The Manufacturers Life Insurance Company Invests $29.70 Million in The Hartford Insurance Group, Inc. $HIG

The Manufacturers Life Insurance Company acquired a new position in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) in the 2nd quarter, Holdings Channel reports. The fund acquired 224,079 shares of the insurance provider’s stock, valued at approximately $29,695,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of The Hartford Insurance Group during the first quarter worth approximately $207,000. NewEdge Advisors LLC grew its stake in shares of The Hartford Insurance Group by 1.6% in the second quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider’s stock worth $7,122,000 after acquiring an additional 886 shares during the last quarter. Treasurer of the State of North Carolina increased its position in The Hartford Insurance Group by 3.9% during the second quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider’s stock worth $21,297,000 after acquiring an additional 6,285 shares during the period. HUB Investment Partners LLC raised its stake in The Hartford Insurance Group by 9.8% during the 2nd quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider’s stock valued at $878,000 after purchasing an additional 619 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in The Hartford Insurance Group by 25.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider’s stock valued at $24,488,000 after purchasing an additional 39,220 shares during the last quarter. Institutional investors own 93.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on HIG. Zacks Research upgraded shares of The Hartford Insurance Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Piper Sandler reaffirmed a “neutral” rating and set a $146.00 price objective (down from $148.00) on shares of The Hartford Insurance Group in a research report on Wednesday, July 15th. Cantor Fitzgerald increased their target price on shares of The Hartford Insurance Group from $156.00 to $158.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Weiss Ratings reissued a “buy (b+)” rating on shares of The Hartford Insurance Group in a research report on Monday. Finally, 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. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $149.67.

The Hartford Insurance Group Stock Down 1.5%

HIG opened at $137.77 on Friday. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The firm’s fifty day moving average price is $138.29 and its two-hundred day moving average price is $136.57. The company has a market capitalization of $37.32 billion, a P/E 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 announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $0.26. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The firm had revenue of $7.26 billion for the quarter, compared to analyst estimates of $7.17 billion. During the same quarter in the previous year, the firm posted $3.41 EPS. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, analysts anticipate that The Hartford Insurance Group, Inc. will post 12.8 EPS for the current year.

The Hartford Insurance Group Announces Dividend

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

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.