Weiss Ratings has downgraded shares of The Hartford Insurance Group (NYSE:HIG) from a buy (A-) rating to a buy (B+) rating, as reported in a research document issued on October 27, 2023. This decision comes amidst a flurry of assessments regarding the company, which have varied among financial analysts.
On August 1, Raymond James Financial reaffirmed an “outperform” rating for The Hartford Insurance Group, increasing the price target from $135.00 to $140.00. Other firms have also weighed in; for instance, Wall Street Zen upgraded the stock from a “hold” to a “buy” on October 3, while Piper Sandler raised their price target from $145.00 to $150.00 on September 2. Additionally, Morgan Stanley adjusted its price target from $135.00 to $140.00 and assigned an “equal weight” rating.
The consensus among analysts indicates a balanced view, with eight investment analysts issuing a buy rating and another eight suggesting a hold. According to MarketBeat.com, The Hartford Insurance Group currently holds a consensus rating of “Moderate Buy” with an anticipated price target of $140.07.
Recent Earnings and Performance Metrics
The Hartford Insurance Group recently reported its quarterly earnings on October 27, revealing earnings per share of $3.78. This figure surpassed analysts’ consensus estimates, which forecasted earnings of $3.02, marking a notable difference of $0.76. The insurance provider demonstrated a net margin of 11.83% and a return on equity of 19.60%. The company’s revenue for the quarter reached $7.23 billion, exceeding the expected $7.17 billion and reflecting a year-over-year increase of 7.1%.
Analysts project that The Hartford Insurance Group will achieve an earnings per share of 11.11 for the current fiscal year.
Insider Trading Activity and Institutional Ownership
In related news, insider trading has been notable at The Hartford Insurance Group. Chief Financial Officer Beth Ann Costello sold 35,340 shares on August 4, with the stock sold at an average price of $123.50, totaling approximately $4.36 million. Post-sale, Costello retained 77,574 shares with an estimated value of $9.58 million. This transaction represented a 31.30% decrease in her position.
Furthermore, Executive Vice President Donald Christian Hunt sold 2,124 shares on September 5 at an average price of $133.87, yielding around $284,339.88. Currently, corporate insiders own 1.60% of the stock.
Institutional investors have been active in trading The Hartford Insurance Group shares as well. Vanguard Group Inc. increased its stake by 0.4% during the second quarter, owning 37,160,644 shares valued at approximately $4.71 billion. Similarly, Geode Capital Management LLC raised its position by 0.8%, while Invesco Ltd. grew its stake by 2.9%. Notably, Norges Bank acquired a new position valued at around $506.33 million during the second quarter. Overall, institutional investors hold around 93.42% of the stock.
The Hartford Insurance Group, headquartered in the United States, provides a range of insurance and financial services to individuals and businesses across various international markets.
