Prudential PLC Has $16.31 Million Position in The Hartford Insurance Group, Inc. (NYSE:HIG)

Key Points

• Prudential PLC has significantly increased its stake in The Hartford Insurance Group by 139.1%, now owning 131,780 shares valued at approximately $16.3 million.
• Institutional investors control about 93.42% of The Hartford's stock, with significant increases in holdings from firms like UBS AM and Ameriprise Financial.
• Wall Street analysts have raised their price targets for The Hartford, with the consensus now at $136.42, reflecting a generally positive outlook for the company.

Prudential PLC increased its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 139.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,780 shares of the insurance provider's stock after purchasing an additional 76,660 shares during the quarter. Prudential PLC's holdings in The Hartford Insurance Group were worth $16,305,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of HIG. GAMMA Investing LLC lifted its holdings in The Hartford Insurance Group by 14,049.5% in the first quarter. GAMMA Investing LLC now owns 1,424,009 shares of the insurance provider's stock worth $1,761,930,000 after purchasing an additional 1,413,945 shares during the period. Ameriprise Financial Inc. lifted its holdings in The Hartford Insurance Group by 48.1% in the 4th quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider's stock valued at $247,761,000 after acquiring an additional 735,170 shares during the last quarter. Nuveen LLC acquired a new stake in The Hartford Insurance Group in the 1st quarter valued at about $87,516,000. Northern Trust Corp lifted its holdings in The Hartford Insurance Group by 17.2% in the 4th quarter. Northern Trust Corp now owns 3,537,665 shares of the insurance provider's stock valued at $387,021,000 after acquiring an additional 519,717 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in The Hartford Insurance Group in the 4th quarter valued at about $46,271,000. Institutional investors and hedge funds own 93.42% of the company's stock.

Wall Street Analysts Forecast Growth

HIG has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price target on shares of The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a report on Monday, August 4th. UBS Group upped their price target on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "buy" rating in a report on Monday, August 4th. Citigroup initiated coverage on shares of The Hartford Insurance Group in a report on Wednesday. They issued a "neutral" rating and a $138.00 price target for the company. Finally, Raymond James Financial reissued an "outperform" rating and issued a $140.00 price target (up from $135.00) on shares of The Hartford Insurance Group in a report on Friday, August 1st. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, The Hartford Insurance Group has an average rating of "Moderate Buy" and a consensus target price of $137.64.

Insider Buying and Selling 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 transaction, the chief financial officer owned 77,574 shares in the company, valued at $9,580,389. This represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by corporate insiders.

The Hartford Insurance Group Trading Down 0.5%

HIG stock traded down $0.60 during mid-day trading on Friday, reaching $130.74. 2,698,832 shares of the stock traded hands, compared to its average volume of 1,658,775. 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 Hartford Insurance Group, Inc. has a 52-week low of $104.93 and a 52-week high of $132.09. The company has a market cap of $36.76 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.28 and a beta of 0.67. The stock's fifty day moving average is $124.91 and its 200-day moving average is $121.64.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.58. The company had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%. The firm's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.50 EPS. As a group, sell-side analysts expect that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 2nd will be issued a $0.52 dividend. The ex-dividend date 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 currently 18.86%.

The Hartford Insurance Group 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.