OP Asset Management Ltd Buys New Shares in The Hartford Insurance Group, Inc. $HIG

OP Asset Management Ltd purchased a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 31,747 shares of the insurance provider’s stock, valued at approximately $4,293,000.

Several other hedge funds have also recently made changes to their positions in the business. CSM Advisors LLC grew its holdings in The Hartford Insurance Group by 20.6% in the third quarter. CSM Advisors LLC now owns 336,336 shares of the insurance provider’s stock worth $44,866,000 after purchasing an additional 57,468 shares during the period. Legal & General Group Plc raised its holdings in shares of The Hartford Insurance Group by 2.2% during the third quarter. Legal & General Group Plc now owns 2,553,541 shares of the insurance provider’s stock valued at $340,617,000 after purchasing an additional 55,740 shares during the period. Nordea Investment Management AB boosted its position in shares of The Hartford Insurance Group by 1.9% during the 4th quarter. Nordea Investment Management AB now owns 4,389,329 shares of the insurance provider’s stock worth $606,956,000 after purchasing an additional 81,712 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of The Hartford Insurance Group during the 3rd quarter worth about $2,618,000. Finally, Guardian Capital LP grew its stake in shares of The Hartford Insurance Group by 7.4% in the 3rd quarter. Guardian Capital LP now owns 162,364 shares of the insurance provider’s stock valued at $21,658,000 after buying an additional 11,197 shares during the period. 93.42% of the stock is owned by institutional investors.

The Hartford Insurance Group Trading Up 2.8%

HIG opened at $133.99 on Friday. The Hartford Insurance Group, Inc. has a fifty-two week low of $119.61 and a fifty-two week high of $144.50. The firm has a market capitalization of $36.73 billion, a PE ratio of 9.42, a P/E/G ratio of 2.39 and a beta of 0.47. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31. The company’s 50-day moving average is $132.87 and its 200 day moving average is $135.35.

The Hartford Insurance Group (NYSE:HIG) last released its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.39 by ($0.30). The company had revenue of $7.23 billion for the quarter, compared to analyst estimates of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The Hartford Insurance Group’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.20 EPS. As a group, research analysts predict that The Hartford Insurance Group, Inc. will post 12.9 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, June 1st. The Hartford Insurance Group’s dividend payout ratio (DPR) is currently 16.87%.

Analysts Set New Price Targets

A number of analysts recently commented on HIG shares. Barclays decreased their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, June 12th. Keefe, Bruyette & Woods reduced their price objective on The Hartford Insurance Group from $149.00 to $142.00 and set a “market perform” rating for the company in a research note on Thursday, June 4th. Wells Fargo & Company reduced their price objective on The Hartford Insurance Group from $165.00 to $154.00 and set an “overweight” rating for the company in a research note on Friday, June 5th. UBS Group lowered their target price on The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Finally, Weiss Ratings cut The Hartford Insurance Group from a “buy (a-)” rating to a “buy (b+)” rating in a report on Wednesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $147.31.

Insider Activity

In related news, President Adin M. Tooker sold 8,895 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the completion of the sale, the president owned 38,208 shares in the company, 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 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.

The Hartford Insurance Group 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.