quarter, compared to analysts' expectations of $7.17 billion. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The firm's revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.41 earnings per share. As a group, equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 15.51%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on HIG shares. Barclays decreased their price objective on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a report on Friday, June 12th. Piper Sandler restated a "neutral" rating and set a $146.00 price target (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a report on Tuesday, July 28th. Weiss Ratings reissued a "buy (b+)" rating on shares of The Hartford Insurance Group in a report on Monday. Finally, Cantor Fitzgerald raised their price objective on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, The Hartford Insurance Group currently has a consensus rating of "Hold" and an average price target of $149.67.

The Hartford Insurance Group 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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