Allspring Global Investments Holdings LLC Increases Stake in The Hartford Insurance Group, Inc. $HIG

Allspring Global Investments Holdings LLC grew its holdings in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 4.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,738 shares of the insurance provider’s stock after purchasing an additional 4,844 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in The Hartford Insurance Group were worth $14,776,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its position in The Hartford Insurance Group by 286,241.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider’s stock worth $10,178,152,000 after acquiring an additional 73,835,976 shares during the last quarter. Norges Bank acquired a new stake in The Hartford Insurance Group in the 4th quarter valued at about $611,724,000. Allianz Asset Management GmbH raised its holdings in The Hartford Insurance Group by 131.1% in the 4th quarter. Allianz Asset Management GmbH now owns 1,632,082 shares of the insurance provider’s stock valued at $224,901,000 after acquiring an additional 925,789 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in The Hartford Insurance Group by 6,431.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider’s stock worth $85,829,000 after purchasing an additional 633,592 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI lifted its stake in 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 purchasing an additional 540,445 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Insurance Group Trading Up 0.8%

Shares of The Hartford Insurance Group stock opened at $141.67 on Wednesday. The firm has a market capitalization of $38.84 billion, a price-to-earnings ratio of 9.96, a PEG ratio of 3.82 and a beta of 0.47. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $144.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a 50 day moving average of $133.38 and a 200 day moving average of $135.42.

The Hartford Insurance Group (NYSE:HIG) last posted its earnings results on Thursday, April 23rd. The insurance provider reported $3.09 EPS for the quarter, missing analysts’ consensus estimates of $3.39 by ($0.30). The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The business had revenue of $7.23 billion during the quarter, compared to analysts’ expectations of $7.41 billion. During the same quarter in the prior year, the firm earned $2.20 EPS. The Hartford Insurance Group’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts predict that The Hartford Insurance Group, Inc. will post 12.74 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.7%. The ex-dividend date is Tuesday, September 1st. The Hartford Insurance Group’s payout ratio is 16.87%.

Insider Buying and Selling

In other The Hartford Insurance Group news, President Adin M. Tooker sold 8,895 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value of $1,201,981.35. Following the transaction, the president owned 38,208 shares of the company’s stock, valued at $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

HIG has been the subject of several recent research reports. Cantor Fitzgerald increased their price target on The Hartford Insurance Group from $156.00 to $158.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Mizuho upped their target price on The Hartford Insurance Group from $154.00 to $163.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their target price on The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a “neutral” rating in a research note on Monday. Barclays reduced their price target on The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, June 12th. Finally, Wells Fargo & Company boosted 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. Eight equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $148.75.

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.