Royal Bank of Canada Has $150.47 Million Stake in The Hartford Insurance Group, Inc. $HIG

Key Points

• Royal Bank of Canada has reduced its stake in The Hartford Insurance Group by 25.4%, selling 415,017 shares and now holds approximately 0.43% of the company valued at $150 million.
• The Hartford Insurance Group reported $3.41 earnings per share for the last quarter, surpassing estimates, while its revenue grew 7.7% year-over-year to $6.99 billion.
• The company has announced a quarterly dividend of $0.52, with the ex-dividend date set for September 2nd, leading to an annual projected yield of 1.6%.

Royal Bank of Canada lessened its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 25.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,216,133 shares of the insurance provider's stock after selling 415,017 shares during the quarter. Royal Bank of Canada owned about 0.43% of The Hartford Insurance Group worth $150,472,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in HIG. NorthRock Partners LLC lifted its holdings in shares of The Hartford Insurance Group by 2.6% during the first quarter. NorthRock Partners LLC now owns 3,177 shares of the insurance provider's stock valued at $395,000 after purchasing an additional 80 shares during the last quarter. Wayfinding Financial LLC boosted its stake in shares of The Hartford Insurance Group by 3.0% during the 1st quarter. Wayfinding Financial LLC now owns 2,861 shares of the insurance provider's stock valued at $355,000 after buying an additional 84 shares during the period. Wealthspire Advisors LLC grew its holdings in The Hartford Insurance Group by 3.2% in the 1st quarter. Wealthspire Advisors LLC now owns 2,877 shares of the insurance provider's stock valued at $356,000 after buying an additional 88 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in The Hartford Insurance Group by 1.7% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 5,580 shares of the insurance provider's stock valued at $690,000 after buying an additional 95 shares during the last quarter. Finally, HighPoint Advisor Group LLC grew its holdings in The Hartford Insurance Group by 4.1% in the 1st quarter. HighPoint Advisor Group LLC now owns 2,447 shares of the insurance provider's stock valued at $299,000 after buying an additional 96 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

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 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 completion of the sale, the chief financial officer directly 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 document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by company insiders.

The Hartford Insurance Group Trading Down 0.6%

Shares of HIG stock traded down $0.80 on Monday, reaching $130.87. 272,505 shares of the stock were exchanged, compared to its average volume of 1,622,592. The stock has a market cap of $36.80 billion, a PE ratio of 11.87, a P/E/G ratio of 1.27 and a beta of 0.72. The Hartford Insurance Group, Inc. has a one year low of $104.93 and a one year high of $135.17. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a 50 day moving average price of $127.08 and a 200 day moving average price of $123.99.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its 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 Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The company had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter in the previous year, the company posted $2.50 earnings per share. The firm's quarterly revenue was up 7.7% on a year-over-year basis. 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 disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be paid 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 dividend yield of 1.6%. The Hartford Insurance Group's payout ratio is 18.86%.

Analyst Ratings Changes

A number of analysts have issued reports on HIG shares. Keefe, Bruyette & Woods raised their target price on The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Wall Street Zen lowered The Hartford Insurance Group from a "buy" rating to a "hold" rating in a report on Friday. Piper Sandler raised their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Raymond James Financial restated an "outperform" rating and set a $140.00 target price (up previously from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Finally, Cantor Fitzgerald began coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 target price for the company. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $138.00.

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.