CWA Asset Management Group LLC Makes New Investment in The Hartford Insurance Group, Inc. $HIG

CWA Asset Management Group LLC bought a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 33,736 shares of the insurance provider’s stock, valued at approximately $4,649,000.

Several other hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in shares of The Hartford Insurance Group in the second quarter valued at about $506,329,000. Franklin Resources Inc. grew its holdings in The Hartford Insurance Group by 51.5% during the 2nd quarter. Franklin Resources Inc. now owns 3,268,166 shares of the insurance provider’s stock worth $414,632,000 after acquiring an additional 1,111,659 shares in the last quarter. Danske Bank A S bought a new position in The Hartford Insurance Group during the 3rd quarter worth about $91,398,000. Balyasny Asset Management L.P. increased its position in 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. Finally, Qube Research & Technologies Ltd raised its holdings 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 valued at $105,593,000 after purchasing an additional 570,521 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Christopher Swift sold 100,970 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $140.78, for a total value of $14,214,556.60. Following the completion of the transaction, the chief executive officer owned 194,817 shares of the company’s stock, valued at $27,426,337.26. The trade was a 34.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Beth Ann Costello sold 35,339 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $136.58, for a total value of $4,826,600.62. Following the completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 384,621 shares of company stock valued at $53,010,925. Company insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on HIG. Piper Sandler upped their price target on shares of The Hartford Insurance Group from $152.00 to $161.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. Citigroup lifted their price objective on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the company a “neutral” rating in a report on Wednesday, February 4th. JPMorgan Chase & Co. boosted their price objective on shares of 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. Royal Bank Of Canada assumed coverage on The Hartford Insurance Group in a report on Tuesday, November 25th. They set a “sector perform” rating and a $145.00 target price for the company. Finally, Keefe, Bruyette & Woods increased their target price on The Hartford Insurance Group from $160.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, The Hartford Insurance Group has an average rating of “Moderate Buy” and a consensus target price of $148.13.

The Hartford Insurance Group Stock Performance

HIG opened at $132.87 on Friday. 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 Hartford Insurance Group, Inc. has a 12-month low of $107.49 and a 12-month high of $144.50. The firm has a 50 day moving average of $136.64 and a two-hundred day moving average of $133.89. The firm has a market capitalization of $36.65 billion, a PE ratio of 9.96, a P/E/G ratio of 1.28 and a beta of 0.60.

The Hartford Insurance Group (NYSE:HIG) last released its quarterly earnings data 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 business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $7.29 billion. The Hartford Insurance Group had a net margin of 13.52% and a return on equity of 21.92%. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.94 EPS. On average, analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Announces Dividend

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

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.