The Hartford Insurance Group, Inc. $HIG Position Reduced by Equity Investment Corp

Key Points

• Equity Investment Corp cut its HIG stake by 96.9% in the third quarter, selling 551,965 shares and retaining 17,750 shares valued at about $2.17 million.
• The Hartford reported quarterly EPS of $3.50, beating estimates of $3.17, while revenue of $7.22 billion fell short of expectations. Revenue grew 3.9% year over year.
• The company raised its quarterly dividend from $0.60 to $0.67 per share, equivalent to an annualized $2.68 and a 1.9% yield.

Equity Investment Corp trimmed its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 96.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,750 shares of the insurance provider's stock after selling 551,965 shares during the quarter. Equity Investment Corp's holdings in The Hartford Insurance Group were worth $2,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of HIG. BlackRock Inc. acquired a new stake in The Hartford Insurance Group during the 2nd quarter valued at $4,067,052,000. Bank of America Corp DE bought a new position in The Hartford Insurance Group in the 2nd quarter valued at $350,777,000. Legal & General Group Plc acquired a new position in The Hartford Insurance Group in the second quarter worth $346,877,000. Bank of New York Mellon Corp acquired a new position in The Hartford Insurance Group in the second quarter worth $337,907,000. Finally, Deutsche Bank AG acquired a new position in The Hartford Insurance Group in the second quarter worth $145,575,000. 93.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other The Hartford Insurance Group news, CFO Beth Costello sold 31,597 shares of the firm's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $135.75, for a total transaction of $4,289,292.75. Following the transaction, the chief financial officer owned 82,988 shares in the company, valued at approximately $11,265,621. This trade represents a 27.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company's stock.

The Hartford Insurance Group Price Performance

The Hartford Insurance Group stock opened at $137.81 on Wednesday. The business's 50-day simple moving average is $132.67 and its 200 day simple moving average is $135.56. The stock has a market cap of $36.85 billion, a price-to-earnings ratio of 9.58, a P/E/G ratio of 1.90 and a beta of 0.48. The Hartford Insurance Group, Inc. has a 12-month low of $120.42 and a 12-month high of $146.07. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.24.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Monday, October 26th. The insurance provider reported $3.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.17 by $0.33. The Hartford Insurance Group had a net margin of 15.85% and a return on equity of 20.93%. The company had revenue of $7.22 billion for the quarter, compared to the consensus estimate of $7.37 billion. During the same period in the prior year, the company posted $3.78 EPS. The company's revenue was up 3.9% compared to the same quarter last year. As a group, research analysts anticipate that The Hartford Insurance Group, Inc. will post 13.34 earnings per share for the current year.

The Hartford Insurance Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Shareholders of record on Tuesday, December 1st will be paid a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This is a positive change from The Hartford Insurance Group's previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a yield of 1.9%. The Hartford Insurance Group's payout ratio is currently 14.53%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Zacks Research upgraded The Hartford Insurance Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Keefe, Bruyette & Woods reduced their price target on shares of The Hartford Insurance Group from $144.00 to $137.00 and set a "market perform" rating on the stock in a research report on Monday, October 12th. Royal Bank Of Canada upped their price target on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the stock a "sector perform" rating in a research report on Monday, July 27th. Truist Financial initiated coverage on shares of The Hartford Insurance Group in a report on Monday, October 12th. They set a "hold" rating and a $137.00 price objective on the stock. Finally, Morgan Stanley lowered their price objective on shares of The Hartford Insurance Group from $145.00 to $135.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $144.69.

The Hartford Insurance Group Company Profile

The Hartford Financial Services Group, Inc., known as The Hartford, is a U.S.-based insurance company founded in 1810 and headquartered in Hartford, Connecticut. It provides property and casualty insurance and employee benefits to businesses, organizations and individuals. Its commercial insurance offerings include coverage such as workers' compensation, general liability, commercial auto and property insurance. The company also provides group benefits, including life, disability and leave-management products, along with personal auto and homeowners insurance, which it offers through arrangements including its relationship with AARP.

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