Raymond James Financial Inc. Boosts Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Raymond James Financial Inc. increased its stake in The Hartford Insurance Group by 4.5%, now owning 623,328 shares valued at approximately $77.1 million.
• The Hartford Insurance Group reported a quarterly earnings per share (EPS) of $3.41, exceeding expectations of $2.83, with year-over-year revenue growth of 7.7%.
• The company announced a quarterly dividend of $0.52 per share to be paid on October 2nd, with a yield of 1.6% based on an annualized dividend of $2.08.

Raymond James Financial Inc. lifted its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 4.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 623,328 shares of the insurance provider's stock after purchasing an additional 26,836 shares during the period. Raymond James Financial Inc. owned approximately 0.22% of The Hartford Insurance Group worth $77,124,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Cresset Asset Management LLC increased its position in shares of The Hartford Insurance Group by 3.3% in the 1st quarter. Cresset Asset Management LLC now owns 9,357 shares of the insurance provider's stock valued at $1,163,000 after purchasing an additional 296 shares during the last quarter. American Century Companies Inc. increased its position in shares of The Hartford Insurance Group by 16.1% in the 1st quarter. American Century Companies Inc. now owns 746,591 shares of the insurance provider's stock valued at $92,376,000 after purchasing an additional 103,356 shares during the last quarter. Brandywine Global Investment Management LLC increased its position in shares of The Hartford Insurance Group by 74.8% in the 1st quarter. Brandywine Global Investment Management LLC now owns 303,499 shares of the insurance provider's stock valued at $37,552,000 after purchasing an additional 129,826 shares during the last quarter. Aberdeen Group plc increased its position in shares of The Hartford Insurance Group by 84.0% in the 1st quarter. Aberdeen Group plc now owns 253,815 shares of the insurance provider's stock valued at $31,289,000 after purchasing an additional 115,864 shares during the last quarter. Finally, Horizon Investments LLC boosted its holdings in shares of The Hartford Insurance Group by 3.1% in the 1st quarter. Horizon Investments LLC now owns 4,161 shares of the insurance provider's stock valued at $515,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Insurance Group Stock Performance

NYSE:HIG traded up $0.7780 during trading hours on Friday, reaching $133.9780. 1,459,319 shares of the company's stock were exchanged, compared to its average volume of 1,481,287. The firm has a market capitalization of $37.67 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.30 and a beta of 0.67. 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 1-year low of $104.93 and a 1-year high of $134.94. The company has a 50-day moving average of $125.64 and a 200 day moving average of $122.50.

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 analysts' consensus estimates 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 Hartford Insurance Group's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.50 EPS. Research analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The Hartford Insurance Group's payout ratio is currently 18.86%.

Insider Buying and Selling

In other The Hartford Insurance Group 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 transaction of $4,364,490.00. Following the completion of the transaction, the chief financial officer directly owned 77,574 shares in the company, valued at approximately $9,580,389. This trade represents a 31.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HIG. Citigroup began coverage on shares of The Hartford Insurance Group in a report on Wednesday, August 13th. They issued a "neutral" rating and a $138.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods upped their target price 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. Raymond James Financial restated an "outperform" rating and issued a $140.00 target price (up previously from $135.00) on shares of The Hartford Insurance Group in a report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Seven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $137.64.

The Hartford Insurance Group Company 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.