The Hartford Insurance Group, Inc. $HIG Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon boosted its stake in The Hartford Insurance Group by 24.6% in the fourth quarter, ending with 2.6 million shares worth about $358.4 million.
• The Hartford reported Q1 earnings of $3.09 per share, missing analyst expectations of $3.39, while revenue came in at $7.23 billion versus the $7.41 billion forecast.
• The company declared a quarterly dividend of $0.60 per share, equal to an annualized yield of 1.9%, while analysts currently rate the stock a Moderate Buy on average.

Bank of New York Mellon Corp raised its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 24.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,601,049 shares of the insurance provider's stock after purchasing an additional 512,778 shares during the quarter. Bank of New York Mellon Corp owned about 0.93% of The Hartford Insurance Group worth $358,424,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Goldman Sachs Group Inc. increased its stake in The Hartford Insurance Group by 14.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,360,096 shares of the insurance provider's stock valued at $325,221,000 after purchasing an additional 300,931 shares in the last quarter. Kesler Norman & Wride LLC acquired a new position in The Hartford Insurance Group during the 4th quarter valued at approximately $880,000. GW Henssler & Associates Ltd. increased its stake in The Hartford Insurance Group by 5.3% during the 4th quarter. GW Henssler & Associates Ltd. now owns 1,859 shares of the insurance provider's stock valued at $256,000 after purchasing an additional 94 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in The Hartford Insurance Group by 0.8% during the 4th quarter. New Mexico Educational Retirement Board now owns 12,891 shares of the insurance provider's stock valued at $1,776,000 after purchasing an additional 100 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in The Hartford Insurance Group by 1.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 107,944 shares of the insurance provider's stock valued at $14,875,000 after purchasing an additional 1,386 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Insurance Group Stock Performance

Shares of NYSE HIG opened at $127.44 on Friday. The company's fifty day moving average price is $134.93 and its 200 day moving average price is $135.87. The Hartford Insurance Group, Inc. has a 1 year low of $119.61 and a 1 year high of $144.50. The company has a market capitalization of $34.94 billion, a PE ratio of 8.96, a price-to-earnings-growth ratio of 2.26 and a beta of 0.47. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly 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 Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The firm had revenue of $7.23 billion for the quarter, compared to analysts' expectations of $7.41 billion. During the same period last year, the company posted $2.20 earnings per share. The business's quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts predict that The Hartford Insurance Group, Inc. will post 13.17 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Monday, June 1st will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. The Hartford Insurance Group's dividend payout ratio is 16.87%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods cut their price target on shares of The Hartford Insurance Group from $149.00 to $142.00 and set a "market perform" rating on the stock in a research note on Thursday. Weiss Ratings downgraded shares of The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday, May 27th. UBS Group dropped their price objective on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Mizuho upped their price objective on shares of The Hartford Insurance Group from $158.00 to $159.00 and gave the company an "outperform" rating in a report on Tuesday, April 28th. Finally, Wells Fargo & Company upped their price objective on shares of The Hartford Insurance Group from $156.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.88.

Insider Buying and Selling at The Hartford Insurance Group

In other The Hartford Insurance Group news, EVP Lori A. Rodden sold 40,693 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 25,392 shares of the company's stock, valued at $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Adin M. Tooker sold 8,895 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the transaction, the president directly owned 38,208 shares in the company, valued at approximately $5,163,047.04. The trade was a 18.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.30% of the company's stock.

The Hartford Insurance Group Company 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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