The Hartford Insurance Group, Inc. (NYSE:HIG) Short Interest Up 22.6% in August

Key Points

• The Hartford Insurance Group experienced a significant 22.6% increase in short interest in August, with a total of 4,230,000 shares short sold as of August 31st.
• The company reported $3.41 earnings per share for the last quarter, exceeding analysts' expectations, although revenue of $6.99 billion was slightly below estimates.
• The Hartford announced a quarterly dividend of $0.52 per share, which will be paid to shareholders on October 2nd, representing an annual yield of 1.6%.

The Hartford Insurance Group, Inc. (NYSE:HIG - Get Free Report) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 4,230,000 shares, a growth of 22.6% from the August 15th total of 3,450,000 shares. Based on an average daily trading volume, of 1,500,000 shares, the short-interest ratio is currently 2.8 days. Approximately 1.5% of the company's shares are sold short. Approximately 1.5% of the company's shares are sold short. Based on an average daily trading volume, of 1,500,000 shares, the short-interest ratio is currently 2.8 days.

Analysts Set New Price Targets

HIG has been the topic of several analyst reports. Citigroup initiated coverage on shares of The Hartford Insurance Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $138.00 price target on the stock. Barclays cut their price target on shares of 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. Piper Sandler boosted their price target on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Wall Street Zen cut shares of The Hartford Insurance Group from a "buy" rating to a "hold" rating in a report on Sunday. Finally, JPMorgan Chase & Co. boosted their price target on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $138.00.

Insiders Place Their Bets

In other The Hartford Insurance Group news, EVP Donald Christian Hunt sold 2,124 shares of The Hartford Insurance Group 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Beth Ann Costello sold 35,340 shares of The Hartford Insurance Group stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $123.50, for a total transaction of $4,364,490.00. Following the transaction, the chief financial officer owned 77,574 shares of the company's stock, valued at $9,580,389. This represents a 31.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On The Hartford Insurance Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HIG. Norges Bank purchased a new stake in The Hartford Insurance Group in the second quarter worth $506,329,000. GAMMA Investing LLC grew its stake in shares of The Hartford Insurance Group by 14,049.5% in the first quarter. GAMMA Investing LLC now owns 1,424,009 shares of the insurance provider's stock worth $1,761,930,000 after acquiring an additional 1,413,945 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of The Hartford Insurance Group by 51.5% in the second quarter. Franklin Resources Inc. now owns 3,268,166 shares of the insurance provider's stock worth $414,632,000 after acquiring an additional 1,111,659 shares during the last quarter. Woodline Partners LP grew its stake in shares of The Hartford Insurance Group by 28,218.5% in the first quarter. Woodline Partners LP now owns 757,804 shares of the insurance provider's stock worth $93,763,000 after acquiring an additional 755,128 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of The Hartford Insurance Group in the first quarter worth $87,516,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Insurance Group Price Performance

NYSE:HIG traded down $0.18 during mid-day trading on Monday, reaching $130.77. The stock had a trading volume of 1,167,934 shares, compared to its average volume of 1,428,228. The firm has a 50 day moving average price of $128.62 and a two-hundred day moving average price of $125.03. The stock has a market capitalization of $36.77 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.27 and a beta of 0.72. The Hartford Insurance Group has a one year low of $104.93 and a one year high of $135.17. 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 data on Monday, July 28th. The insurance provider reported $3.41 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter in the previous year, the company posted $2.50 earnings per share. The business's revenue was up 7.7% on a year-over-year basis. As a group, analysts expect that The Hartford Insurance Group will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

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