Picton Mahoney Asset Management Sells 98,151 Shares of The Hartford Insurance Group, Inc. $HIG

Picton Mahoney Asset Management lessened its stake in The Hartford Insurance Group, Inc. (NYSE:HIG) by 93.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,487 shares of the insurance provider’s stock after selling 98,151 shares during the quarter. Picton Mahoney Asset Management’s holdings in The Hartford Insurance Group were worth $865,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Cornerstone Planning Group LLC increased its holdings in The Hartford Insurance Group by 707.7% during the 3rd quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 184 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in The Hartford Insurance Group during the third quarter worth $27,000. Vermillion & White Wealth Management Group LLC grew its position in 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 in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in The Hartford Insurance Group in the 2nd quarter valued at $35,000. Finally, Addison Advisors LLC increased its stake in The Hartford Insurance Group by 129.3% in the 2nd quarter. Addison Advisors LLC now owns 321 shares of the insurance provider’s stock valued at $41,000 after buying an additional 181 shares during the last quarter. Institutional investors own 93.42% of the company’s stock.

The Hartford Insurance Group Stock Performance

NYSE HIG opened at $139.32 on Friday. The firm has a 50-day moving average price of $137.25 and a two-hundred day moving average price of $133.78. The Hartford Insurance Group, Inc. has a 12-month low of $107.49 and a 12-month high of $144.50. The company has a market capitalization of $38.43 billion, a P/E ratio of 10.44, a P/E/G ratio of 1.36 and a beta of 0.60. 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 Hartford Insurance Group (NYSE:HIG) last released its earnings results 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 company had revenue of $7.31 billion for the quarter, compared to analyst estimates of $7.29 billion. The Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The Hartford Insurance Group’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.94 EPS. Analysts anticipate that The Hartford Insurance Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Monday, March 2nd will be given a dividend of $0.60 per share. The ex-dividend date is Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. 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 dated 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 sale, the executive vice president owned 18,400 shares of the company’s stock, valued at approximately $2,609,672. This represents a 23.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher Swift sold 201,938 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $136.41, for a total transaction of $27,546,362.58. Following the transaction, the chief executive officer owned 194,817 shares of the company’s stock, valued at approximately $26,574,986.97. The trade was a 50.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 343,928 shares of company stock valued at $47,393,256 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

HIG has been the topic of a number of recent research reports. Weiss Ratings raised The Hartford Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, February 13th. Morgan Stanley raised their price target on The Hartford Insurance Group from $140.00 to $142.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 3rd. Evercore boosted their price target on The Hartford Insurance Group from $137.00 to $145.00 and gave the stock an “in-line” rating in a research report on Wednesday, January 7th. Cantor Fitzgerald upped their price objective on The Hartford Insurance Group from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Finally, Piper Sandler increased their price objective on The Hartford Insurance Group from $152.00 to $161.00 and gave the company an “overweight” rating in a report on Monday, December 22nd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $148.13.

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.