The Hartford Insurance Group (NYSE:HIG) received a rating adjustment from Weiss Ratings, which downgraded the stock from a buy (A-) to a buy (B+) in a report published on October 7, 2023. This change reflects a shift in analysts’ perceptions following recent quarterly earnings and market performance.
Several investment firms have provided insights on The Hartford’s stock performance. On August 1, 2023, Raymond James Financial reaffirmed an “outperform” rating while raising its price target from $135.00 to $140.00. Similarly, Piper Sandler adjusted its price target from $145.00 to $150.00, assigning an “overweight” rating in early September. On October 7, Morgan Stanley raised its target from $135.00 to $140.00 and labeled the stock as “equal weight.” More recently, on October 9, JPMorgan Chase & Co. increased its price objective from $142.00 to $143.00, giving the company a “neutral” rating.
The consensus among investment analysts indicates a mixed sentiment, with eight rating the stock as a buy and another eight issuing hold ratings. According to MarketBeat.com, The Hartford Insurance Group currently holds a consensus rating of “Moderate Buy” with an average price target of $140.07.
Quarterly Performance Exceeds Expectations
The Hartford Insurance Group announced its quarterly earnings on October 27, 2023, reporting earnings per share (EPS) of $3.78, surpassing analysts’ predictions of $3.02 by $0.76. The company achieved a net margin of 11.83% and a return on equity of 19.60%. Revenue for the quarter reached $7.23 billion, exceeding expectations of $7.17 billion and reflecting a year-over-year increase of 7.1%.
Analysts project that The Hartford will post an EPS of 11.11 for the current fiscal year, indicating continued growth potential.
Insider Trading and Institutional Movements
In a notable insider transaction, Chief Financial Officer Beth Ann Costello sold 35,340 shares on August 4, 2023, at an average price of $123.50, totaling approximately $4.36 million. Following this sale, Costello retained 77,574 shares, valued at around $9.58 million, marking a 31.30% reduction in her stake. This transaction was disclosed in a document filed with the Securities and Exchange Commission (SEC).
Additionally, Executive Vice President Donald Christian Hunt sold 2,124 shares on September 5, 2023, for approximately $284,339.88. Currently, corporate insiders hold 1.60% of the stock.
Institutional investors have shown interest in The Hartford Insurance Group as well. Vanguard Group Inc. increased its holdings by 0.4% in the second quarter, now owning 37,160,644 shares valued at about $4.71 billion. Geode Capital Management LLC also boosted its position by 0.8% during the same period, holding 7,467,018 shares valued at approximately $943.45 million.
The Hartford Insurance Group serves individual and business clients in the United States, the United Kingdom, and internationally, providing various insurance and financial services through its commercial lines segment.
