The Hartford Insurance Group, Inc. $HIG Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in The Hartford Insurance Group by 3.5%, now holding approximately 0.20% of the company, valued at around $71.77 million.
• The Hartford Insurance Group reported strong quarterly earnings, posting $3.41 earnings per share (EPS), significantly exceeding analysts' expectations of $2.83, with a revenue of $6.99 billion.
• The company announced a dividend of $0.52 per share, yielding 1.7%, and noted a dividend payout ratio of 18.86% currently.

Allianz Asset Management GmbH decreased its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 565,669 shares of the insurance provider's stock after selling 20,246 shares during the period. Allianz Asset Management GmbH owned about 0.20% of The Hartford Insurance Group worth $71,766,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Northern Trust Corp lifted its stake in The Hartford Insurance Group by 11.3% during the 1st quarter. Northern Trust Corp now owns 3,936,615 shares of the insurance provider's stock worth $487,077,000 after acquiring an additional 398,950 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in The Hartford Insurance Group by 1.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,509,098 shares of the insurance provider's stock worth $434,181,000 after purchasing an additional 60,116 shares during the period. Bahl & Gaynor Inc. increased its holdings in The Hartford Insurance Group by 47.0% during the 1st quarter. Bahl & Gaynor Inc. now owns 2,141,537 shares of the insurance provider's stock worth $264,972,000 after purchasing an additional 684,390 shares during the period. Amundi increased its holdings in The Hartford Insurance Group by 27.4% during the 1st quarter. Amundi now owns 1,943,498 shares of the insurance provider's stock worth $239,905,000 after purchasing an additional 417,951 shares during the period. Finally, AustralianSuper Pty Ltd increased its holdings in The Hartford Insurance Group by 31.9% during the 1st quarter. AustralianSuper Pty Ltd now owns 1,600,215 shares of the insurance provider's stock worth $197,995,000 after purchasing an additional 387,141 shares during the period. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Insurance Group Trading Down 3.7%

NYSE:HIG opened at $123.86 on Friday. The stock's 50 day moving average price is $131.51 and its 200 day moving average price is $126.47. The company has a market capitalization of $34.83 billion, a PE ratio of 11.23, a P/E/G ratio of 1.24 and a beta of 0.69. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.25. The Hartford Insurance Group, Inc. has a 52-week low of $104.93 and a 52-week high of $135.17.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The firm had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The firm's quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.50 EPS. On average, research analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 18.86%.

Analyst Ratings Changes

Several equities research analysts have weighed in on HIG shares. Cantor Fitzgerald started coverage on The Hartford Insurance Group in a report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 price target on the stock. Evercore ISI upped their price target on The Hartford Insurance Group from $133.00 to $137.00 and gave the stock an "in-line" rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. upped their price target on The Hartford Insurance Group from $142.00 to $143.00 and gave the stock a "neutral" rating in a report on Thursday, October 9th. Weiss Ratings restated a "buy (a-)" rating on shares of The Hartford Insurance Group in a report on Wednesday, October 8th. Finally, Barclays cut their price target on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $140.07.

Insider Buying and Selling

In other The Hartford Insurance Group news, EVP Donald Christian Hunt sold 2,124 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $133.87, for a total transaction of $284,339.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Beth Ann Costello sold 35,340 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $123.50, for a total value of $4,364,490.00. Following the sale, the chief financial officer directly owned 77,574 shares of the company's stock, valued at $9,580,389. The trade was a 31.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

About The Hartford Insurance Group

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

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