The Hartford Insurance Group, Inc. $HIG Shares Sold by Strs Ohio

Key Points

• Strs Ohio cut its HIG stake by 17% in Q4, selling 38,988 shares and leaving it with 190,729 shares (~$26.28M); institutional investors still own about 93.42% of the company.
• The Hartford missed quarterly EPS ($3.09 vs. $3.39 consensus) though revenue rose 6.1% year-over-year, and analysts maintain a “Moderate Buy” consensus with an average target of $149.31 after several target upgrades.
• Significant insider selling occurred recently—CEO Christopher Swift sold 201,938 shares (~$27.5M) and insiders disposed of 349,282 shares (~$48.18M) in the last 90 days—while the company pays a quarterly dividend of $0.60 (annualized $2.40, ~1.8% yield).

Strs Ohio reduced its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 17.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 190,729 shares of the insurance provider's stock after selling 38,988 shares during the period. Strs Ohio owned about 0.07% of The Hartford Insurance Group worth $26,282,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in HIG. Cornerstone Planning Group LLC lifted its position in shares of The Hartford Insurance Group by 707.7% during the third quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider's stock worth $26,000 after purchasing an additional 184 shares in the last quarter. JPL Wealth Management LLC acquired a new position in shares of The Hartford Insurance Group during the third quarter worth $26,000. United Financial Planning Group LLC acquired a new position in shares of The Hartford Insurance Group during the third quarter worth $29,000. Sunbelt Securities Inc. acquired a new position in shares of The Hartford Insurance Group during the third quarter worth $29,000. Finally, Barnes Dennig Private Wealth Management LLC increased its stake in shares of The Hartford Insurance Group by 144.8% in the fourth quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider's stock worth $35,000 after buying an additional 152 shares during the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HIG has been the subject of a number of research analyst reports. Mizuho lifted their price target on shares of The Hartford Insurance Group from $158.00 to $159.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. Wells Fargo & Company lifted their price target on shares of The Hartford Insurance Group from $156.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. Weiss Ratings upgraded shares of The Hartford Insurance Group from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Friday, February 13th. Morgan Stanley lifted their price target on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the stock an "equal weight" rating in a research note on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of The Hartford Insurance Group from $143.00 to $146.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 7th. 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 stock. According to data from MarketBeat, The Hartford Insurance Group currently has an average rating of "Moderate Buy" and an average target price of $149.31.

The Hartford Insurance Group Stock Down 0.6%

HIG stock opened at $135.99 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group, Inc. has a 1-year low of $119.61 and a 1-year high of $144.50. The firm has a fifty day moving average price of $137.31 and a two-hundred day moving average price of $134.95. The firm has a market cap of $37.28 billion, a price-to-earnings ratio of 9.56, a PEG ratio of 2.42 and a beta of 0.50.

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 net margin of 14.10% and a return on equity of 22.52%. The business had revenue of $14.45 billion for the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the previous year, the firm earned $2.20 EPS. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. 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. Stockholders of record on Monday, March 2nd were given a dividend of $0.60 per share. The ex-dividend date was Monday, March 2nd. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The Hartford Insurance Group's dividend payout ratio is currently 16.87%.

Insider Activity

In other news, CEO Christopher Swift sold 201,938 shares of the company's stock in a transaction dated Monday, February 2nd. The shares were 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 owned 194,817 shares in the company, valued at approximately $26,574,986.97. This represents a 50.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lori A. Rodden sold 40,693 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the transaction, the executive vice president owned 25,392 shares of the company's stock, valued at $3,505,365.60. This represents a 61.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 349,282 shares of company stock valued at $48,184,324 in the last 90 days. Insiders own 1.30% of the company's stock.

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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