Victory Capital Management Inc. Reduces Stake in The Hartford Insurance Group, Inc. $HIG

Victory Capital Management Inc. reduced its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG) by 8.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,175,377 shares of the insurance provider’s stock after selling 281,406 shares during the quarter. Victory Capital Management Inc.’s holdings in The Hartford Insurance Group were worth $423,564,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new position in The Hartford Insurance Group during the 2nd quarter valued at $506,329,000. Franklin Resources Inc. increased its position in shares of The Hartford Insurance Group by 51.5% during the second quarter. Franklin Resources Inc. now owns 3,268,166 shares of the insurance provider’s stock valued at $414,632,000 after buying an additional 1,111,659 shares during the period. Qube Research & Technologies Ltd raised its stake in The Hartford Insurance Group by 217.9% in the second quarter. Qube Research & Technologies Ltd now owns 832,291 shares of the insurance provider’s stock worth $105,593,000 after buying an additional 570,521 shares in the last quarter. Man Group plc lifted its holdings in The Hartford Insurance Group by 36.6% in the second quarter. Man Group plc now owns 1,064,849 shares of the insurance provider’s stock worth $135,097,000 after buying an additional 285,596 shares during the period. Finally, CSM Advisors LLC bought a new stake in The Hartford Insurance Group during the 2nd quarter valued at approximately $35,381,000. Institutional investors own 93.42% of the company’s stock.

The Hartford Insurance Group Trading Up 0.7%

The Hartford Insurance Group stock opened at $141.83 on Tuesday. The Hartford Insurance Group, Inc. has a 12 month low of $107.49 and a 12 month high of $144.50. The company has a market capitalization of $39.13 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 1.37 and a beta of 0.60. The business’s fifty day simple moving average is $137.15 and its two-hundred day simple moving average is $133.54. 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 (NYSE:HIG) last posted its quarterly earnings results on Thursday, January 29th. The insurance provider reported $4.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.22 by $0.84. The firm had revenue of $7.31 billion during the quarter, compared to analyst estimates of $7.29 billion. The Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The Hartford Insurance Group’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.94 EPS. As a group, equities analysts predict that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Monday, March 2nd will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, March 2nd. The Hartford Insurance Group’s dividend payout ratio is currently 17.99%.

Insider Activity

In related news, CFO Beth Ann Costello sold 35,339 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $136.58, for a total transaction of $4,826,600.62. Following the completion of the sale, the chief financial officer owned 77,574 shares of the company’s stock, valued at $10,595,056.92. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lori A. Rodden sold 5,681 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $141.83, for a total transaction of $805,736.23. Following the completion of the transaction, the executive vice president owned 18,400 shares of the company’s stock, valued at approximately $2,609,672. The trade was a 23.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 343,928 shares of company stock worth $47,393,256 over the last 90 days. 1.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on HIG shares. Mizuho began coverage on The Hartford Insurance Group in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $160.00 target price for the company. Royal Bank Of Canada began coverage on The Hartford Insurance Group in a report on Tuesday, November 25th. They issued a “sector perform” rating and a $145.00 price objective for the company. Argus raised their price objective on The Hartford Insurance Group from $143.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. Citigroup upped their target price on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 4th. Finally, Wells Fargo & Company increased their price target on shares of The Hartford Insurance Group from $153.00 to $156.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $148.13.

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.