Franklin Resources Inc. Raises Position in The Hartford Insurance Group, Inc. $HIG

Franklin Resources Inc. increased its stake in The Hartford Insurance Group, Inc. (NYSE:HIG) by 51.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,268,166 shares of the insurance provider’s stock after buying an additional 1,111,659 shares during the quarter. Franklin Resources Inc. owned about 1.16% of The Hartford Insurance Group worth $414,632,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Private Wealth Management Group LLC grew its position in The Hartford Insurance Group by 151.1% in the second quarter. Private Wealth Management Group LLC now owns 221 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 133 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of The Hartford Insurance Group by 123.8% in the first quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 161 shares during the period. Signature Resources Capital Management LLC acquired a new stake in The Hartford Insurance Group during the 2nd quarter valued at $38,000. Addison Advisors LLC grew its holdings in The Hartford Insurance Group by 129.3% during the 2nd quarter. Addison Advisors LLC now owns 321 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 181 shares in the last quarter. Finally, Financial Gravity Companies Inc. purchased a new stake in The Hartford Insurance Group during the 2nd quarter worth $44,000. 93.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Weiss Ratings reissued a “buy (a-)” rating on shares of The Hartford Insurance Group in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price target on The Hartford Insurance Group from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 4th. Cantor Fitzgerald started coverage on The Hartford Insurance Group in a report on Wednesday, August 13th. They issued an “overweight” rating and a $152.00 price target for the company. UBS Group lifted their price objective on The Hartford Insurance Group from $150.00 to $152.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Piper Sandler upped their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company an “overweight” rating in a research report on Tuesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, The Hartford Insurance Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.86.

Insider Activity

In other The Hartford Insurance Group news, EVP Donald Christian Hunt sold 2,124 shares of the firm’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $133.87, for a total value of $284,339.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lori A. Rodden sold 7,841 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $122.41, for a total value of $959,816.81. Following the transaction, the executive vice president directly owned 18,400 shares of the company’s stock, valued at $2,252,344. This trade represents a 29.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.50% of the company’s stock.

The Hartford Insurance Group Trading Up 1.2%

NYSE:HIG opened at $136.34 on Friday. The company has a market cap of $37.99 billion, a PE ratio of 11.14, a P/E/G ratio of 1.19 and a beta of 0.69. The business’s 50 day moving average is $129.66 and its two-hundred day moving average is $128.31. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Hartford Insurance Group, Inc. has a 52 week low of $104.93 and a 52 week high of $137.43.

The Hartford Insurance Group (NYSE:HIG) last posted its quarterly earnings results on Monday, October 27th. The insurance provider reported $3.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.02 by $0.76. The Hartford Insurance Group had a return on equity of 21.07% and a net margin of 12.75%.The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same period in the prior year, the company posted $2.53 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. On average, analysts predict that The Hartford Insurance Group, Inc. will post 11.11 EPS for the current year.

The Hartford Insurance Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 5th. Stockholders of record on Monday, December 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, December 1st. This is an increase from The Hartford Insurance Group’s previous quarterly dividend of $0.52. The Hartford Insurance Group’s payout ratio is 19.61%.

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.