The Hartford Insurance Group (NYSE:HIG) Announces Quarterly Earnings Results

Key Points

• The Hartford Insurance Group beat expectations in its quarterly results, reporting EPS of $3.42 versus the $3.16 consensus and revenue of $7.26 billion, above estimates of $7.17 billion.
• The company also announced a quarterly dividend of $0.60 per share, equal to $2.40 annually and a 1.7% yield, with payment scheduled for October 2.
• Wall Street remains mixed on HIG: analysts have an average Hold rating with a $148.75 price target, even as several firms recently raised or reiterated bullish targets.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) issued its quarterly earnings results on Thursday. The insurance provider reported $3.42 EPS for the quarter, topping the consensus estimate of $3.16 by $0.26, FiscalAI reports. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The firm had revenue of $7.26 billion for the quarter, compared to analysts' expectations of $7.17 billion.

The Hartford Insurance Group Stock Performance

HIG traded up $1.34 on Thursday, hitting $142.18. The company's stock had a trading volume of 1,656,316 shares, compared to its average volume of 1,628,213. The Hartford Insurance Group has a 12 month low of $120.33 and a 12 month high of $144.50. The firm has a market cap of $38.98 billion, a P/E ratio of 9.99, a price-to-earnings-growth ratio of 3.87 and a beta of 0.47. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The company's 50 day simple moving average is $133.54 and its 200-day simple moving average is $135.44.

The Hartford Insurance Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors 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 dividend yield of 1.7%. The ex-dividend date is Tuesday, September 1st. The Hartford Insurance Group's dividend payout ratio is presently 16.87%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HIG. Barclays reduced their price target on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating on the stock in a research report on Friday, June 12th. Wells Fargo & Company lifted their target price on The Hartford Insurance Group from $154.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Mizuho increased their price objective on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Cantor Fitzgerald increased their price target on The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Finally, Piper Sandler reissued 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. Eight equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $148.75.

Insider Activity

In other news, President Adin M. Tooker sold 8,895 shares of the 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 sale, the president directly owned 38,208 shares of the company's stock, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On The Hartford Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new stake in The Hartford Insurance Group during the first quarter worth about $207,000. NewEdge Advisors LLC boosted its stake in shares of The Hartford Insurance Group by 1.6% in the 2nd quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider's stock worth $7,122,000 after buying an additional 886 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in The Hartford Insurance Group by 3.9% in the second quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider's stock worth $21,297,000 after purchasing an additional 6,285 shares during the last quarter. HUB Investment Partners LLC raised its position in The Hartford Insurance Group by 9.8% in the second quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider's stock worth $878,000 after acquiring an additional 619 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of The Hartford Insurance Group by 25.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider's stock worth $24,488,000 after acquiring an additional 39,220 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Insurance Group Company Profile

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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