Picton Mahoney Asset Management Trims Holdings in The Hartford Insurance Group, Inc. $HIG

Picton Mahoney Asset Management cut its holdings in The Hartford Insurance Group, Inc. (NYSE:HIG) by 93.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,487 shares of the insurance provider’s stock after selling 98,151 shares during the period. Picton Mahoney Asset Management’s holdings in The Hartford Insurance Group were worth $865,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in HIG. Cornerstone Planning Group LLC grew its position in The Hartford Insurance Group by 707.7% in the third quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 184 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in shares of The Hartford Insurance Group during the third quarter worth $27,000. Vermillion & White Wealth Management Group LLC boosted its stake in shares of The Hartford Insurance Group by 72.8% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 235 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 99 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in The Hartford Insurance Group during the 2nd quarter valued at $35,000. Finally, Addison Advisors LLC grew its holdings in The Hartford Insurance Group by 129.3% during the 2nd quarter. Addison Advisors LLC now owns 321 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 181 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

Wall Street Analysts Forecast Growth

HIG has been the topic of a number of recent analyst reports. UBS Group upped their target price on The Hartford Insurance Group from $151.00 to $155.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Mizuho started coverage on shares of The Hartford Insurance Group in a research note on Tuesday, December 16th. They set an “outperform” rating and a $160.00 price objective on the stock. Citigroup boosted 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. Piper Sandler increased their price target on shares of The Hartford Insurance Group from $152.00 to $161.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. Finally, Royal Bank Of Canada assumed 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. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, The Hartford Insurance Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.13.

The Hartford Insurance Group Stock Performance

HIG opened at $139.32 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23. The firm has a market cap of $38.43 billion, a PE ratio of 10.44, a P/E/G ratio of 1.36 and a beta of 0.60. The business has a fifty day simple moving average of $137.25 and a 200-day simple moving average of $133.78. The Hartford Insurance Group, Inc. has a fifty-two week low of $107.49 and a fifty-two week high of $144.50.

The Hartford Insurance Group (NYSE:HIG) last announced its quarterly earnings data 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 Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $7.29 billion. During the same period in the prior year, the business earned $2.94 EPS. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, equities analysts predict that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Lori A. Rodden sold 5,681 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $141.83, for a total value of $805,736.23. Following the completion of the transaction, the executive vice president directly owned 18,400 shares of the company’s stock, valued at approximately $2,609,672. This represents a 23.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Beth Ann Costello sold 35,339 shares of The Hartford Insurance Group stock in a transaction dated 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 transaction, the chief financial officer directly owned 77,574 shares of the company’s stock, valued at $10,595,056.92. This represents a 31.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 343,928 shares of company stock valued at $47,393,256 in the last three months. Company insiders own 1.50% of the company’s stock.

The Hartford Insurance Group Company 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.