Squarepoint Ops LLC Increases Stock Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Squarepoint Ops LLC increased its HIG position by 152.5% in the second quarter, acquiring 328,586 additional shares for a total holding of 544,097 shares valued at approximately $72.1 million.
• The Hartford exceeded quarterly expectations, reporting EPS of $3.42 versus the $3.16 consensus and revenue of $7.26 billion, up 8.1% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $149.67, while the company declared a quarterly dividend of $0.60 per share, representing a 1.8% yield.

Squarepoint Ops LLC raised its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 152.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,097 shares of the insurance provider's stock after acquiring an additional 328,586 shares during the period. Squarepoint Ops LLC owned 0.20% of The Hartford Insurance Group worth $72,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. First Pacific Financial purchased a new position in shares of The Hartford Insurance Group during the first quarter worth about $26,000. MidFirst Bank purchased a new stake in The Hartford Insurance Group during the 2nd quarter valued at approximately $26,000. JPL Wealth Management LLC acquired a new stake in The Hartford Insurance Group during the 3rd quarter worth approximately $26,000. Navigoe LLC acquired a new stake in The Hartford Insurance Group during the 2nd quarter worth approximately $27,000. Finally, Phillip James Consulting Co. purchased a new position in shares of The Hartford Insurance Group in the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 93.42% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on HIG shares. Barclays lowered their price objective on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a research report on Friday, June 12th. Wells Fargo & Company reduced their target price on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a research note on Monday, July 27th. Cantor Fitzgerald lifted their target price 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. JPMorgan Chase & Co. boosted their price target on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Finally, Piper Sandler restated 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. Seven analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $149.67.

The Hartford Insurance Group Stock Performance

HIG opened at $135.71 on Wednesday. The stock's 50 day simple moving average is $139.31 and its 200 day simple moving average is $136.36. The stock has a market cap of $36.76 billion, a P/E ratio of 8.77, a P/E/G ratio of 2.43 and a beta of 0.45. The Hartford Insurance Group, Inc. has a 1-year low of $120.33 and a 1-year high of $146.07. 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 (NYSE:HIG - Get Free Report) last posted its earnings results 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 net margin of 15.00% and a return on equity of 21.66%. The firm had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. During the same period last year, the firm posted $3.41 EPS. The firm's revenue for the quarter was up 8.1% on a year-over-year basis. As a group, equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently announced 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 is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 1.8%. The Hartford Insurance Group's dividend payout ratio is 15.51%.

The Hartford Insurance Group 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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