The Hartford Insurance Group (NYSE:HIG) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded The Hartford Insurance Group to “strong sell” from “hold,” contrasting with a broader analyst consensus of “hold” and an average price target of $149.06.
• The stock opened at $143.61, near its 52-week high of $144.50. Hartford recently beat quarterly expectations, reporting $3.42 in EPS versus the $3.16 consensus and revenue of $7.26 billion.
• Institutional investors own 93.42% of the company’s shares, while an executive recently sold 8,895 shares under a pre-arranged Rule 10b5-1 trading plan.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Mizuho increased their price objective on 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. Keefe, Bruyette & Woods upped their price target on The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. UBS Group cut their price objective on The Hartford Insurance Group from $157.00 to $155.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Finally, Royal Bank Of Canada boosted their price objective on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a report on Monday. Eight analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, The Hartford Insurance Group presently has a consensus rating of "Hold" and an average target price of $149.06.

The Hartford Insurance Group Stock Performance

NYSE:HIG opened at $143.61 on Monday. The company's 50-day moving average is $134.08 and its two-hundred day moving average is $135.57. The Hartford Insurance Group has a 1-year low of $120.33 and a 1-year high of $144.50. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $38.90 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 3.81 and a beta of 0.47.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.16 by $0.26. The business had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.17 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The business's revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.41 EPS. Analysts forecast that The Hartford Insurance Group will post 12.73 EPS for the current year.

Insiders Place Their Bets

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the sale, the president directly owned 38,208 shares in the company, valued at $5,163,047.04. This represents a 18.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by insiders.

Institutional Trading of The Hartford Insurance Group

A number of large investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of The Hartford Insurance Group by 286,241.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider's stock valued at $10,178,152,000 after acquiring an additional 73,835,976 shares in the last quarter. Norges Bank acquired a new position in The Hartford Insurance Group during the 4th quarter worth $611,724,000. Allianz Asset Management GmbH increased its holdings in The Hartford Insurance Group by 131.1% during the 4th quarter. Allianz Asset Management GmbH now owns 1,632,082 shares of the insurance provider's stock worth $224,901,000 after purchasing an additional 925,789 shares during the period. Balyasny Asset Management L.P. raised its position in The Hartford Insurance Group by 6,431.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider's stock valued at $85,829,000 after purchasing an additional 633,592 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI raised its position in The Hartford Insurance Group by 208.2% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider's stock valued at $106,708,000 after purchasing an additional 540,445 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.

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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