Connor Clark & Lunn Investment Management Ltd. Makes New Investment in The Hartford Insurance Group, Inc. $HIG

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 235,913 shares of the insurance provider’s stock, valued at approximately $31,263,000. Connor Clark & Lunn Investment Management Ltd. owned 0.09% of The Hartford Insurance Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in The Hartford Insurance Group by 286,241.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 73,861,771 shares of the insurance provider’s stock worth $10,178,152,000 after buying an additional 73,835,976 shares during the period. BlackRock Inc. purchased a new position in The Hartford Insurance Group in the 2nd quarter valued at about $4,067,052,000. Norges Bank acquired a new stake in shares of The Hartford Insurance Group during the fourth quarter valued at about $611,724,000. Bank of New York Mellon Corp purchased a new stake in shares of The Hartford Insurance Group during the second quarter worth about $337,907,000. Finally, Deutsche Bank AG purchased a new stake in shares of The Hartford Insurance Group during the second quarter worth about $145,575,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on HIG shares. Piper Sandler reissued a “neutral” rating and issued a $146.00 price target (down from $148.00) on shares of The Hartford Insurance Group in a report on Wednesday, July 15th. Wells Fargo & Company cut their target price on The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating on the stock in a research report on Monday, July 27th. Barclays reduced their target price on The Hartford Insurance Group from $156.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, June 12th. UBS Group decreased their price target on shares of 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. Finally, Mizuho lifted their price target on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $149.67.

The Hartford Insurance Group Stock Up 2.2%

Shares of The Hartford Insurance Group stock opened at $139.03 on Tuesday. The business has a 50-day moving average price of $137.75 and a 200 day moving average price of $136.64. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07. The firm has a market cap of $37.66 billion, a P/E ratio of 8.99, a P/E/G ratio of 3.34 and a beta of 0.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23.

The Hartford Insurance Group (NYSE:HIG) last issued its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $7.26 billion for the quarter, compared to analysts’ expectations of $7.17 billion. During the same period in the prior year, the company earned $3.41 earnings per share. The firm’s revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts forecast that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current fiscal year.

The Hartford Insurance Group Dividend Announcement

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

Insider Activity

In related news, President Adin M. Tooker sold 8,895 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the president owned 38,208 shares in the company, valued at $5,163,047.04. The trade was a 18.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.30% of the company’s stock.

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.