Panagora Asset Management Inc. Sells 83,355 Shares of The Hartford Insurance Group, Inc. $HIG

Key Points

• Panagora Asset Management Inc. reduced its stake in The Hartford Insurance Group by 6.8%, selling 83,355 shares, while other institutions like GAMMA Investing LLC increased their stake by 14,049.5%.
• Analysts have positively reassessed the stock, with target prices ranging from $137.00 to $152.00 and a consensus rating of "Moderate Buy" according to MarketBeat.
• The Hartford announced a quarterly dividend of $0.52, representing an annualized payout of $2.08 and a yield of 1.6%, with an ex-dividend date set for September 2nd.

Panagora Asset Management Inc. lessened its stake in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 6.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,139,831 shares of the insurance provider's stock after selling 83,355 shares during the quarter. The Hartford Insurance Group comprises about 0.7% of Panagora Asset Management Inc.'s holdings, making the stock its 29th largest holding. Panagora Asset Management Inc. owned approximately 0.40% of The Hartford Insurance Group worth $141,031,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of HIG. Itau Unibanco Holding S.A. bought a new stake in shares of The Hartford Insurance Group in the fourth quarter worth $35,000. AlTi Global Inc. acquired a new position in The Hartford Insurance Group in the fourth quarter worth $245,000. AXA S.A. boosted its holdings in The Hartford Insurance Group by 0.8% in the fourth quarter. AXA S.A. now owns 75,835 shares of the insurance provider's stock worth $8,296,000 after purchasing an additional 591 shares during the period. Aptus Capital Advisors LLC boosted its holdings in The Hartford Insurance Group by 29.5% in the fourth quarter. Aptus Capital Advisors LLC now owns 4,880 shares of the insurance provider's stock worth $535,000 after purchasing an additional 1,112 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in The Hartford Insurance Group by 48.1% in the fourth 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 during the period. Hedge funds and other institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Price Performance

The Hartford Insurance Group stock traded up $1.10 during midday trading on Wednesday, hitting $133.01. The company's stock had a trading volume of 1,221,667 shares, compared to its average volume of 1,627,991. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.25. The stock's 50-day moving average price is $126.57 and its 200-day moving average price is $123.49. The Hartford Insurance Group, Inc. has a 12 month low of $104.93 and a 12 month high of $134.93. The company has a market capitalization of $37.40 billion, a PE ratio of 12.06, a price-to-earnings-growth ratio of 1.28 and a beta of 0.72.

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 EPS for the quarter, topping the consensus estimate of $2.83 by $0.58. The firm had revenue of $6.99 billion for the quarter, compared to analysts' expectations of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The Hartford Insurance Group's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.50 earnings per share. Analysts anticipate 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 business also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The Hartford Insurance Group's dividend payout ratio (DPR) is currently 18.86%.

Insiders Place Their Bets

In related news, CFO Beth Ann Costello sold 35,340 shares of The Hartford Insurance Group stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $123.50, for a total value 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. This trade represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler lifted their price objective on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an "overweight" rating in a report on Tuesday. Cantor Fitzgerald started coverage on shares of The Hartford Insurance Group in a report on Wednesday, August 13th. They issued an "overweight" rating and a $152.00 price objective for the company. Wells Fargo & Company raised their target price on The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods boosted their price target on shares of The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Finally, Citigroup assumed coverage on shares of The Hartford Insurance Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $138.00.

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.