Ramirez Asset Management Inc. Buys 11,720 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Ramirez Asset Management Inc. increased its stake in The Hartford Insurance Group by 124.4%, acquiring an additional 11,720 shares during the second quarter, bringing their total to 21,140 shares worth approximately $2,682,000.
• Shares of The Hartford Insurance Group experienced a 2.2% decline, with a current stock price of $130.08 and a market capitalization of $36.57 billion.
• The company reported earnings of $3.41 per share for the last quarter, exceeding estimates, and plans to distribute a quarterly dividend of $0.52 per share, reflecting a dividend yield of 1.6%.

Ramirez Asset Management Inc. boosted its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 124.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,140 shares of the insurance provider's stock after purchasing an additional 11,720 shares during the quarter. Ramirez Asset Management Inc.'s holdings in The Hartford Insurance Group were worth $2,682,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in HIG. Woodline Partners LP increased its holdings in The Hartford Insurance Group by 28,218.5% in the first quarter. Woodline Partners LP now owns 757,804 shares of the insurance provider's stock worth $93,763,000 after purchasing an additional 755,128 shares in the last quarter. Nuveen LLC bought a new stake in The Hartford Insurance Group in the first quarter worth approximately $87,516,000. Bahl & Gaynor Inc. increased its holdings in The Hartford Insurance Group by 47.0% in the first quarter. Bahl & Gaynor Inc. now owns 2,141,537 shares of the insurance provider's stock worth $264,972,000 after purchasing an additional 684,390 shares in the last quarter. Amundi increased its holdings in The Hartford Insurance Group by 27.4% in the first quarter. Amundi now owns 1,943,498 shares of the insurance provider's stock worth $239,905,000 after purchasing an additional 417,951 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in The Hartford Insurance Group by 38.4% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,493,077 shares of the insurance provider's stock worth $189,427,000 after purchasing an additional 414,216 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Stock Down 2.2%

Shares of NYSE:HIG opened at $130.08 on Friday. The stock has a market cap of $36.57 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 1.28 and a beta of 0.69. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.25. The Hartford Insurance Group, Inc. has a 12-month low of $104.93 and a 12-month high of $135.17. The business's 50 day moving average is $131.34 and its 200 day moving average is $126.27.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.58. The company had revenue of $6.99 billion for 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 quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.50 earnings per share. On average, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

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

Insider Activity at The Hartford Insurance Group

In related news, CFO Beth Ann Costello sold 35,340 shares of The Hartford Insurance Group stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $123.50, for a total transaction of $4,364,490.00. Following the transaction, the chief financial officer owned 77,574 shares of the company's stock, valued at $9,580,389. The trade was a 31.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Donald Christian Hunt sold 2,124 shares of the business's stock in a transaction on Friday, September 5th. The stock was 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. 1.50% of the stock is owned by insiders.

Analyst Ratings Changes

HIG has been the subject of several recent research reports. Wolfe Research assumed coverage on The Hartford Insurance Group in a report on Tuesday, September 16th. They set a "peer perform" rating for the company. Morgan Stanley boosted their price objective on The Hartford Insurance Group from $135.00 to $140.00 and gave the company an "equal weight" rating in a report on Tuesday. Piper Sandler boosted their price objective on The Hartford Insurance Group from $145.00 to $150.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Wall Street Zen upgraded The Hartford Insurance Group from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on The Hartford Insurance Group from $142.00 to $143.00 and gave the company a "neutral" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.07.

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.

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