Mitsubishi UFJ Asset Management Co. Ltd. Buys 61,176 Shares of The Hartford Insurance Group, Inc. (NYSE:HIG)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in The Hartford Insurance Group by 13.1% in Q1, now holding 526,867 shares worth approximately $65.19 million.
• The Hartford reported earnings of $3.41 per share in its most recent quarter, exceeding expectations of $2.83, and experienced a 7.7% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.52 per share, representing an annualized dividend of $2.08, with a yield of 1.6% and a payout ratio of 18.86%.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 13.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 526,867 shares of the insurance provider's stock after purchasing an additional 61,176 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of The Hartford Insurance Group worth $65,189,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of HIG. Park Square Financial Group LLC boosted its position in shares of The Hartford Insurance Group by 146.2% during the first quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 155 shares in the last quarter. Spurstone Advisory Services LLC bought a new stake in shares of The Hartford Insurance Group in the fourth quarter worth $33,000. Center for Financial Planning Inc. bought a new stake in The Hartford Insurance Group during the first quarter valued at about $33,000. Itau Unibanco Holding S.A. bought a new stake in The Hartford Insurance Group during the fourth quarter valued at about $35,000. Finally, Meeder Asset Management Inc. lifted its position in shares of The Hartford Insurance Group by 123.8% in the first quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 161 shares in the last quarter. Institutional investors own 93.42% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on HIG shares. Keefe, Bruyette & Woods boosted their price objective on The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Wells Fargo & Company boosted their target price on The Hartford Insurance Group from $138.00 to $139.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their target price on The Hartford Insurance Group from $140.00 to $142.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Raymond James Financial reiterated an "outperform" rating and issued a $140.00 target price (up from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Finally, Wall Street Zen upgraded The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, The Hartford Insurance Group has a consensus rating of "Moderate Buy" and an average price target of $136.42.

Insider Buying and Selling

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the firm'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 directly owned 77,574 shares in the company, valued at $9,580,389. This trade represents a 31.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is owned by insiders.

The Hartford Insurance Group Trading Up 0.6%

Shares of NYSE HIG traded up $0.71 during midday trading on Tuesday, hitting $129.05. The company's stock had a trading volume of 927,559 shares, compared to its average volume of 1,660,093. 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 business's 50 day moving average is $124.81 and its two-hundred day moving average is $121.41. The Hartford Insurance Group, Inc. has a 12-month low of $104.93 and a 12-month high of $132.09. The firm has a market cap of $36.28 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 1.26 and a beta of 0.67.

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 Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%. The firm had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $7.02 billion. During the same period in the prior year, the business posted $2.50 earnings per share. The company's revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities research analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 18.86%.

About The Hartford Insurance Group

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.