The Hartford Insurance Group (NYSE:HIG) Shares Gap Down – Here’s Why

Shares of The Hartford Insurance Group, Inc. (NYSE:HIG) gapped down prior to trading on Friday . The stock had previously closed at $142.18, but opened at $136.93. The Hartford Insurance Group shares last traded at $139.4650, with a volume of 408,289 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of The Hartford Insurance Group from $149.00 to $152.00 and gave the stock a “neutral” rating in a research report on Monday. Mizuho lifted their target price on The Hartford Insurance Group from $154.00 to $163.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Wells Fargo & Company upped their target price on The Hartford Insurance Group from $154.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. UBS Group reduced their price target on The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, Barclays decreased their price target on The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, June 12th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $148.75.

The Hartford Insurance Group Price Performance

The business has a fifty day moving average of $133.70 and a 200 day moving average of $135.47. The firm has a market cap of $38.44 billion, a P/E ratio of 9.84, a PEG ratio of 3.84 and a beta of 0.47. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24.

The Hartford Insurance Group (NYSE:HIG) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 22.52% and a net margin of 14.10%.The firm had revenue of $7.26 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the prior year, the company earned $3.41 earnings per share. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, sell-side analysts anticipate that The Hartford Insurance Group, Inc. will post 12.69 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

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

Insiders Place Their Bets

In related news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total value of $1,201,981.35. Following the sale, the president owned 38,208 shares in the company, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On The Hartford Insurance Group

Several institutional investors and hedge funds have recently modified their holdings of HIG. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of The Hartford Insurance Group by 286,241.4% during the 4th 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 during the period. Norges Bank acquired a new stake in The Hartford Insurance Group during the fourth quarter worth approximately $611,724,000. Allianz Asset Management GmbH boosted its holdings in shares of The Hartford Insurance Group by 131.1% during the fourth quarter. Allianz Asset Management GmbH now owns 1,632,082 shares of the insurance provider’s stock worth $224,901,000 after acquiring an additional 925,789 shares during the period. Balyasny Asset Management L.P. boosted its holdings in shares of The Hartford Insurance Group by 6,431.8% during the third quarter. Balyasny Asset Management L.P. now owns 643,443 shares of the insurance provider’s stock worth $85,829,000 after acquiring an additional 633,592 shares during the period. Finally, Zurich Insurance Group Ltd FI grew its position in shares of 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 valued at $106,708,000 after purchasing an additional 540,445 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

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.