Northwestern Mutual Wealth Management Co. Buys New Position in The Hartford Insurance Group, Inc. $HIG

Northwestern Mutual Wealth Management Co. bought a new stake in The Hartford Insurance Group, Inc. (NYSE:HIG) during the second quarter, Holdings Channel.com reports. The fund bought 34,057 shares of the insurance provider’s stock, valued at approximately $4,513,000.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of The Hartford Insurance Group during the second quarter worth approximately $4,067,052,000. Norges Bank acquired a new stake in shares of The Hartford Insurance Group in the fourth quarter worth $611,724,000. Bank of New York Mellon Corp acquired a new stake in shares of The Hartford Insurance Group in the second quarter worth $337,907,000. Deutsche Bank AG bought a new position in The Hartford Insurance Group during the second quarter worth $145,575,000. Finally, Great Lakes Advisors LLC bought a new position in The Hartford Insurance Group during the second quarter worth $136,752,000. 93.42% of the stock is owned by institutional investors.

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 that occurred on Wednesday, May 27th. The stock was 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 in the company, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

HIG has been the subject of a number of research reports. UBS Group reduced their price target on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating for the company in a report on Monday, April 27th. Piper Sandler restated a “neutral” rating and set a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Wells Fargo & Company reduced their target price on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, July 27th. Keefe, Bruyette & Woods boosted 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, July 28th. Finally, JPMorgan Chase & Co. upped their price target on The Hartford Insurance Group from $149.00 to $152.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $149.67.

The Hartford Insurance Group Price Performance

NYSE:HIG opened at $136.30 on Monday. The company has a 50-day moving average of $137.56 and a 200-day moving average of $136.63. The company has a market capitalization of $36.92 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 3.34 and a beta of 0.46. 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 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) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $7.17 billion. During the same quarter in the previous year, the firm posted $3.41 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. As a group, equities research analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group’s payout ratio is presently 15.51%.

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.