Abacus Wealth Partners LLC Makes New Investment in The Hartford Insurance Group, Inc. $HIG

Abacus Wealth Partners LLC purchased a new position in The Hartford Insurance Group, Inc. (NYSE:HIG) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,305 shares of the insurance provider’s stock, valued at approximately $1,971,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of HIG. Northwestern Mutual Wealth Management Co. increased its position in The Hartford Insurance Group by 286,241.4% in 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 buying an additional 73,835,976 shares in the last quarter. Danske Bank A S purchased a new stake in The Hartford Insurance Group in the third quarter worth about $91,398,000. Balyasny Asset Management L.P. increased its position in The Hartford Insurance Group by 6,431.8% in the third quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider’s stock worth $85,829,000 after buying an additional 633,592 shares in the last quarter. Zurich Insurance Group Ltd FI increased its position in The Hartford Insurance Group by 208.2% in the third 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. Finally, Invesco Ltd. increased its position in The Hartford Insurance Group by 10.3% in the third quarter. Invesco Ltd. now owns 5,331,293 shares of the insurance provider’s stock worth $711,141,000 after buying an additional 496,821 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Insurance Group Price Performance

NYSE:HIG opened at $134.02 on Friday. The firm has a market capitalization of $36.74 billion, a price-to-earnings ratio of 9.42, a PEG ratio of 2.40 and a beta of 0.50. The Hartford Insurance Group, Inc. has a 1 year low of $119.61 and a 1 year high of $144.50. The business has a 50 day simple moving average of $135.86 and a 200-day simple moving average of $135.41. 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 posted its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.39 by ($0.30). The company had revenue of $14.45 billion during the quarter, compared to the consensus estimate of $7.41 billion. The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The Hartford Insurance Group’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 earnings per share. Equities analysts forecast that The Hartford Insurance Group, Inc. will post 13.17 EPS for the current year.

The Hartford Insurance Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Monday, March 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, March 2nd. The Hartford Insurance Group’s dividend payout ratio (DPR) is presently 16.87%.

Insider Activity

In other news, EVP Lori A. Rodden sold 40,693 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total value of $5,617,668.65. Following the completion of the sale, the executive vice president directly owned 25,392 shares of the company’s stock, valued at $3,505,365.60. This trade represents a 61.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $149.00 target price (down from $163.00) on shares of The Hartford Insurance Group in a research report on Monday, March 30th. Barclays cut their target price on The Hartford Insurance Group from $159.00 to $156.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Bank of America increased their target price on The Hartford Insurance Group from $136.00 to $138.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 14th. Roth Mkm increased their target price on The Hartford Insurance Group from $120.00 to $135.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Finally, Mizuho increased their target price on The Hartford Insurance Group from $158.00 to $159.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, The Hartford Insurance Group presently has a consensus rating of “Moderate Buy” and an average price target of $149.31.

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.