Redwood Investment Management LLC Decreases Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Redwood Investment Management LLC has reduced its stake in The Hartford Insurance Group by 19.3%, holding 10,546 shares valued at approximately $1.31 million as of its recent SEC filing.
• Institutional ownership of The Hartford Insurance Group is high, with institutional investors and hedge funds owning 93.42% of the company’s stock.
• The Hartford reported strong quarterly earnings, with $3.41 EPS surpassing estimates and a 7.7% year-over-year revenue increase despite a small shortfall in expected revenue.

Redwood Investment Management LLC trimmed its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 19.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,546 shares of the insurance provider's stock after selling 2,522 shares during the period. Redwood Investment Management LLC's holdings in The Hartford Insurance Group were worth $1,305,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Jump Financial LLC boosted its stake in The Hartford Insurance Group by 330.5% in the 1st quarter. Jump Financial LLC now owns 28,218 shares of the insurance provider's stock worth $3,491,000 after purchasing an additional 21,664 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of The Hartford Insurance Group by 68.5% in the 1st quarter. Smartleaf Asset Management LLC now owns 3,948 shares of the insurance provider's stock worth $483,000 after purchasing an additional 1,605 shares during the period. Bahl & Gaynor Inc. boosted its stake in shares of The Hartford Insurance Group by 47.0% during the 1st quarter. Bahl & Gaynor Inc. now owns 2,141,537 shares of the insurance provider's stock worth $264,972,000 after acquiring an additional 684,390 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in The Hartford Insurance Group by 78.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 35,352 shares of the insurance provider's stock valued at $4,374,000 after purchasing an additional 15,554 shares during the period. Finally, Allstate Corp increased its holdings in The Hartford Insurance Group by 26.6% in the 1st quarter. Allstate Corp now owns 11,015 shares of the insurance provider's stock worth $1,363,000 after acquiring an additional 2,315 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at The Hartford Insurance Group

In other news, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction that occurred on 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 trade represents a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.50% of the stock is owned by insiders.

The Hartford Insurance Group Stock Performance

NYSE HIG traded up $0.09 during mid-day trading on Friday, reaching $132.31. 1,142,839 shares of the stock were exchanged, compared to its average volume of 1,327,795. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Insurance Group, Inc. has a 1 year low of $104.93 and a 1 year high of $134.93. The business's 50 day moving average is $126.37 and its 200-day moving average is $123.13. The company has a market capitalization of $37.20 billion, a P/E ratio of 12.00, a P/E/G ratio of 1.28 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share 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 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.50 EPS. On average, equities research analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

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

Analyst Upgrades and Downgrades

HIG has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on The Hartford Insurance Group from $130.00 to $135.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Citigroup assumed coverage on shares of The Hartford Insurance Group in a research note on Wednesday, August 13th. They issued a "neutral" rating and a $138.00 price target on the stock. Keefe, Bruyette & Woods raised their price target on The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Finally, 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 report on Friday, August 1st. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, The Hartford Insurance Group currently has a consensus rating of "Moderate Buy" and an average target price of $137.64.

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.