The Hartford Insurance Group (NYSE:HIG) has experienced a notable shift in its rating by Weiss Ratings, which has downgraded the stock from a Buy (A-) to a Buy (B+) as of October 27, 2023. This change follows a series of evaluations from various financial institutions, indicating a mixed sentiment among analysts regarding the company’s future performance.
Analyst Ratings Overview
Raymond James Financial reaffirmed an “outperform” rating for The Hartford Insurance Group, adjusting its price target from $135.00 to $140.00 on August 1. Meanwhile, Wall Street Zen elevated its rating from “hold” to “buy” on October 3. On September 2, Piper Sandler increased its price target from $145.00 to $150.00, assigning an “overweight” rating. Morgan Stanley followed suit on October 7, raising its target from $135.00 to $140.00 and issuing an “equal weight” rating. Finally, JPMorgan Chase & Co. adjusted its price objective from $142.00 to $143.00, maintaining a “neutral” rating.
A comprehensive analysis by MarketBeat.com indicates that The Hartford Insurance Group currently holds a consensus rating of “Moderate Buy” with a price target averaging $140.07. Among analysts, eight have rated the stock as a Buy, while an equal number have provided a Hold rating.
Financial Performance and Earnings Report
On October 27, The Hartford Insurance Group reported its quarterly earnings, revealing earnings per share (EPS) of $3.78. This figure exceeded analysts’ expectations of $3.02 by $0.76. The company achieved a net margin of 11.83% and a return on equity of 19.60%, with total revenue hitting $7.23 billion, surpassing estimates of $7.17 billion. This represents a year-over-year revenue increase of 7.1%. The previous year’s quarterly EPS stood at $2.53. Analysts project that The Hartford Insurance Group will report an EPS of 11.11 for the current fiscal year.
The company’s stock experienced a minor decline of 0.2% following the earnings announcement, reflecting the volatile nature of the insurance market.
Insider Trading and Institutional Holdings
Recent insider trading activity has drawn attention. Chief Financial Officer Beth Ann Costello sold 35,340 shares on August 4 at an average price of $123.50, amounting to a total of $4,364,490. This sale reduced her holdings by 31.30%. Following this transaction, Costello retained 77,574 shares, valued at approximately $9,580,389. Additionally, Executive Vice President Donald Christian Hunt sold 2,124 shares on September 5 for $284,339.88 at an average price of $133.87. Currently, corporate insiders hold 1.60% of the company’s stock.
In terms of institutional trading, large investors have actively adjusted their stakes. Vanguard Group Inc. increased its position by 0.4% in the second quarter, now owning 37,160,644 shares valued at $4.71 billion. Geode Capital Management LLC raised its stake by 0.8%, bringing its total to 7,467,018 shares worth $943 million. Invesco Ltd. also boosted its holdings by 2.9%, owning 4,834,472 shares valued at $613 million. Notably, Norges Bank purchased a new position in the company during the second quarter, valued at approximately $506 million. Overall, institutional investors now control 93.42% of The Hartford Insurance Group’s stock.
The Hartford Insurance Group, headquartered in the United States, offers a range of insurance and financial services to both individual and business clients, not only domestically but also in the United Kingdom and internationally. Its offerings include various commercial lines such as workers’ compensation, property, and general liability insurance among others.
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