The Hartford Insurance Group, Inc. $HIG Shares Sold by Diamond Hill Capital Management Inc.

Key Points

• Diamond Hill Capital Management cut its stake in The Hartford Insurance Group by 75.2% in the fourth quarter, selling 720,009 shares and ending with 237,721 shares valued at about $32.8 million.
• Analysts remain mixed but generally positive on HIG, with an average rating of Moderate Buy and an average price target of $149.31. Recent updates included higher targets from Morgan Stanley and Wells Fargo, while Cantor Fitzgerald trimmed its target slightly.
• The company reported mixed quarterly results, posting EPS of $3.09 versus the $3.39 estimate and revenue of $7.23 billion versus $7.41 billion expected. Hartford also announced a quarterly dividend of $0.60 per share, payable July 2, for a 1.8% annualized yield.

Diamond Hill Capital Management Inc. reduced its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 75.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,721 shares of the insurance provider's stock after selling 720,009 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.09% of The Hartford Insurance Group worth $32,758,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of HIG. Cornerstone Planning Group LLC raised its stake in shares of The Hartford Insurance Group by 707.7% in the third quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 184 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in shares of The Hartford Insurance Group in the third quarter valued at $26,000. United Financial Planning Group LLC acquired a new stake in shares of The Hartford Insurance Group in the third quarter valued at $29,000. Sunbelt Securities Inc. acquired a new stake in shares of The Hartford Insurance Group in the third quarter valued at $29,000. Finally, Barnes Dennig Private Wealth Management LLC raised its stake in shares of The Hartford Insurance Group by 144.8% in the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 152 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HIG has been the topic of several recent analyst reports. Morgan Stanley increased their target price on The Hartford Insurance Group from $140.00 to $142.00 and gave the company an "equal weight" rating in a report on Tuesday, February 3rd. Wells Fargo & Company increased their target price on The Hartford Insurance Group from $156.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Citigroup increased their target price on The Hartford Insurance Group from $138.00 to $143.00 and gave the company a "neutral" rating in a report on Wednesday, February 4th. Cantor Fitzgerald dropped their target price on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of The Hartford Insurance Group in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, The Hartford Insurance Group presently has an average rating of "Moderate Buy" and an average price target of $149.31.

Insider Activity

In other The Hartford Insurance Group news, EVP Lori A. Rodden sold 40,693 shares of the firm's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the transaction, the executive vice president owned 25,392 shares of the company's stock, valued at approximately $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company's stock.

The Hartford Insurance Group Stock Performance

NYSE:HIG opened at $136.02 on Friday. The firm has a market capitalization of $37.29 billion, a PE ratio of 9.56, a price-to-earnings-growth ratio of 2.46 and a beta of 0.50. The business's fifty day moving average price is $135.66 and its 200 day moving average price is $135.84. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a 12 month low of $119.61 and a 12 month high of $144.50.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.39 by ($0.30). The firm had revenue of $7.23 billion for the quarter, compared to analysts' expectations of $7.41 billion. The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The business's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.20 EPS. On average, sell-side analysts anticipate that The Hartford Insurance Group, Inc. will post 13.14 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders 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 annualized dividend and a dividend yield of 1.8%. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 16.87%.

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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