Texas Permanent School Fund Corp Decreases Stake in The Hartford Insurance Group, Inc. $HIG

Texas Permanent School Fund Corp cut its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 26.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,605 shares of the insurance provider’s stock after selling 8,212 shares during the quarter. Texas Permanent School Fund Corp’s holdings in The Hartford Insurance Group were worth $2,868,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Private Wealth Management Group LLC grew its position in The Hartford Insurance Group by 151.1% during the second quarter. Private Wealth Management Group LLC now owns 221 shares of the insurance provider’s stock worth $28,000 after buying an additional 133 shares during the period. Vermillion & White Wealth Management Group LLC boosted its stake in shares of The Hartford Insurance Group by 72.8% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 235 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 99 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of The Hartford Insurance Group in the 2nd quarter worth approximately $35,000. Signature Resources Capital Management LLC purchased a new position in The Hartford Insurance Group in the 2nd quarter valued at approximately $38,000. Finally, Addison Advisors LLC raised its holdings in The Hartford Insurance Group by 129.3% during the second quarter. Addison Advisors LLC now owns 321 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 181 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HIG. Keefe, Bruyette & Woods upped their target price on The Hartford Insurance Group from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, November 4th. Argus increased their price objective on shares of The Hartford Insurance Group from $143.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Evercore ISI lifted their target price on shares of The Hartford Insurance Group from $133.00 to $137.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 1st. JPMorgan Chase & Co. increased their price target on shares of The Hartford Insurance Group from $142.00 to $143.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Finally, Morgan Stanley raised their price objective on shares of The Hartford Insurance Group from $140.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $144.60.

Insider Buying and Selling

In related news, EVP Lori A. Rodden sold 7,841 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $122.41, for a total transaction of $959,816.81. Following the transaction, the executive vice president directly owned 18,400 shares in the company, valued at approximately $2,252,344. This represents a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.

The Hartford Insurance Group Price Performance

The Hartford Insurance Group stock opened at $139.05 on Friday. The stock has a market capitalization of $38.75 billion, a P/E ratio of 11.36, a P/E/G ratio of 1.30 and a beta of 0.63. The Hartford Insurance Group, Inc. has a 12-month low of $104.93 and a 12-month high of $139.92. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.32. The firm’s 50-day moving average is $131.02 and its two-hundred day moving average is $129.15.

The Hartford Insurance Group (NYSE:HIG) last announced its quarterly earnings data on Monday, October 27th. The insurance provider reported $3.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.02 by $0.76. The Hartford Insurance Group had a net margin of 12.75% and a return on equity of 21.07%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $7.17 billion. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. Equities analysts predict that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 5th. Stockholders of record on Monday, December 1st will be given a $0.60 dividend. This is an increase from The Hartford Insurance Group’s previous quarterly dividend of $0.52. 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 Monday, December 1st. The Hartford Insurance Group’s dividend payout ratio (DPR) is presently 19.61%.

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.