Saudi Central Bank Purchases 8,967 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Saudi Central Bank increased its Hartford stake by 87.2% in the second quarter, purchasing 8,967 additional shares for a total holding of 19,252 shares valued at approximately $2.55 million.
• The Hartford reported quarterly adjusted earnings of $3.42 per share, beating estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion.
• The company declared a quarterly dividend of $0.60 per share, equivalent to a 1.7% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $149.67.

Saudi Central Bank raised its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 87.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,252 shares of the insurance provider's stock after purchasing an additional 8,967 shares during the quarter. Saudi Central Bank's holdings in The Hartford Insurance Group were worth $2,551,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in HIG. Ashton Thomas Private Wealth LLC purchased a new stake in shares of The Hartford Insurance Group in the first quarter worth approximately $207,000. NewEdge Advisors LLC boosted its holdings in The Hartford Insurance Group by 1.6% during the 2nd quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider's stock valued at $7,122,000 after acquiring an additional 886 shares during the period. Treasurer of the State of North Carolina grew its position in The Hartford Insurance Group by 3.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider's stock valued at $21,297,000 after acquiring an additional 6,285 shares during the last quarter. HUB Investment Partners LLC increased its stake in The Hartford Insurance Group by 9.8% in the second quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider's stock worth $878,000 after purchasing an additional 619 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in The Hartford Insurance Group by 25.5% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider's stock worth $24,488,000 after purchasing an additional 39,220 shares during the period. Institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Price Performance

HIG opened at $138.19 on Tuesday. The Hartford Insurance Group, Inc. has a 12-month low of $120.33 and a 12-month high of $146.07. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The business's fifty day simple moving average is $139.24 and its 200-day simple moving average is $136.40. The company has a market capitalization of $37.43 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 2.43 and a beta of 0.45.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, beating 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 firm had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the previous year, the company posted $3.41 earnings per share. The firm's quarterly revenue was up 8.1% on a year-over-year basis. On average, equities research analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders 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 dividend on an annualized basis and a yield of 1.7%. The Hartford Insurance Group's dividend payout ratio (DPR) is 15.51%.

Analysts Set New Price Targets

HIG has been the subject of a number of recent analyst reports. Mizuho boosted their target price on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods raised their price target on shares of The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. Cantor Fitzgerald lifted their price objective on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Piper Sandler reissued a "neutral" rating and issued a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Finally, Zacks Research upgraded shares of The Hartford Insurance Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, The Hartford Insurance Group presently has a consensus rating of "Hold" and an average target price of $149.67.

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.

Want to see what other hedge funds are holding HIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.