Bank of New York Mellon Corp Sells 176,102 Shares of The Hartford Insurance Group, Inc. $HIG

Bank of New York Mellon Corp decreased its stake in The Hartford Insurance Group, Inc. (NYSE:HIG) by 6.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,424,947 shares of the insurance provider’s stock after selling 176,102 shares during the period. Bank of New York Mellon Corp’s holdings in The Hartford Insurance Group were worth $327,925,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. First Pacific Financial purchased a new stake in shares of The Hartford Insurance Group in the first quarter valued at about $26,000. JPL Wealth Management LLC purchased a new stake in The Hartford Insurance Group in the 3rd quarter valued at about $26,000. Sunbelt Securities Inc. bought a new position in shares of The Hartford Insurance Group during the 3rd quarter worth approximately $29,000. Barnes Dennig Private Wealth Management LLC boosted its stake in shares of The Hartford Insurance Group by 144.8% in the 4th quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider’s stock worth $35,000 after buying an additional 152 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in shares of The Hartford Insurance Group by 45.3% in the 4th quarter. Sound Income Strategies LLC now owns 279 shares of the insurance provider’s stock worth $36,000 after buying an additional 87 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Insurance Group Price Performance

HIG stock opened at $140.26 on Friday. The firm has a 50 day simple moving average of $133.04 and a two-hundred day simple moving average of $135.40. The stock has a market cap of $38.45 billion, a PE ratio of 9.86, a P/E/G ratio of 3.71 and a beta of 0.47. The Hartford Insurance Group, Inc. has a one year low of $120.33 and a one year high of $144.50. 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 Hartford Insurance Group (NYSE:HIG) last issued its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share for the quarter, missing the consensus estimate of $3.39 by ($0.30). The company had revenue of $7.23 billion for the quarter, compared to analysts’ expectations of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.20 earnings per share. On average, analysts predict that The Hartford Insurance Group, Inc. will post 12.74 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The business also recently declared 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. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 1st. The Hartford Insurance Group’s payout ratio is currently 16.87%.

Insider Buying and Selling at The Hartford Insurance Group

In related 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 owned 38,208 shares in the company, valued at $5,163,047.04. This represents a 18.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

HIG has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their target price on The Hartford Insurance Group from $142.00 to $143.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Wells Fargo & Company increased their price target on shares of The Hartford Insurance Group from $154.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Cantor Fitzgerald raised their price objective on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Weiss Ratings cut shares of The Hartford Insurance Group from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Wednesday, May 27th. Finally, Bank of America increased their target price on shares of The Hartford Insurance Group from $136.00 to $138.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Eight equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $148.38.

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.