Pictet Asset Management Holding SA Sells 56,439 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Pictet Asset Management reduced its stake in The Hartford Insurance Group by 13.9% in the first quarter, selling 56,439 shares and leaving it with 350,849 shares valued at about $47.4 million.
• Wall Street sentiment remains mixed but constructive: analysts currently rate HIG a Moderate Buy, with nine Buy ratings and nine Hold ratings, and an average price target of $147.31.
• The Hartford reported Q1 earnings below expectations, posting EPS of $3.09 versus the $3.39 estimate, while revenue came in at $7.23 billion; the company also declared a quarterly dividend of $0.60 per share.

Pictet Asset Management Holding SA cut its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 13.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 350,849 shares of the insurance provider's stock after selling 56,439 shares during the period. Pictet Asset Management Holding SA owned about 0.13% of The Hartford Insurance Group worth $47,444,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in HIG. JPL Wealth Management LLC purchased a new position in shares of The Hartford Insurance Group in the 3rd quarter worth about $26,000. United Financial Planning Group LLC purchased a new stake in The Hartford Insurance Group in the third quarter worth approximately $29,000. Sunbelt Securities Inc. purchased a new stake in The Hartford Insurance Group in the third quarter worth approximately $29,000. Barnes Dennig Private Wealth Management LLC grew its position in The Hartford Insurance Group by 144.8% during the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 152 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in shares of The Hartford Insurance Group by 45.3% in the 4th quarter. Sound Income Strategies LLC now owns 279 shares of the insurance provider's stock worth $36,000 after acquiring an additional 87 shares during the last quarter. Institutional investors own 93.42% of the company's stock.

Wall Street Analyst Weigh In

HIG has been the topic of several recent research reports. Piper Sandler reduced their target price on shares of The Hartford Insurance Group from $154.00 to $148.00 and set an "overweight" rating on the stock in a report on Thursday, June 11th. Bank of America raised their price objective on The Hartford Insurance Group from $136.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, April 14th. Barclays lowered their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a research note on Friday, June 12th. Weiss Ratings cut The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday, May 27th. Finally, Cantor Fitzgerald reduced their price target on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $147.31.

The Hartford Insurance Group Stock Performance

Shares of NYSE:HIG opened at $133.49 on Tuesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $132.78 and a 200-day moving average price of $135.41. The company has a market cap of $36.59 billion, a price-to-earnings ratio of 9.38, a price-to-earnings-growth ratio of 2.45 and a beta of 0.47. The Hartford Insurance Group, Inc. has a 12 month low of $119.61 and a 12 month high of $144.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.39 by ($0.30). The business had revenue of $7.23 billion for the quarter, compared to analysts' expectations of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.20 EPS. As a group, equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.9 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, June 1st. The Hartford Insurance Group's dividend payout ratio is currently 16.87%.

Insider Activity at The Hartford Insurance Group

In related news, President Adin M. Tooker sold 8,895 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the completion of the sale, the president 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 sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by corporate insiders.

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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