CIBC Asset Management Inc Has $17.01 Million Stake in The Hartford Insurance Group, Inc. $HIG

CIBC Asset Management Inc increased its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 196.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 123,436 shares of the insurance provider’s stock after buying an additional 81,836 shares during the quarter. CIBC Asset Management Inc’s holdings in The Hartford Insurance Group were worth $17,009,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in HIG. Signal Advisors Wealth LLC lifted its position in shares of The Hartford Insurance Group by 4.5% during the 4th quarter. Signal Advisors Wealth LLC now owns 1,745 shares of the insurance provider’s stock valued at $240,000 after acquiring an additional 75 shares during the period. Castlekeep Investment Advisors LLC raised its stake in The Hartford Insurance Group by 0.7% in the fourth quarter. Castlekeep Investment Advisors LLC now owns 13,137 shares of the insurance provider’s stock valued at $1,810,000 after purchasing an additional 86 shares in the last quarter. Sound Income Strategies LLC raised its stake in The Hartford Insurance Group by 45.3% in the fourth quarter. Sound Income Strategies LLC now owns 279 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 87 shares in the last quarter. Larson Financial Group LLC lifted its position in The Hartford Insurance Group by 16.4% during the third quarter. Larson Financial Group LLC now owns 619 shares of the insurance provider’s stock worth $83,000 after purchasing an additional 87 shares during the period. Finally, REAP Financial Group LLC grew its stake in The Hartford Insurance Group by 12.7% during the third quarter. REAP Financial Group LLC now owns 790 shares of the insurance provider’s stock worth $105,000 after buying an additional 89 shares in the last quarter. Institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of The Hartford Insurance Group from a “buy (a-)” rating to a “buy (b+)” rating in a report on Wednesday, May 27th. Barclays reduced their target price on The Hartford Insurance Group from $159.00 to $156.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Cantor Fitzgerald lowered their price target on The Hartford Insurance Group from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Wells Fargo & Company upped their price objective on The Hartford Insurance Group from $156.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Finally, UBS Group decreased their target price on The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $148.88.

The Hartford Insurance Group Stock Performance

Shares of The Hartford Insurance Group stock opened at $127.44 on Friday. The company’s 50 day moving average price is $134.93 and its two-hundred day moving average price is $135.87. The firm has a market capitalization of $34.94 billion, a P/E ratio of 8.96, a P/E/G ratio of 2.26 and a beta of 0.47. The Hartford Insurance Group, Inc. has a fifty-two week low of $119.61 and a fifty-two week high of $144.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 EPS for the quarter, missing analysts’ consensus estimates of $3.39 by ($0.30). The Hartford Insurance Group had a net margin of 14.10% and a return on equity of 22.52%. The firm had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same quarter in the previous year, the company posted $2.20 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. On average, equities analysts forecast that The Hartford Insurance Group, Inc. will post 13.17 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, June 1st. The Hartford Insurance Group’s dividend payout ratio is presently 16.87%.

Insider Activity

In other news, President Adin M. Tooker sold 8,895 shares of The Hartford Insurance Group stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total transaction 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 trade represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Lori A. Rodden sold 40,693 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total value of $5,617,668.65. Following the sale, the executive vice president owned 25,392 shares in the company, valued at approximately $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.30% of the stock is currently owned by company insiders.

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.