The Hartford Insurance Group (NYSE:HIG) Reaches New 1-Year High Following Analyst Upgrade

Key Points

• The Hartford reached a new 52-week high of $144.97 after Keefe, Bruyette & Woods raised its price target to $144, though the firm maintained a “market perform” rating. Analysts overall rate the stock “Hold,” with a consensus target of $149.06.
• The company reported quarterly EPS of $3.42, beating estimates of $3.16, while revenue rose 8.1% year over year to $7.26 billion. Hartford also declared a quarterly dividend of $0.60 per share, implying a 1.7% yield.
• Institutional investors own 93.42% of the stock, while insiders own 1.30%; President Adin M. Tooker recently sold 8,895 shares under a pre-arranged Rule 10b5-1 trading plan.

The Hartford Insurance Group, Inc. (NYSE:HIG - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $143.00 to $144.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. The Hartford Insurance Group traded as high as $144.97 and last traded at $144.4880, with a volume of 161701 shares trading hands. The stock had previously closed at $143.42.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. raised their target price on The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Wells Fargo & Company lowered their price target on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating on the stock in a report on Monday. Piper Sandler restated a "neutral" rating and issued a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Bank of America increased their target price on shares of The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 14th. Finally, Weiss Ratings downgraded shares of The Hartford Insurance Group from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday, May 27th. Eight investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $149.06.

Insider Transactions at The Hartford Insurance Group

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the president owned 38,208 shares of the company's stock, valued at $5,163,047.04. The trade was a 18.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On The Hartford Insurance Group

A number of large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake in 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 worth $10,178,152,000 after buying an additional 73,835,976 shares in the last quarter. State Street Corp grew its holdings in shares of The Hartford Insurance Group by 0.4% during the 3rd quarter. State Street Corp now owns 16,031,840 shares of the insurance provider's stock valued at $2,146,749,000 after purchasing an additional 55,983 shares during the last quarter. Geode Capital Management LLC lifted its stake in The Hartford Insurance Group by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 7,948,948 shares of the insurance provider's stock worth $1,091,440,000 after purchasing an additional 34,274 shares during the last quarter. Invesco Ltd. grew its stake in shares of The Hartford Insurance Group by 10.3% during the third quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider's stock valued at $711,141,000 after buying an additional 496,821 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of The Hartford Insurance Group by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,699,459 shares of the insurance provider's stock worth $635,490,000 after buying an additional 72,448 shares during the period. Hedge funds and other institutional investors own 93.42% of the company's stock.

The Hartford Insurance Group Stock Performance

The company has a market cap of $39.22 billion, a P/E ratio of 9.36, a price-to-earnings-growth ratio of 3.81 and a beta of 0.47. The business has a 50 day moving average price of $134.08 and a two-hundred day moving average price of $135.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31.

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

The Hartford Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group's payout ratio is presently 15.51%.

About The Hartford Insurance Group

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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