The Hartford Insurance Group, Inc. $HIG Shares Purchased by NewEdge Advisors LLC

Key Points

• NewEdge Advisors increased its Hartford holdings by 9.2% in the second quarter, adding 37,673 shares for a total of 446,491 shares valued at approximately $59.2 million. Institutional investors collectively own 93.42% of HIG.
• The Hartford reported quarterly EPS of $3.42, beating estimates by $0.26, while revenue rose 8.1% year over year to $7.26 billion. Analysts expect full-year EPS of about $12.80.
• HIG shares recently traded at $135.71, down 1.9%. Analysts maintain a consensus “Hold” rating with an average price target of $149.67, while the company announced a quarterly dividend of $0.60 per share, yielding about 1.8% annually.

NewEdge Advisors LLC raised its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 9.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 446,491 shares of the insurance provider's stock after purchasing an additional 37,673 shares during the quarter. NewEdge Advisors LLC owned 0.16% of The Hartford Insurance Group worth $59,169,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of analysts have recently commented on HIG shares. Barclays cut their price objective on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a research report on Friday, June 12th. Keefe, Bruyette & Woods increased their target price on The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a research report on Tuesday, July 28th. Piper Sandler reissued a "neutral" rating and issued a $146.00 price target (down from $148.00) on shares of The Hartford Insurance Group in a research note on Wednesday, July 15th. Cantor Fitzgerald boosted their price target on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Seven analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $149.67.

The Hartford Insurance Group Trading Down 1.9%

Shares of HIG stock opened at $135.71 on Wednesday. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The stock's fifty day moving average is $139.31 and its two-hundred day moving average is $136.36. The firm has a market capitalization of $36.76 billion, a P/E ratio of 8.77, a PEG ratio of 2.43 and a beta of 0.45.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) 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 company had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. During the same quarter in the prior year, the company earned $3.41 EPS. The Hartford Insurance Group's revenue was up 8.1% compared to the same quarter last year. Research analysts expect that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be given a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The Hartford Insurance Group's dividend payout ratio is presently 15.51%.

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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