Citigroup Begins Coverage on The Hartford Insurance Group (NYSE:HIG)

Citigroup started coverage on shares of The Hartford Insurance Group (NYSE:HIG) in a research note released on Wednesday, MarketBeat Ratings reports. The firm issued a neutral rating and a $138.00 price target on the insurance provider’s stock.

A number of other analysts also recently weighed in on HIG. Barclays cut their price target on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an “overweight” rating on the stock in a research report on Monday, July 7th. Keefe, Bruyette & Woods increased their price target on shares of The Hartford Insurance Group from $135.00 to $137.00 and gave the company an “outperform” rating in a research report on Monday, August 4th. Morgan Stanley increased their price target on shares of The Hartford Insurance Group from $130.00 to $135.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Raymond James Financial reiterated an “outperform” rating and issued a $140.00 price target (up from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of The Hartford Insurance Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.64.

The Hartford Insurance Group Stock Down 0.5%

Shares of NYSE:HIG opened at $130.74 on Wednesday. The Hartford Insurance Group has a one year low of $104.93 and a one year high of $132.09. The company has a 50 day moving average of $124.94 and a 200-day moving average of $121.76. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market cap of $36.76 billion, a price-to-earnings ratio of 11.85, a P/E/G ratio of 1.27 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG) last issued its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 EPS for the quarter, topping the consensus estimate of $2.83 by $0.58. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The company had revenue of $6.99 billion during the quarter, compared to analysts’ expectations of $7.02 billion. During the same quarter in the previous year, the company earned $2.50 EPS. The Hartford Insurance Group’s revenue was up 7.7% on a year-over-year basis. On average, sell-side analysts forecast that The Hartford Insurance Group will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Tuesday, September 2nd will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. The Hartford Insurance Group’s dividend payout ratio (DPR) is currently 18.86%.

Insider Transactions at The Hartford Insurance Group

In other news, CFO Beth Ann Costello sold 35,340 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $123.50, for a total transaction of $4,364,490.00. Following the completion of the transaction, the chief financial officer directly owned 77,574 shares in the company, valued at $9,580,389. This represents a 31.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On The Hartford Insurance Group

A number of large investors have recently modified their holdings of HIG. Norges Bank acquired a new position in The Hartford Insurance Group during the second quarter valued at approximately $506,329,000. GAMMA Investing LLC increased its position in The Hartford Insurance Group by 14,049.5% during the first quarter. GAMMA Investing LLC now owns 1,424,009 shares of the insurance provider’s stock worth $1,761,930,000 after buying an additional 1,413,945 shares during the last quarter. Franklin Resources Inc. increased its position in 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 worth $414,632,000 after buying an additional 1,111,659 shares during the last quarter. Woodline Partners LP increased its position in The Hartford Insurance Group by 28,218.5% during the first quarter. Woodline Partners LP now owns 757,804 shares of the insurance provider’s stock worth $93,763,000 after buying an additional 755,128 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in The Hartford Insurance Group by 48.1% during the fourth quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider’s stock worth $247,761,000 after buying an additional 735,170 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, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.