The intricate world of institutional investing is always in motion, and recent filings reveal significant shifts in holdings of The Hartford Insurance Group, Inc. (HIG), signaling dynamic confidence among major financial players regarding the insurance provider’s outlook.
One notable adjustment came from Mackenzie Financial Corp, which incrementally reduced its stake in HIG during the first quarter. According to its most recent Form 13F filing with the SEC, the fund divested 660 shares, lowering its total ownership to 63,731 shares, which were valued at $7,885,000 at the close of the recent quarter, reflecting a slight recalibration of its portfolio in Hartford Insurance Group.
Conversely, a substantial number of other prominent investors opted to significantly increase their positions in HIG. GAMMA Investing LLC, for instance, dramatically boosted its holdings by an astounding 14,049.5% in the first quarter, accumulating an additional 1,413,945 shares to now command 1,424,009 shares worth an impressive $1,761,930,000. Ameriprise Financial Inc. also showed strong conviction, raising its stake by 48.1% in the fourth quarter to own 2,264,397 shares valued at $247,761,000.
Further reinforcing this bullish sentiment, Northern Trust Corp elevated its Hartford Insurance Group holdings by 17.2% in the fourth quarter, reaching 3,537,665 shares worth $387,021,000. New entrants also joined the fray, with Freestone Grove Partners LP purchasing a new stake valued at approximately $46,271,000, while AustralianSuper Pty Ltd expanded its ownership by 31.9% in the first quarter, bringing its total to 1,600,215 shares valued at $197,995,000. These collective movements underscore that a significant 93.42% of Hartford Insurance Group stock is now held by hedge funds and other institutional investors.
Examining HIG’s market performance, the shares opened at $124.36 on a recent Friday, reflecting a robust market capitalization of $34.97 billion. The company exhibits a P/E ratio of 11.27, a PEG ratio of 1.25, and a beta of 0.69, indicating a stable investment profile. With a 52-week low of $103.96 and a 52-week high of $132.09, coupled with 50-day and 200-day moving averages of $125.17 and $120.51 respectively, HIG demonstrates consistent trading patterns. Furthermore, its financial health is supported by a quick ratio and current ratio of 0.31, and a debt-to-equity ratio of 0.25.
In a move appealing to investors, The Hartford Insurance Group recently declared a quarterly dividend of $0.52 per share, payable on Thursday, October 2nd, to shareholders of record by Tuesday, September 2nd. This represents an attractive annualized dividend of $2.08, yielding 1.7%, and an efficient dividend payout ratio of 18.86%, showcasing the company’s commitment to returning value to its shareholders.
The investment community’s outlook on HIG remains largely positive, as evidenced by recent analyst coverage. Barclays adjusted its price target to $142.00 with an “overweight” rating, while Wells Fargo & Company increased its target to $139.00, also maintaining an “overweight” stance. Although Jefferies Financial Group and Keefe, Bruyette & Woods made slight reductions in their targets, they still hold “hold” and “outperform” ratings respectively. With six analysts rating the stock “hold,” seven “buy,” and one “strong buy,” The Hartford Insurance Group holds a consensus “Moderate Buy” rating and an average target price of $135.25 from MarketBeat.com data, suggesting continued confidence in its financial trajectory.
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