The Hartford Insurance Group, Inc. $HIG Shares Sold by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC reduced its holdings in The Hartford Insurance Group by 18.2% in Q2, after selling 13,222 shares, lowering their total to 59,345 shares valued at approximately $7.53 million.
• The Hartford Insurance Group reported $3.41 earnings per share for the last quarter, exceeding expectations, while revenues increased by 7.7% year-over-year, although they fell short of consensus estimates.
• The company declared a quarterly dividend of $0.52 per share, representing an annualized yield of 1.7% and a payout ratio of 18.86%.

Mutual of America Capital Management LLC decreased its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 18.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,345 shares of the insurance provider's stock after selling 13,222 shares during the quarter. Mutual of America Capital Management LLC's holdings in The Hartford Insurance Group were worth $7,529,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Northern Trust Corp grew 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 valued at $487,077,000 after acquiring an additional 398,950 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of 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 last quarter. Bahl & Gaynor Inc. increased its holdings in shares of The Hartford Insurance Group by 47.0% in the first quarter. Bahl & Gaynor Inc. now owns 2,141,537 shares of the insurance provider's stock valued at $264,972,000 after purchasing an additional 684,390 shares during the last quarter. Amundi increased its holdings in shares of The Hartford Insurance Group by 27.4% in the first quarter. Amundi now owns 1,943,498 shares of the insurance provider's stock valued at $239,905,000 after purchasing an additional 417,951 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its position in The Hartford Insurance Group by 31.9% during the first quarter. AustralianSuper Pty Ltd now owns 1,600,215 shares of the insurance provider's stock worth $197,995,000 after buying an additional 387,141 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Insurance Group Stock Down 0.5%

The Hartford Insurance Group stock opened at $123.84 on Tuesday. The firm has a market capitalization of $34.82 billion, a P/E ratio of 11.23, a P/E/G ratio of 1.20 and a beta of 0.69. The stock's fifty day simple moving average is $131.34 and its 200-day simple moving average is $126.57. The Hartford Insurance Group, Inc. has a twelve month low of $104.93 and a twelve month high of $135.17. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.58. The company 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 Hartford Insurance Group's revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.50 EPS. As a group, equities analysts expect that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Donald Christian Hunt sold 2,124 shares of The Hartford Insurance Group stock in a transaction on Friday, September 5th. The shares were 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 is available through the SEC website. Also, 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 transaction, the chief financial officer owned 77,574 shares of the company's stock, valued at approximately $9,580,389. The trade was a 31.30% decrease in their position. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Evercore ISI upped their target price on The Hartford Insurance Group from $133.00 to $137.00 and gave the company an "in-line" rating in a report on Wednesday, October 1st. Citigroup initiated coverage on shares of The Hartford Insurance Group in a report on Wednesday, August 13th. They issued a "neutral" rating and a $138.00 price objective for the company. Barclays reduced their target price on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a research note on Monday, July 7th. Cantor Fitzgerald began coverage on shares of The Hartford Insurance Group in a research note on Wednesday, August 13th. They issued an "overweight" rating and a $152.00 price target for the company. Finally, Wells Fargo & Company lifted their price target on shares of The Hartford Insurance Group from $139.00 to $147.00 and gave the company an "overweight" rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, The Hartford Insurance Group currently has a consensus rating of "Moderate Buy" and an average price target of $140.07.

The Hartford Insurance Group 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.

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