Clear Harbor Asset Management LLC Makes New $11.60 Million Investment in The Hartford Insurance Group, Inc. $HIG

Clear Harbor Asset Management LLC purchased a new position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) during the second quarter, Holdings Channel.com reports. The fund purchased 87,563 shares of the insurance provider’s stock, valued at approximately $11,604,000. The Hartford Insurance Group comprises about 0.7% of Clear Harbor Asset Management LLC’s portfolio, making the stock its 27th largest position.

Several other hedge funds have also recently modified their holdings of the stock. Bank of Nova Scotia purchased a new position in shares of The Hartford Insurance Group in the 2nd quarter valued at approximately $44,344,000. Vista Investment Management acquired a new stake in The Hartford Insurance Group in the 2nd quarter worth approximately $380,000. Compass Financial Management LLC purchased a new stake in The Hartford Insurance Group during the 2nd quarter worth approximately $143,000. Elevation Point Wealth Partners LLC purchased a new stake in The Hartford Insurance Group during the 2nd quarter worth approximately $212,000. Finally, Daiichi Life Insurance Co. Ltd. acquired a new position in The Hartford Insurance Group during the 2nd quarter valued at approximately $11,641,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. UBS Group decreased their price target on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating for the company in a report on Monday, April 27th. Wells Fargo & Company dropped their price objective on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, July 27th. Zacks Research downgraded The Hartford Insurance Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 27th. Cantor Fitzgerald raised their target price on The Hartford Insurance Group from $156.00 to $158.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Piper Sandler reaffirmed 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 equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $149.67.

The Hartford Insurance Group Stock Performance

HIG opened at $136.30 on Friday. 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, Inc. has a 12-month low of $120.33 and a 12-month high of $146.07. The firm has a 50 day moving average of $137.56 and a two-hundred day moving average of $136.64. The firm has a market capitalization of $36.92 billion, a PE ratio of 8.81, a P/E/G ratio of 3.34 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG) last released its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, beating the consensus estimate of $3.16 by $0.26. The business had revenue of $7.26 billion for the quarter, compared to the consensus estimate of $7.17 billion. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.41 EPS. On average, analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current year.

The Hartford Insurance Group Dividend Announcement

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 given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.8%. The Hartford Insurance Group’s 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 company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value of $1,201,981.35. Following the sale, the president directly owned 38,208 shares of the company’s stock, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% 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.