Cibc World Market Inc. Buys 93,306 Shares of The Hartford Insurance Group, Inc. $HIG

Cibc World Market Inc. lifted its stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) by 272.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 127,528 shares of the insurance provider’s stock after acquiring an additional 93,306 shares during the quarter. Cibc World Market Inc.’s holdings in The Hartford Insurance Group were worth $17,573,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Lido Advisors LLC raised its position in shares of The Hartford Insurance Group by 5.3% during the fourth quarter. Lido Advisors LLC now owns 8,862 shares of the insurance provider’s stock worth $1,191,000 after acquiring an additional 446 shares during the last quarter. REAP Financial Group LLC raised its position in shares of The Hartford Insurance Group by 69.5% during the fourth quarter. REAP Financial Group LLC now owns 1,339 shares of the insurance provider’s stock worth $185,000 after acquiring an additional 549 shares during the last quarter. WCG Wealth Advisors LLC bought a new position in shares of The Hartford Insurance Group during the fourth quarter worth about $2,018,000. CIBC Asset Management Inc raised its position in shares of The Hartford Insurance Group by 196.7% during the fourth quarter. CIBC Asset Management Inc now owns 123,436 shares of the insurance provider’s stock worth $17,009,000 after acquiring an additional 81,836 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of The Hartford Insurance Group by 24.6% during the fourth quarter. Bank of New York Mellon Corp now owns 2,601,049 shares of the insurance provider’s stock worth $358,424,000 after acquiring an additional 512,778 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on HIG shares. Cantor Fitzgerald lowered their price objective on The Hartford Insurance Group from $165.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. UBS Group lowered their price objective on The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Keefe, Bruyette & Woods lowered their target price on The Hartford Insurance Group from $149.00 to $142.00 and set a “market perform” rating for the company in a report on Thursday. Wells Fargo & Company lowered their target price on The Hartford Insurance Group from $165.00 to $154.00 and set an “overweight” rating for the company in a report on Friday. Finally, Mizuho lowered their target price on The Hartford Insurance Group from $159.00 to $154.00 and set an “outperform” rating for the company in a report on Friday. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.19.

Insider Activity at The Hartford Insurance Group

In other news, EVP Lori A. Rodden sold 40,693 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the sale, the executive vice president owned 25,392 shares in the company, valued at $3,505,365.60. The trade was a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Adin M. Tooker sold 8,895 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total value of $1,201,981.35. Following the sale, the president owned 38,208 shares of the company’s stock, valued at approximately $5,163,047.04. This represents a 18.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company’s stock.

The Hartford Insurance Group Trading Up 3.9%

Shares of HIG stock opened at $132.25 on Friday. The company has a market cap of $36.25 billion, a P/E ratio of 9.29, a PEG ratio of 2.29 and a beta of 0.47. The stock has a 50 day simple moving average of $134.89 and a two-hundred day simple moving average of $135.84. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Insurance Group, Inc. has a fifty-two week low of $119.61 and a fifty-two week high of $144.50.

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

The Hartford Insurance Group Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. The Hartford Insurance Group’s payout ratio is currently 16.87%.

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.