Massachusetts Financial Services Co. MA lessened its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,870,734 shares of the insurance provider's stock after selling 72,476 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.03% of The Hartford Insurance Group worth $395,587,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allianz Asset Management GmbH increased its position in The Hartford Insurance Group by 24.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 706,293 shares of the insurance provider's stock worth $94,212,000 after purchasing an additional 140,624 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in The Hartford Insurance Group by 109.2% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 25,174 shares of the insurance provider's stock valued at $3,358,000 after acquiring an additional 13,138 shares in the last quarter. Canada Post Corp Registered Pension Plan grew its position in The Hartford Insurance Group by 252.7% in the third quarter. Canada Post Corp Registered Pension Plan now owns 24,540 shares of the insurance provider's stock valued at $3,245,000 after acquiring an additional 17,582 shares in the last quarter. National Pension Service grew its position in The Hartford Insurance Group by 6.7% in the third quarter. National Pension Service now owns 509,580 shares of the insurance provider's stock valued at $67,973,000 after acquiring an additional 31,912 shares in the last quarter. Finally, Raiffeisen Bank International AG grew its position in The Hartford Insurance Group by 102.0% in the third quarter. Raiffeisen Bank International AG now owns 20,709 shares of the insurance provider's stock valued at $2,739,000 after acquiring an additional 10,455 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.
Insider Activity at The Hartford Insurance Group
In other news, CEO Christopher Swift sold 201,938 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $136.41, for a total transaction of $27,546,362.58. Following the completion of the transaction, the chief executive officer directly owned 194,817 shares in the company, valued at approximately $26,574,986.97. This represents a 50.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Lori A. Rodden sold 40,693 shares of the firm's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total value of $5,617,668.65. Following the transaction, the executive vice president owned 25,392 shares in the company, valued at $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 349,282 shares of company stock valued at $48,184,324. Company insiders own 1.50% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on HIG. Wells Fargo & Company increased their price objective on shares of The Hartford Insurance Group from $156.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday. Morgan Stanley increased their price objective on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company an "equal weight" rating in a research report on Tuesday, February 3rd. Cantor Fitzgerald lowered 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. Mizuho began coverage on shares of The Hartford Insurance Group in a research report on Tuesday, December 16th. They issued an "outperform" rating and a $160.00 price objective for the company. Finally, Piper Sandler increased their price objective on shares of The Hartford Insurance Group from $152.00 to $161.00 and gave the company an "overweight" rating in a research report on Monday, December 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $150.33.
Check Out Our Latest Report on HIG
The Hartford Insurance Group Stock Performance
The Hartford Insurance Group stock opened at $137.36 on Friday. The stock has a market cap of $37.89 billion, a P/E ratio of 10.30, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average of $138.10 and a 200-day moving average of $134.35. The Hartford Insurance Group, Inc. has a 52 week low of $112.81 and a 52 week high of $144.50.
The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, January 29th. The insurance provider reported $4.06 EPS for the quarter, beating the consensus estimate of $3.22 by $0.84. The company had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $7.29 billion. The Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The business's revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.94 EPS. On average, analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.
The Hartford Insurance Group Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Monday, March 2nd were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, March 2nd. The Hartford Insurance Group's dividend payout ratio is 17.99%.
About The Hartford Insurance Group
(
Free Report)
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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