Sumitomo Mitsui Trust Group Inc. Has $97.04 Million Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Sumitomo Mitsui Trust Group cut its stake in The Hartford by 8.1% in Q4 and now owns 704,215 shares worth $97.04 million, about 0.25% of the company.
• The Hartford beat quarterly expectations with $4.06 EPS versus $3.22 expected and reported revenue of $7.31 billion (up 6.7% year‑over‑year), while analysts forecast 11.11 EPS for the fiscal year.
• Company insiders have been net sellers, disposing of 349,282 shares valued at roughly $48.18 million in the past 90 days, including sizable sales by the CEO and an EVP.

Sumitomo Mitsui Trust Group Inc. reduced its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 8.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 704,215 shares of the insurance provider's stock after selling 62,179 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.25% of The Hartford Insurance Group worth $97,041,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. State Street Corp boosted its position in shares of The Hartford Insurance Group by 0.4% in the third quarter. State Street Corp now owns 16,031,840 shares of the insurance provider's stock valued at $2,146,749,000 after acquiring an additional 55,983 shares during the period. Invesco Ltd. boosted its position in shares of The Hartford Insurance Group by 10.3% in the third quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock valued at $711,141,000 after acquiring an additional 496,821 shares during the period. Nordea Investment Management AB boosted its position in shares of The Hartford Insurance Group by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 4,389,329 shares of the insurance provider's stock valued at $606,956,000 after acquiring an additional 81,712 shares during the period. Franklin Resources Inc. boosted its position in shares of The Hartford Insurance Group by 3.3% in the third quarter. Franklin Resources Inc. now owns 3,376,931 shares of the insurance provider's stock valued at $450,449,000 after acquiring an additional 108,765 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of The Hartford Insurance Group by 7.5% in the second quarter. Bank of America Corp DE now owns 3,281,825 shares of the insurance provider's stock valued at $416,365,000 after acquiring an additional 228,780 shares during the period. Institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Trading Up 1.3%

HIG opened at $139.01 on Tuesday. The Hartford Insurance Group, Inc. has a twelve month low of $113.27 and a twelve month high of $144.50. The company has a 50-day simple moving average of $138.14 and a 200 day simple moving average of $134.42. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $38.35 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 1.33 and a beta of 0.53.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The insurance provider reported $4.06 earnings per share for the quarter, topping the consensus estimate of $3.22 by $0.84. The Hartford Insurance Group had a net margin of 13.52% and a return on equity of 21.92%. The business had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $7.29 billion. During the same quarter in the prior year, the business posted $2.94 earnings per share. The Hartford Insurance Group's revenue was up 6.7% compared to the same quarter last year. Analysts predict that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 2nd. Investors of record on Monday, March 2nd were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 1.7%. The Hartford Insurance Group's dividend payout ratio is currently 17.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their target price on shares of The Hartford Insurance Group from $152.00 to $161.00 and gave the company an "overweight" rating in a research report on Monday, December 22nd. Morgan Stanley boosted their target price on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company an "equal weight" rating in a research report on Tuesday, February 3rd. Evercore boosted their target price on shares of The Hartford Insurance Group from $137.00 to $145.00 and gave the company an "in-line" rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $149.00 target price (down from $163.00) on shares of The Hartford Insurance Group in a research report on Monday, March 30th. Finally, Barclays reduced their target price on shares of The Hartford Insurance Group from $162.00 to $159.00 and set an "overweight" rating for the company in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, The Hartford Insurance Group currently has an average rating of "Moderate Buy" and an average target price of $150.33.

Insider Activity

In related news, EVP Lori A. Rodden sold 40,693 shares of the company's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the sale, the executive vice president owned 25,392 shares of the company's stock, valued at $3,505,365.60. This represents a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher Swift sold 100,970 shares of the company's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $140.78, for a total transaction of $14,214,556.60. Following the sale, the chief executive officer directly owned 194,817 shares of the company's stock, valued at $27,426,337.26. This represents a 34.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 349,282 shares of company stock valued at $48,184,324 in the last ninety days. 1.60% of the stock is currently owned by company insiders.

About The Hartford Insurance Group

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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