Pictet Asset Management Holding SA Trims Stake in The Hartford Insurance Group, Inc. $HIG

Pictet Asset Management Holding SA lowered its position in The Hartford Insurance Group, Inc. (NYSE:HIG) by 13.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 350,849 shares of the insurance provider’s stock after selling 56,439 shares during the period. Pictet Asset Management Holding SA’s holdings in The Hartford Insurance Group were worth $47,444,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new stake in The Hartford Insurance Group in the third quarter worth $26,000. United Financial Planning Group LLC bought a new stake in shares of The Hartford Insurance Group during the 3rd quarter valued at $29,000. Sunbelt Securities Inc. bought a new stake in shares of The Hartford Insurance Group during the 3rd quarter valued at $29,000. Barnes Dennig Private Wealth Management LLC grew its position in shares of The Hartford Insurance Group by 144.8% in the 4th quarter. Barnes Dennig Private Wealth Management LLC now owns 257 shares of the insurance provider’s stock worth $35,000 after buying an additional 152 shares during the period. Finally, Sound Income Strategies LLC increased its stake in shares of The Hartford Insurance Group by 45.3% in the 4th quarter. Sound Income Strategies LLC now owns 279 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Insurance Group Trading Down 0.3%

NYSE:HIG opened at $133.49 on Tuesday. The stock has a market cap of $36.59 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 2.45 and a beta of 0.47. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average price is $132.78 and its 200-day moving average price is $135.41. The Hartford Insurance Group, Inc. has a 52 week low of $119.61 and a 52 week high of $144.50.

The Hartford Insurance Group (NYSE:HIG) last released its quarterly earnings data on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $7.23 billion during the quarter, compared to the consensus estimate of $7.41 billion. During the same period last year, the company posted $2.20 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts forecast that The Hartford Insurance Group, Inc. will post 12.9 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, June 1st. The Hartford Insurance Group’s dividend payout ratio is presently 16.87%.

Analyst Ratings Changes

Several equities research analysts recently commented on HIG shares. Weiss Ratings lowered shares of The Hartford Insurance Group from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Wednesday, May 27th. Wells Fargo & Company lowered their target price on shares of The Hartford Insurance Group from $165.00 to $154.00 and set an “overweight” rating for the company in a report on Friday, June 5th. Keefe, Bruyette & Woods cut their price target on The Hartford Insurance Group from $149.00 to $142.00 and set a “market perform” rating on the stock in a research note on Thursday, June 4th. Mizuho reduced their price objective on The Hartford Insurance Group from $159.00 to $154.00 and set an “outperform” rating for the company in a research report on Friday, June 5th. Finally, Barclays dropped their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, June 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $147.31.

Insider Activity at The Hartford Insurance Group

In related news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction on 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 $5,163,047.04. This trade represents a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is 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.