Royal Bank of Canada Trims Stock Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Royal Bank of Canada cut its Hartford stake by 19% in the first quarter, selling 256,435 shares and retaining 1.09 million shares valued at approximately $147.6 million. Institutional investors collectively own 93.42% of HIG.
• The Hartford reported stronger-than-expected quarterly results, with earnings of $3.42 per share and revenue of $7.26 billion, up 8.1% year over year. Analysts expect full-year earnings of $12.77 per share.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 1.7% yield. Despite a consensus “Hold” rating, analysts’ average price target is $149.06 versus the stock’s reported $142.95 price.

Royal Bank of Canada lessened its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 19.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,091,107 shares of the insurance provider's stock after selling 256,435 shares during the quarter. Royal Bank of Canada owned approximately 0.40% of The Hartford Insurance Group worth $147,551,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its stake in shares of The Hartford Insurance Group by 20.4% during the first quarter. Empowered Funds LLC now owns 34,161 shares of the insurance provider's stock valued at $4,620,000 after buying an additional 5,780 shares during the period. Quantinno Capital Management LP boosted its position in The Hartford Insurance Group by 38.5% during the first quarter. Quantinno Capital Management LP now owns 179,685 shares of the insurance provider's stock worth $24,299,000 after acquiring an additional 49,932 shares during the last quarter. Lazard Asset Management LLC grew its stake in The Hartford Insurance Group by 19.8% in the 1st quarter. Lazard Asset Management LLC now owns 660,624 shares of the insurance provider's stock worth $89,336,000 after acquiring an additional 109,268 shares during the period. Intelligence Driven Advisers LLC purchased a new stake in The Hartford Insurance Group in the 1st quarter worth approximately $211,000. Finally, Gateway Wealth Partners LLC acquired a new position in The Hartford Insurance Group in the 1st quarter valued at $576,000. Institutional investors and hedge funds own 93.42% of the company's stock.

Insiders Place Their Bets

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the completion of the transaction, the president owned 38,208 shares in the company, valued at $5,163,047.04. This represents a 18.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by corporate insiders.

The Hartford Insurance Group Trading Down 1.9%

NYSE:HIG opened at $142.95 on Friday. The business's 50-day moving average is $134.40 and its two-hundred day moving average is $135.67. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a 12 month low of $120.33 and a 12 month high of $146.07. The firm has a market capitalization of $38.72 billion, a PE ratio of 9.24, a price-to-earnings-growth ratio of 3.95 and a beta of 0.47.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, topping the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The company had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same quarter in the prior year, the business earned $3.41 earnings per share. The company's revenue was up 8.1% compared to the same quarter last year. Research analysts predict that The Hartford Insurance Group, Inc. will post 12.77 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 1.7%. The Hartford Insurance Group's payout ratio is 15.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Bank of America raised their price objective on The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a report on Tuesday, April 14th. Keefe, Bruyette & Woods upped their target price on The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a research note on Tuesday. Zacks Research downgraded The Hartford Insurance Group from a "hold" rating to a "strong sell" rating in a research report on Monday. Piper Sandler reiterated a "neutral" rating and set a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Finally, Royal Bank Of Canada raised their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock a "sector perform" rating in a research note on Monday. Eight investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, The Hartford Insurance Group currently has a consensus rating of "Hold" and a consensus target price of $149.06.

The Hartford Insurance Group Company Profile

The Hartford Financial Services Group, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.

Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.

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