The Hartford Insurance Group, Inc. $HIG Stock Position Reduced by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its HIG position by 15.9% in the first quarter, selling 47,997 shares and retaining 253,216 shares valued at approximately $34.2 million. Institutional investors collectively own 93.42% of the company.
• The Hartford reported quarterly EPS of $3.42, beating estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion. Shares recently opened at $141.97, near their 52-week high of $146.07.
• The company declared a quarterly dividend of $0.60 per share, equivalent to a 1.7% annual yield. Analysts maintain a consensus “Hold” rating with an average price target of $149.67.

The Manufacturers Life Insurance Company decreased its position in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 15.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 253,216 shares of the insurance provider's stock after selling 47,997 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of The Hartford Insurance Group worth $34,242,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. First Pacific Financial acquired a new stake in shares of The Hartford Insurance Group during the 1st quarter valued at approximately $26,000. JPL Wealth Management LLC acquired a new position in The Hartford Insurance Group in the third quarter worth $26,000. Phillip James Consulting Co. acquired a new position in The Hartford Insurance Group in the first quarter worth $29,000. Sunbelt Securities Inc. bought a new stake in The Hartford Insurance Group during the third quarter valued at $29,000. Finally, Fideuram Asset Management Ireland dac bought a new stake in The Hartford Insurance Group during the fourth quarter valued at $36,000. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Stock Performance

Shares of HIG opened at $141.97 on Friday. The Hartford Insurance Group, Inc. has a 1 year low of $120.33 and a 1 year high of $146.07. The company has a market cap of $38.46 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 3.50 and a beta of 0.47. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a fifty day moving average of $134.51 and a 200-day moving average of $135.72.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, topping the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The business had revenue of $7.26 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the prior year, the firm earned $3.41 earnings per share. The company's quarterly revenue was up 8.1% on a year-over-year basis. As a group, equities analysts anticipate that The Hartford Insurance Group, Inc. will post 12.84 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be paid 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 is Tuesday, September 1st. The Hartford Insurance Group's payout ratio is presently 15.51%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on HIG shares. UBS Group reduced their price target on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Piper Sandler reaffirmed a "neutral" rating and set a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Bank of America increased their price objective on shares of The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 14th. Mizuho raised their target price on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Finally, Barclays decreased their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a research note on Friday, June 12th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $149.67.

Insider Buying and Selling

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value of $1,201,981.35. Following the completion of the transaction, the president owned 38,208 shares in the company, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company 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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