Canada Pension Plan Investment Board Lowers Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Canada Pension Plan Investment Board reduced its stake in The Hartford Insurance Group by 7.3%, owning 321,999 shares valued at approximately $39.8 million after selling 25,212 shares.
• The Hartford reported a Q2 earnings per share of $3.41, exceeding estimates by $0.58, while revenue was $6.99 billion, slightly below expectations.
• The company declared a quarterly dividend of $0.52, with an annualized yield of 1.6% and a dividend payout ratio of 18.86%, to be paid on October 2nd.

Canada Pension Plan Investment Board decreased its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 321,999 shares of the insurance provider's stock after selling 25,212 shares during the quarter. Canada Pension Plan Investment Board owned about 0.11% of The Hartford Insurance Group worth $39,841,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Northern Trust Corp raised its holdings in The Hartford Insurance Group by 11.3% during the first quarter. Northern Trust Corp now owns 3,936,615 shares of the insurance provider's stock worth $487,077,000 after buying an additional 398,950 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of The Hartford Insurance Group by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,830,462 shares of the insurance provider's stock worth $419,053,000 after acquiring an additional 234,320 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake 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 valued at $434,181,000 after purchasing an additional 60,116 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in The Hartford Insurance Group by 48.1% during the 4th quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider's stock worth $247,761,000 after purchasing an additional 735,170 shares in the last quarter. Finally, 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 in the last quarter. 93.42% of the stock is currently owned by institutional investors.

Insider Activity at The Hartford Insurance Group

In related news, CFO Beth Ann Costello sold 35,340 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $123.50, for a total transaction of $4,364,490.00. Following the sale, the chief financial officer directly owned 77,574 shares in the company, valued at approximately $9,580,389. The trade was a 31.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HIG shares. Citigroup initiated coverage on The Hartford Insurance Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 target price on the stock. Barclays lowered their target price on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating for the company in a report on Monday, July 7th. Cantor Fitzgerald started coverage on shares of The Hartford Insurance Group in a research report on Wednesday, August 13th. They set an "overweight" rating and a $152.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective on shares of The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Finally, Wall Street Zen raised shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $138.00.

The Hartford Insurance Group Stock Performance

NYSE HIG traded up $1.60 during trading on Thursday, hitting $134.75. 838,310 shares of the company's stock traded hands, compared to its average volume of 1,622,717. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market capitalization of $37.89 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.28 and a beta of 0.72. The Hartford Insurance Group, Inc. has a 12-month low of $104.93 and a 12-month high of $135.17. The business has a 50 day moving average of $126.75 and a 200-day moving average of $123.55.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.58. The company had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The company's quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.50 earnings per share. As a group, equities research analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 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 Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.5%. The Hartford Insurance Group's dividend payout ratio is currently 18.86%.

The Hartford Insurance Group Company Profile

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.