Renaissance Technologies LLC Raises Stock Position in The Hartford Insurance Group, Inc. $HIG

Renaissance Technologies LLC lifted its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 13.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,600 shares of the insurance provider’s stock after acquiring an additional 13,300 shares during the quarter. Renaissance Technologies LLC’s holdings in The Hartford Insurance Group were worth $14,956,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in HIG. Y Intercept Hong Kong Ltd purchased a new position in The Hartford Insurance Group in the 1st quarter worth approximately $4,131,000. Abacus Wealth Partners LLC acquired a new stake in The Hartford Insurance Group in the fourth quarter valued at approximately $1,971,000. SEB Asset Management AB purchased a new stake in shares of The Hartford Insurance Group during the first quarter valued at approximately $69,310,000. Strs Ohio raised its stake in shares of The Hartford Insurance Group by 4.7% during the first quarter. Strs Ohio now owns 199,619 shares of the insurance provider’s stock valued at $26,994,000 after purchasing an additional 8,890 shares during the period. Finally, Arbejdsmarkedets Tillaegspension lifted its position in shares of The Hartford Insurance Group by 4.6% during the first quarter. Arbejdsmarkedets Tillaegspension now owns 187,110 shares of the insurance provider’s stock worth $25,303,000 after purchasing an additional 8,250 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on HIG shares. Royal Bank Of Canada upped their target price on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a “sector perform” rating in a research note on Monday, July 27th. Cantor Fitzgerald lifted their price target on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods boosted their price objective on shares of The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a “market perform” rating in a report on Tuesday. UBS Group decreased their price objective on shares of 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, Zacks Research downgraded The Hartford Insurance Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 27th. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, The Hartford Insurance Group currently has an average rating of “Hold” and a consensus price target of $149.67.

Insider Buying and Selling at The Hartford Insurance Group

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

The Hartford Insurance Group Stock Performance

The Hartford Insurance Group stock opened at $141.97 on Friday. The Hartford Insurance Group, Inc. has a 52 week low of $120.33 and a 52 week high of $146.07. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23. The stock has a market cap of $38.46 billion, a P/E ratio of 9.18, a price-to-earnings-growth ratio of 3.50 and a beta of 0.47. The stock has a 50 day moving average of $134.51 and a 200-day moving average of $135.72.

The Hartford Insurance Group (NYSE:HIG) last issued 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 Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The business had revenue of $7.26 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The business’s revenue was up 8.1% compared to the same quarter last year. On average, analysts expect that The Hartford Insurance Group, Inc. will post 12.84 EPS for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 1st will be given a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. 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.