Connor Clark & Lunn Investment Management Ltd. Makes New $31.26 Million Investment in The Hartford Insurance Group, Inc. $HIG

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in The Hartford Insurance Group, Inc. (NYSE:HIG) during the 2nd quarter, Holdings Channel reports. The firm purchased 235,913 shares of the insurance provider’s stock, valued at approximately $31,263,000.

Several other hedge funds and other institutional investors have also made changes to their positions in HIG. First Pacific Financial bought a new position in The Hartford Insurance Group in the 1st quarter worth approximately $26,000. MidFirst Bank bought a new stake in The Hartford Insurance Group during the 2nd quarter valued at $26,000. JPL Wealth Management LLC bought a new stake in The Hartford Insurance Group during the 3rd quarter valued at $26,000. Navigoe LLC acquired a new position in The Hartford Insurance Group during the 2nd quarter worth $27,000. Finally, Phillip James Consulting Co. acquired a new position in The Hartford Insurance Group during the 1st quarter worth $29,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, President Adin M. Tooker sold 8,895 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the completion of the sale, the president directly owned 38,208 shares of the company’s stock, valued at $5,163,047.04. This represents a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on HIG shares. Weiss Ratings lowered The Hartford Insurance Group from a “buy (a-)” rating to a “buy (b+)” rating in a report on Wednesday, May 27th. UBS Group reduced their price objective on shares of The Hartford Insurance Group from $157.00 to $155.00 and set a “buy” rating for the company in a report on Monday, April 27th. Wells Fargo & Company decreased their target price on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an “overweight” rating for the company in a research report on Monday, July 27th. Zacks Research cut shares of The Hartford Insurance Group from a “hold” rating to a “strong sell” rating in a research note on Monday, July 27th. Finally, Royal Bank Of Canada boosted their price target on shares of The Hartford Insurance Group from $145.00 to $150.00 and gave the stock a “sector perform” rating in a research report on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $149.67.

The Hartford Insurance Group Price Performance

NYSE:HIG opened at $139.03 on Tuesday. 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 business’s 50-day moving average price is $137.75 and its 200 day moving average price is $136.64. The Hartford Insurance Group, Inc. has a 52-week low of $120.33 and a 52-week high of $146.07. The firm has a market cap of $37.66 billion, a P/E ratio of 8.99, a PEG ratio of 3.34 and a beta of 0.46.

The Hartford Insurance Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $7.17 billion. During the same period in the prior year, the company earned $3.41 EPS. The Hartford Insurance Group’s revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts predict 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 firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. 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 payout ratio is presently 15.51%.

About The Hartford Insurance Group

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.