The Manufacturers Life Insurance Company Acquires Shares of 224,079 The Hartford Insurance Group, Inc. $HIG

The Manufacturers Life Insurance Company bought a new position in The Hartford Insurance Group, Inc. (NYSE:HIG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 224,079 shares of the insurance provider’s stock, valued at approximately $29,695,000. The Manufacturers Life Insurance Company owned approximately 0.08% of The Hartford Insurance Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of HIG. First Pacific Financial acquired a new stake in The Hartford Insurance Group during the first quarter valued at $26,000. MidFirst Bank acquired a new position in The Hartford Insurance Group in the 2nd quarter worth about $26,000. JPL Wealth Management LLC acquired a new position in The Hartford Insurance Group in the 3rd quarter worth about $26,000. Navigoe LLC purchased a new stake in shares of The Hartford Insurance Group during the 2nd quarter worth about $27,000. Finally, Phillip James Consulting Co. purchased a new stake in shares of The Hartford Insurance Group during the 1st quarter worth about $29,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Insurance Group Stock Performance

Shares of NYSE HIG opened at $137.77 on Friday. The business’s 50-day simple moving average is $138.29 and its 200-day simple moving average is $136.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Insurance Group, Inc. has a 52 week low of $120.33 and a 52 week high of $146.07. The firm has a market cap of $37.32 billion, a price-to-earnings ratio of 8.91, a P/E/G ratio of 3.44 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, topping the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The firm had revenue of $7.26 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same period in the previous year, the company earned $3.41 EPS. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. As a group, equities research analysts expect that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 1st. The Hartford Insurance Group’s payout ratio is presently 15.51%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Mizuho boosted their price target on The Hartford Insurance Group from $154.00 to $163.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Royal Bank Of Canada raised their price objective on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the company a “sector perform” rating in a research report on Monday, July 27th. Wells Fargo & Company reduced their target price on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, July 27th. Piper Sandler reissued a “neutral” rating and issued a $146.00 target price (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Finally, Zacks Research upgraded shares of The Hartford Insurance Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $149.67.

The Hartford Insurance Group 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.