The Hartford Insurance Group, Inc. $HIG Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its stake in The Hartford by 3.1% in Q4, selling 12,816 shares and leaving 407,288 shares worth about $56.13 million (roughly 0.15% of the company).
• Company insiders have been net sellers: CEO Christopher Swift sold 100,970 shares for about $14.2 million and EVP Lori Rodden sold 40,693 shares, with insiders offloading 349,282 shares (~$48.18M) over three months and now owning 1.30%.
• The Hartford missed EPS estimates ($3.09 vs. $3.39 expected) despite revenue growth, and analysts maintain a consensus "Moderate Buy" rating with an average price target of $149.31.

Pictet Asset Management Holding SA decreased its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 3.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 407,288 shares of the insurance provider's stock after selling 12,816 shares during the period. Pictet Asset Management Holding SA owned about 0.15% of The Hartford Insurance Group worth $56,126,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. State Street Corp grew its holdings in 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 valued at $2,146,749,000 after purchasing an additional 55,983 shares during the last quarter. Invesco Ltd. grew its holdings in 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 purchasing an additional 496,821 shares during the last quarter. Nordea Investment Management AB grew its holdings in The Hartford Insurance Group by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 4,389,329 shares of the insurance provider's stock valued at $606,956,000 after purchasing an additional 81,712 shares during the last quarter. Franklin Resources Inc. grew its holdings in The Hartford Insurance Group by 3.3% in the third quarter. Franklin Resources Inc. now owns 3,376,931 shares of the insurance provider's stock valued at $450,449,000 after purchasing an additional 108,765 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in The Hartford Insurance Group by 7.5% in the second quarter. Bank of America Corp DE now owns 3,281,825 shares of the insurance provider's stock valued at $416,365,000 after purchasing an additional 228,780 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

Analyst Upgrades and Downgrades

HIG has been the topic of several research reports. Weiss Ratings raised The Hartford Insurance Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, February 13th. Roth Mkm upped their price objective on The Hartford Insurance Group from $120.00 to $135.00 and gave the company a "neutral" rating in a research report on Friday, January 30th. Cantor Fitzgerald reduced their price objective on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. JPMorgan Chase & Co. upped their price objective on The Hartford Insurance Group from $143.00 to $146.00 and gave the company a "neutral" rating in a research report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $149.00 price objective (down from $163.00) on shares of The Hartford Insurance Group in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $149.31.

Insider Transactions at The Hartford Insurance Group

In other The Hartford Insurance Group news, CEO Christopher Swift sold 100,970 shares of the business's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $140.78, for a total transaction of $14,214,556.60. Following the completion of the sale, the chief executive officer owned 194,817 shares of the company's stock, valued at approximately $27,426,337.26. The trade was a 34.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lori A. Rodden sold 40,693 shares of the business's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total value of $5,617,668.65. Following the sale, the executive vice president directly 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 position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 349,282 shares of company stock valued at $48,184,324. 1.30% of the stock is owned by company insiders.

The Hartford Insurance Group Price Performance

HIG stock opened at $138.83 on Wednesday. The stock has a 50-day moving average price of $137.48 and a two-hundred day moving average price of $134.88. The Hartford Insurance Group, Inc. has a 12-month low of $119.61 and a 12-month high of $144.50. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24. The company has a market cap of $38.06 billion, a PE ratio of 9.76, a price-to-earnings-growth ratio of 2.48 and a beta of 0.53.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.39 by ($0.30). The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The firm had revenue of $14.45 billion for the quarter, compared to analysts' expectations of $7.41 billion. During the same period last year, the firm posted $2.20 EPS. The Hartford Insurance Group's revenue was up 6.1% on a year-over-year basis. As a group, research analysts predict that The Hartford Insurance Group, Inc. will post 13.26 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 2nd. Shareholders of record on Monday, March 2nd were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Monday, March 2nd. The Hartford Insurance Group's payout ratio is 16.87%.

The Hartford Insurance Group Company Profile

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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