Bank of New York Mellon Corp Lowers Position in The Hartford Insurance Group, Inc. $HIG

Bank of New York Mellon Corp trimmed its position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 1.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,088,271 shares of the insurance provider’s stock after selling 32,856 shares during the quarter. Bank of New York Mellon Corp owned 0.75% of The Hartford Insurance Group worth $278,554,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of The Hartford Insurance Group by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 37,160,644 shares of the insurance provider’s stock valued at $4,714,571,000 after buying an additional 156,807 shares during the period. Geode Capital Management LLC grew its holdings in The Hartford Insurance Group by 0.8% during the second quarter. Geode Capital Management LLC now owns 7,467,018 shares of the insurance provider’s stock worth $943,448,000 after acquiring an additional 57,539 shares during the period. Invesco Ltd. raised its position in The Hartford Insurance Group by 2.9% in the second quarter. Invesco Ltd. now owns 4,834,472 shares of the insurance provider’s stock worth $613,349,000 after acquiring an additional 136,483 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of The Hartford Insurance Group by 5.3% during the 3rd quarter. Nordea Investment Management AB now owns 4,307,617 shares of the insurance provider’s stock worth $570,328,000 after purchasing an additional 215,941 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of The Hartford Insurance Group during the 2nd quarter worth $506,329,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Cantor Fitzgerald boosted their price objective on shares of The Hartford Insurance Group from $152.00 to $160.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. boosted their price target on The Hartford Insurance Group from $143.00 to $146.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Evercore ISI upped their price target on The Hartford Insurance Group from $137.00 to $145.00 and gave the stock an “in-line” rating in a report on Wednesday, January 7th. Wall Street Zen cut The Hartford Insurance Group from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Argus boosted their target price on The Hartford Insurance Group from $143.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, The Hartford Insurance Group presently has an average rating of “Moderate Buy” and a consensus target price of $148.47.

The Hartford Insurance Group Price Performance

HIG stock opened at $132.35 on Friday. The stock’s 50 day moving average price is $134.83 and its 200 day moving average price is $131.01. The firm has a market cap of $36.88 billion, a P/E ratio of 10.81, a PEG ratio of 1.06 and a beta of 0.61. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Insurance Group, Inc. has a 1 year low of $105.98 and a 1 year high of $140.50.

The Hartford Insurance Group (NYSE:HIG) last released its quarterly earnings results on Thursday, January 29th. The insurance provider reported $4.06 earnings per share for the quarter, topping analysts’ consensus estimates of $3.08 by $0.98. The company had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.29 billion. The Hartford Insurance Group had a return on equity of 21.07% and a net margin of 12.75%. On average, sell-side analysts expect that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Beth Ann Costello sold 35,339 shares of The Hartford Insurance Group stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $136.58, for a total transaction of $4,826,600.62. Following the completion of the sale, the chief financial officer directly owned 77,574 shares in the company, valued at $10,595,056.92. The trade was a 31.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by corporate insiders.

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.