The Hartford Insurance Group, Inc. $HIG Shares Sold by Eastern Bank

Eastern Bank cut its stake in The Hartford Insurance Group, Inc. (NYSE:HIG) by 2.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,620 shares of the insurance provider’s stock after selling 3,992 shares during the period. Eastern Bank owned approximately 0.06% of The Hartford Insurance Group worth $22,685,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in HIG. Norges Bank bought a new stake in The Hartford Insurance Group during the second quarter worth approximately $506,329,000. Danske Bank A S bought a new position in The Hartford Insurance Group during the 3rd quarter valued at $91,398,000. Balyasny Asset Management L.P. increased its position in shares of The Hartford Insurance Group by 6,431.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider’s stock valued at $85,829,000 after purchasing an additional 633,592 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of The Hartford Insurance Group by 217.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 832,291 shares of the insurance provider’s stock worth $105,593,000 after buying an additional 570,521 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI raised its stake in shares of The Hartford Insurance Group by 208.2% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 799,973 shares of the insurance provider’s stock worth $106,708,000 after buying an additional 540,445 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on HIG shares. Wells Fargo & Company raised their target price on The Hartford Insurance Group from $153.00 to $156.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Citigroup boosted their price target on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Evercore upped their price target on shares of The Hartford Insurance Group from $137.00 to $145.00 and gave the company an “in-line” rating in a report on Wednesday, January 7th. Morgan Stanley raised their price objective on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 3rd. Finally, Mizuho initiated coverage on shares of The Hartford Insurance Group in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $160.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, The Hartford Insurance Group currently has a consensus rating of “Moderate Buy” and an average target price of $148.13.

Insiders Place Their Bets

In other news, CFO Beth Ann Costello sold 35,339 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Swift sold 201,938 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $136.41, for a total transaction of $27,546,362.58. Following the completion of the sale, the chief executive officer owned 194,817 shares of the company’s stock, valued at approximately $26,574,986.97. This trade represents a 50.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 384,621 shares of company stock worth $53,010,925 over the last ninety days. 1.50% of the stock is currently owned by company insiders.

The Hartford Insurance Group Stock Performance

Shares of NYSE HIG opened at $132.29 on Friday. The stock’s fifty day simple moving average is $136.90 and its 200 day simple moving average is $133.98. The stock has a market capitalization of $36.49 billion, a price-to-earnings ratio of 9.92, a PEG ratio of 1.28 and a beta of 0.60. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23. The Hartford Insurance Group, Inc. has a 52-week low of $107.49 and a 52-week high of $144.50.

The Hartford Insurance Group (NYSE:HIG) last announced its earnings results on Thursday, January 29th. The insurance provider reported $4.06 EPS for the quarter, beating the consensus estimate of $3.22 by $0.84. The Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $7.29 billion. During the same period in the prior year, the business posted $2.94 earnings per share. The Hartford Insurance Group’s revenue was up 6.7% compared to the same quarter last year. As a group, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The Hartford Insurance Group’s dividend payout ratio is currently 17.99%.

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.