Great Lakes Advisors LLC Invests $136.75 Million in The Hartford Insurance Group, Inc. $HIG

Great Lakes Advisors LLC purchased a new position in The Hartford Insurance Group, Inc. (NYSE:HIG) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,031,933 shares of the insurance provider’s stock, valued at approximately $136,752,000. The Hartford Insurance Group makes up about 1.0% of Great Lakes Advisors LLC’s investment portfolio, making the stock its 26th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HIG. BOK Financial Private Wealth Inc. bought a new stake in The Hartford Insurance Group in the second quarter valued at about $606,000. Danske Bank A S bought a new position in The Hartford Insurance Group during the 2nd quarter worth approximately $742,000. Wealthfront Advisers LLC acquired a new position in shares of The Hartford Insurance Group in the 2nd quarter worth approximately $7,812,000. Foster & Motley Inc. acquired a new position in shares of The Hartford Insurance Group in the 2nd quarter worth approximately $13,953,000. Finally, Navigoe LLC bought a new stake in shares of The Hartford Insurance Group in the 2nd quarter valued at approximately $27,000. 93.42% of the stock is owned by institutional investors.

The Hartford Insurance Group Stock Up 1.6%

NYSE HIG opened at $138.89 on Wednesday. The Hartford Insurance Group, Inc. has a 12 month low of $120.33 and a 12 month high of $146.07. The company has a market capitalization of $37.62 billion, a P/E ratio of 8.98, a PEG ratio of 3.39 and a beta of 0.46. The company’s 50 day simple moving average is $137.08 and its 200 day simple moving average is $136.59. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG) last issued its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, topping analysts’ consensus estimates of $3.16 by $0.26. The firm had revenue of $7.26 billion during the quarter, compared to analysts’ expectations of $7.17 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period last year, the firm posted $3.41 earnings per share. Equities research analysts expect that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The firm 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. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. The Hartford Insurance Group’s dividend payout ratio is currently 15.51%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on HIG. Barclays reduced their price target on shares of The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating on the stock in a research report on Friday, June 12th. JPMorgan Chase & Co. increased their price target on The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Zacks Research lowered shares of The Hartford Insurance Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 27th. Wells Fargo & Company lowered their target price on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, July 27th. Finally, Piper Sandler restated a “neutral” rating and set a $146.00 price target (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $149.67.

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.