Westpac Banking Corp Has $173,000 Stock Holdings in The Hartford Insurance Group, Inc. $HIG

Key Points

• Westpac Banking Corp significantly reduced its stake in The Hartford Insurance Group by 96.5%, holding only 1,401 shares after selling 38,277 shares in the first quarter.
• The Hartford Insurance Group's stock price recently decreased 0.5% to $130.74, with a market capitalization of $36.76 billion and a 52-week high of $132.09.
• The company reported $3.41 earnings per share for the quarter, exceeding expectations, and announced a quarterly dividend of $0.52 per share, reflecting a yield of 1.6%.

Westpac Banking Corp decreased its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) by 96.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,401 shares of the insurance provider's stock after selling 38,277 shares during the quarter. Westpac Banking Corp's holdings in The Hartford Insurance Group were worth $173,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Park Square Financial Group LLC boosted its stake in The Hartford Insurance Group by 146.2% during the 1st 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 acquired a new stake in shares of The Hartford Insurance Group in the fourth quarter valued at $33,000. Center for Financial Planning Inc. bought a new position in The Hartford Insurance Group during the first quarter valued at about $33,000. Itau Unibanco Holding S.A. acquired a new position in The Hartford Insurance Group during the fourth quarter worth about $35,000. Finally, Meeder Asset Management Inc. raised its position in 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 worth $36,000 after acquiring an additional 161 shares in the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Insurance Group Stock Performance

Shares of NYSE HIG traded up $0.98 during trading hours on Tuesday, hitting $130.74. 230,093 shares of the stock were exchanged, compared to its average volume of 1,645,083. The Hartford Insurance Group, Inc. has a one year low of $104.93 and a one year high of $132.09. The company's 50 day moving average is $125.00 and its 200 day moving average is $122.00. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $36.76 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.27 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The firm had revenue of $6.99 billion during the quarter, compared to analyst estimates of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The business's revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.50 EPS. On average, research analysts expect that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The Hartford Insurance Group's payout ratio is 18.86%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on HIG. Barclays lowered their price target on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a report on Monday, July 7th. Morgan Stanley boosted their price target on shares of The Hartford Insurance Group from $130.00 to $135.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Keefe, Bruyette & Woods lifted 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. JPMorgan Chase & Co. boosted their target price on The Hartford Insurance Group from $140.00 to $142.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Finally, UBS Group raised their price target on The Hartford Insurance Group from $145.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, The Hartford Insurance Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.64.

Insider Buying and Selling

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $123.50, for a total value of $4,364,490.00. Following the completion of the sale, the chief financial officer directly owned 77,574 shares of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by insiders.

The Hartford Insurance Group Company Profile

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.