Ritholtz Wealth Management Buys 2,797 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Ritholtz Wealth Management has increased its stake in The Hartford Insurance Group by 4.1%, acquiring an additional 2,797 shares, bringing its total holdings to 70,428 shares valued at approximately $8.9 million.
• Several research firms have recently upgraded their price targets for The Hartford Insurance Group, with consensus estimates reaching $140.07 and a general rating of "Moderate Buy."
• The Hartford Insurance Group declared a quarterly dividend of $0.52 per share, offering an annualized yield of 1.6%, indicating a strong payout ratio of 18.86%.

Ritholtz Wealth Management grew its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 4.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,428 shares of the insurance provider's stock after buying an additional 2,797 shares during the period. Ritholtz Wealth Management's holdings in The Hartford Insurance Group were worth $8,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HIG. Harbour Investments Inc. increased its holdings in The Hartford Insurance Group by 220.5% during the 2nd quarter. Harbour Investments Inc. now owns 1,346 shares of the insurance provider's stock worth $171,000 after acquiring an additional 926 shares during the period. Sagespring Wealth Partners LLC grew its position in shares of The Hartford Insurance Group by 28.5% during the 2nd quarter. Sagespring Wealth Partners LLC now owns 3,238 shares of the insurance provider's stock valued at $411,000 after purchasing an additional 719 shares in the last quarter. Axxcess Wealth Management LLC purchased a new position in shares of The Hartford Insurance Group during the 2nd quarter valued at $200,000. Moran Wealth Management LLC bought a new position in shares of The Hartford Insurance Group in the second quarter worth $5,271,000. Finally, NorthRock Partners LLC raised its position in shares of The Hartford Insurance Group by 9.1% in the second quarter. NorthRock Partners LLC now owns 3,465 shares of the insurance provider's stock worth $441,000 after buying an additional 288 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on HIG. Keefe, Bruyette & Woods boosted their target price on The Hartford Insurance Group from $135.00 to $137.00 and gave the stock an "outperform" rating in a research report on Monday, August 4th. Barclays cut their price objective on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating for the company in a report on Monday, July 7th. Piper Sandler raised their target price on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Wolfe Research initiated coverage on shares of The Hartford Insurance Group in a research note on Tuesday, September 16th. They issued a "peer perform" rating for the company. Finally, Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.07.

The Hartford Insurance Group Stock Up 1.9%

Shares of The Hartford Insurance Group stock opened at $131.15 on Wednesday. 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 52-week low of $104.93 and a 52-week high of $135.17. The company's 50 day moving average price is $131.58 and its 200-day moving average price is $126.45. The stock has a market capitalization of $36.87 billion, a price-to-earnings ratio of 11.89, a P/E/G ratio of 1.23 and a beta of 0.69.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, topping 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 period last year, the firm earned $2.50 earnings per share. Equities research analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a 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%.

Insider Activity

In related news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction 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 sale, the chief financial officer directly owned 77,574 shares of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Donald Christian Hunt sold 2,124 shares of The Hartford Insurance Group stock in a transaction dated Friday, September 5th. The shares were 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. Company insiders own 1.60% of the company's stock.

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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