The Hartford Insurance Group, Inc. $HIG Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC trimmed its stake in The Hartford Insurance Group by 0.7% in the fourth quarter, though it still held 1.16 million shares valued at about $160.5 million.
• Insider activity also included a recent sale by President Adin M. Tooker, who sold 8,895 shares under a pre-arranged trading plan, reducing his position by about 18.9%.
• The company recently reported mixed quarterly results, with earnings of $3.09 per share missing estimates while revenue rose 6.1% year over year; it also declared a $0.60 quarterly dividend and analysts currently rate the stock Moderate Buy with a consensus target price of $147.31.

Hsbc Holdings PLC lessened its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,163,783 shares of the insurance provider's stock after selling 8,521 shares during the period. Hsbc Holdings PLC owned 0.42% of The Hartford Insurance Group worth $160,542,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its holdings in The Hartford Insurance Group by 286,241.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock valued at $10,178,152,000 after buying an additional 73,835,976 shares during the last quarter. State Street Corp raised its holdings in shares of The Hartford Insurance Group by 0.4% in the third quarter. State Street Corp now owns 16,031,840 shares of the insurance provider's stock worth $2,146,749,000 after acquiring an additional 55,983 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of The Hartford Insurance Group by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 7,948,948 shares of the insurance provider's stock valued at $1,091,440,000 after acquiring an additional 34,274 shares in the last quarter. Invesco Ltd. lifted its position in shares of The Hartford Insurance Group by 10.3% in the third quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock valued at $711,141,000 after acquiring an additional 496,821 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of The Hartford Insurance Group during the fourth quarter valued at $611,724,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at The Hartford Insurance Group

In other news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction dated 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 $5,163,047.04. This represents a 18.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by insiders.

The Hartford Insurance Group Price Performance

Shares of NYSE:HIG opened at $128.26 on Friday. The company has a market cap of $35.16 billion, a P/E ratio of 9.01, a P/E/G ratio of 2.33 and a beta of 0.47. The business has a fifty day simple moving average of $133.61 and a 200-day simple moving average of $135.40. The Hartford Insurance Group, Inc. has a 52 week low of $119.61 and a 52 week high of $144.50. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $7.23 billion for the quarter, compared to analysts' expectations of $7.41 billion. During the same quarter last year, the company posted $2.20 earnings per share. The business's quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts forecast that The Hartford Insurance Group, Inc. will post 13.03 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be paid 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 dividend yield of 1.9%. The Hartford Insurance Group's dividend payout ratio is currently 16.87%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HIG. UBS Group cut their target price on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Wells Fargo & Company decreased their price target on shares of The Hartford Insurance Group from $165.00 to $154.00 and set an "overweight" rating on the stock in a research note on Friday, June 5th. Mizuho lowered their price target on shares of The Hartford Insurance Group from $159.00 to $154.00 and set an "outperform" rating for the company in a report on Friday, June 5th. Cantor Fitzgerald cut their price objective on shares of The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday, April 9th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of The Hartford Insurance Group from $149.00 to $142.00 and set a "market perform" rating for the company in a research report on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, The Hartford Insurance Group currently has an average rating of "Moderate Buy" and a consensus target price of $147.31.

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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