The Hartford Insurance Group, Inc. $HIG Position Increased by Allstate Corp

Key Points

• Allstate Corp boosted its stake in The Hartford Insurance Group by 107.8% in the fourth quarter, buying 10,687 additional shares and bringing its total holding to 20,601 shares worth about $2.84 million.
• The Hartford reported mixed quarterly results, with EPS of $3.09 and revenue of $7.23 billion coming in below analyst expectations, though revenue still rose 6.1% year over year.
• The company maintained a dividend and attractive yield, declaring a quarterly payout of $0.60 per share, or $2.40 annually, for a 1.8% yield with a relatively low payout ratio of 16.87%.

Allstate Corp increased its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 107.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,601 shares of the insurance provider's stock after purchasing an additional 10,687 shares during the period. Allstate Corp's holdings in The Hartford Insurance Group were worth $2,839,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its stake in The Hartford Insurance Group by 286,241.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock valued at $10,178,152,000 after acquiring an additional 73,835,976 shares in the last quarter. Danske Bank A S bought a new stake in The Hartford Insurance Group during the 3rd quarter valued at $91,398,000. Balyasny Asset Management L.P. raised its stake in The Hartford Insurance Group by 6,431.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider's stock valued at $85,829,000 after acquiring an additional 633,592 shares in the last quarter. Zurich Insurance Group Ltd FI raised its stake in The Hartford Insurance Group by 208.2% during the 3rd quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider's stock valued at $106,708,000 after acquiring an additional 540,445 shares in the last quarter. Finally, Invesco Ltd. raised its stake in The Hartford Insurance Group by 10.3% during the 3rd 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 in the last quarter. Institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Stock Performance

Shares of NYSE HIG opened at $131.67 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $36.10 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 2.43 and a beta of 0.50. The stock's fifty day simple moving average is $135.70 and its 200 day simple moving average is $136.06. The Hartford Insurance Group, Inc. has a 52-week low of $119.61 and a 52-week high of $144.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.39 by ($0.30). The company had revenue of $7.23 billion during the quarter, compared to analyst estimates of $7.41 billion. The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The business's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.20 earnings per share. As a group, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 13.14 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, June 1st. The Hartford Insurance Group's payout ratio is presently 16.87%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HIG. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $149.00 target price (down from $163.00) on shares of The Hartford Insurance Group in a research note on Monday, March 30th. Cantor Fitzgerald cut their target price on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Mizuho lifted their price target on The Hartford Insurance Group from $158.00 to $159.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Roth Mkm lifted their price target on The Hartford Insurance Group from $120.00 to $135.00 and gave the company a "neutral" rating in a research report on Friday, January 30th. Finally, Bank of America lifted their price target on The Hartford Insurance Group from $136.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $149.31.

Insider Activity

In related news, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total value of $5,617,668.65. Following the transaction, the executive vice president directly owned 25,392 shares in the company, valued at $3,505,365.60. The trade was a 61.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is owned by 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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