QRG Capital Management Inc. Purchases 113,871 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• QRG Capital Management Inc. increased its stake in The Hartford Insurance Group by 56.6%, acquiring an additional 113,871 shares in the second quarter, bringing its total ownership to 315,041 shares valued at approximately $39.97 million.
• The Hartford Insurance Group reported an impressive quarterly earnings per share (EPS) of $3.41, exceeding analysts' expectations by $0.58, with revenue totaling $6.99 billion, marking a year-over-year increase of 7.7%.
• A quarterly dividend of $0.52 per share was announced, culminating in an annualized dividend yield of 1.6%, reflecting a payout ratio of 18.86% as of the dividend's declaration on September 2nd.

QRG Capital Management Inc. increased its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 56.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 315,041 shares of the insurance provider's stock after acquiring an additional 113,871 shares during the period. QRG Capital Management Inc. owned about 0.11% of The Hartford Insurance Group worth $39,969,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Merit Financial Group LLC increased its stake in shares of The Hartford Insurance Group by 17.5% in the 1st quarter. Merit Financial Group LLC now owns 8,317 shares of the insurance provider's stock valued at $1,029,000 after purchasing an additional 1,239 shares during the last quarter. Vest Financial LLC boosted its stake in The Hartford Insurance Group by 9.6% in the first quarter. Vest Financial LLC now owns 327,478 shares of the insurance provider's stock valued at $40,519,000 after buying an additional 28,594 shares in the last quarter. Curat Global LLC bought a new position in The Hartford Insurance Group in the first quarter valued at about $49,000. Gateway Investment Advisers LLC grew its position in The Hartford Insurance Group by 1.1% in the first quarter. Gateway Investment Advisers LLC now owns 53,890 shares of the insurance provider's stock valued at $6,668,000 after acquiring an additional 573 shares during the last quarter. Finally, Wedmont Private Capital raised its stake in The Hartford Insurance Group by 11.5% during the first quarter. Wedmont Private Capital now owns 4,650 shares of the insurance provider's stock worth $540,000 after acquiring an additional 479 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Friday. Weiss Ratings reiterated a "buy (a-)" rating on shares of The Hartford Insurance Group in a report on Saturday, September 27th. Raymond James Financial reiterated an "outperform" rating and issued a $140.00 price target (up from $135.00) on shares of The Hartford Insurance Group in a research note on Friday, August 1st. Finally, Barclays cut their price objective on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $137.93.

Insider Transactions at The Hartford Insurance Group

In related news, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were 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 of the company's stock, valued at approximately $9,580,389. This trade represents a 31.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donald Christian Hunt sold 2,124 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $133.87, for a total transaction 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 Stock Performance

HIG stock opened at $133.51 on Friday. The Hartford Insurance Group, Inc. has a 1-year low of $104.93 and a 1-year high of $135.17. 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 stock has a 50-day moving average price of $130.65 and a 200-day moving average price of $125.93. The firm has a market cap of $37.54 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.28 and a beta of 0.69.

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

The Hartford Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio is presently 18.86%.

About The Hartford Insurance Group

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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