Verdence Capital Advisors LLC Reduces Position in The Hartford Insurance Group, Inc. $HIG

Key Points

• Verdence Capital Advisors LLC significantly reduced its position in The Hartford Insurance Group by 63.2%, now holding 2,003 shares valued at $254,000.
• Despite this reduction, several hedge funds, including Northern Trust Corp and Bahl & Gaynor Inc., increased their stakes in The Hartford Insurance Group during the same period.
• Equities analysts have mixed views on the stock, with price targets ranging from $138.00 to $150.00, reflecting a general consensus of a "Moderate Buy" rating.

Verdence Capital Advisors LLC lessened its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 63.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,003 shares of the insurance provider's stock after selling 3,438 shares during the quarter. Verdence Capital Advisors LLC's holdings in The Hartford Insurance Group were worth $254,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Northern Trust Corp grew its position in shares of The Hartford Insurance Group by 11.3% during the first quarter. Northern Trust Corp now owns 3,936,615 shares of the insurance provider's stock worth $487,077,000 after acquiring an additional 398,950 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in The Hartford Insurance Group by 1.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,509,098 shares of the insurance provider's stock worth $434,181,000 after purchasing an additional 60,116 shares during the last quarter. Bahl & Gaynor Inc. grew its position in The Hartford Insurance Group by 47.0% during the 1st quarter. Bahl & Gaynor Inc. now owns 2,141,537 shares of the insurance provider's stock worth $264,972,000 after purchasing an additional 684,390 shares during the last quarter. Amundi grew its position in The Hartford Insurance Group by 27.4% during the 1st quarter. Amundi now owns 1,943,498 shares of the insurance provider's stock worth $239,905,000 after purchasing an additional 417,951 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its holdings in shares of The Hartford Insurance Group by 31.9% during the first quarter. AustralianSuper Pty Ltd now owns 1,600,215 shares of the insurance provider's stock worth $197,995,000 after buying an additional 387,141 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Piper Sandler raised their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Citigroup initiated coverage on The Hartford Insurance Group in a research note on Wednesday, August 13th. They issued a "neutral" rating and a $138.00 target price on the stock. Wolfe Research initiated coverage on shares of The Hartford Insurance Group in a research report on Tuesday, September 16th. They issued a "peer perform" rating on the stock. Barclays lowered their price objective on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a research report on Monday, July 7th. Finally, Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $140.07.

The Hartford Insurance Group Price Performance

Shares of NYSE HIG opened at $123.86 on Friday. The firm has a market capitalization of $34.83 billion, a P/E ratio of 11.23, a PEG ratio of 1.24 and a beta of 0.69. The Hartford Insurance Group, Inc. has a one year low of $104.93 and a one year high of $135.17. The company's fifty day moving average is $131.51 and its two-hundred day moving average is $126.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced 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 business had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%.The company's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.50 EPS. Analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd were given a $0.52 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.7%. The Hartford Insurance Group's payout ratio is currently 18.86%.

Insider Activity

In related news, CFO Beth Ann Costello sold 35,340 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer owned 77,574 shares of the company's stock, valued at approximately $9,580,389. This represents a 31.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donald Christian Hunt sold 2,124 shares of the company's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $133.87, for a total value of $284,339.88. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.

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.

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