Sit Investment Associates Inc. Makes New $7.68 Million Investment in The Hartford Insurance Group, Inc. $HIG

Key Points

• Sit Investment Associates Inc. acquired 62,070 shares of The Hartford Insurance Group, valued at approximately $7.68 million, during the first quarter, reflecting significant institutional interest.
• Brokerages have raised their target prices for The Hartford Insurance Group, with UBS Group increasing its target from $145.00 to $150.00 and Morgan Stanley from $130.00 to $135.00, indicating positive sentiment among analysts.
• The Hartford recently reported an EPS of $3.41 for the last quarter, exceeding analysts' expectations of $2.83, and announced a quarterly dividend of $0.52 payable on October 2nd.

Sit Investment Associates Inc. acquired a new stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 62,070 shares of the insurance provider's stock, valued at approximately $7,680,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HIG. GAMMA Investing LLC boosted its position in The Hartford Insurance Group by 14,049.5% in the 1st quarter. GAMMA Investing LLC now owns 1,424,009 shares of the insurance provider's stock valued at $1,761,930,000 after buying an additional 1,413,945 shares during the last quarter. Ameriprise Financial Inc. boosted its position in The Hartford Insurance Group by 48.1% in the 4th quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider's stock valued at $247,761,000 after buying an additional 735,170 shares during the last quarter. Nuveen LLC purchased a new position in The Hartford Insurance Group in the 1st quarter valued at about $87,516,000. Northern Trust Corp boosted its position in The Hartford Insurance Group by 17.2% in the 4th quarter. Northern Trust Corp now owns 3,537,665 shares of the insurance provider's stock valued at $387,021,000 after buying an additional 519,717 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new position in The Hartford Insurance Group in the 4th quarter valued at about $46,271,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Insurance Group Stock Performance

NYSE HIG traded up $1.8370 during trading hours on Wednesday, reaching $133.6470. The company's stock had a trading volume of 1,653,240 shares, compared to its average volume of 1,502,310. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The business has a 50-day simple moving average of $125.32 and a 200 day simple moving average of $122.15. The Hartford Insurance Group, Inc. has a 52 week low of $104.93 and a 52 week high of $134.12. The stock has a market cap of $37.58 billion, a PE ratio of 12.12, a PEG ratio of 1.28 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The firm had revenue of $6.99 billion for the quarter, compared to analysts' expectations of $7.02 billion. During the same quarter last year, the company posted $2.50 earnings per share. The Hartford Insurance Group's revenue was up 7.7% on a year-over-year basis. Equities research analysts predict that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 18.86%.

Insider Transactions at The Hartford Insurance Group

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were 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 of the company's stock, valued at $9,580,389. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wall Street Zen raised shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. increased their price target on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Cantor Fitzgerald assumed coverage on shares of The Hartford Insurance Group in a research report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 price target on the stock. Citigroup assumed coverage on shares of The Hartford Insurance Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 price target on the stock. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $140.00 price target (up previously from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $137.64.

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.