In a recent transaction, Deepa Soni, Executive Vice President of Hartford Financial Services Group, Inc. (NYSE:HIG), sold common stock valued at approximately $2.24 million. The shares were sold at an average price of $110.93 to $111.09 per share, totaling 20,161 shares.
On the same day, Soni acquired 20,161 shares through the exercise of stock options at a price of $51.87 per share, with a total value of approximately $1.05 million. Following these transactions, Soni holds 27,365.024 shares directly.
This activity reflects Soni's recent adjustments to her holdings in the company, which provides fire, marine, and casualty insurance services.
In other recent news, Hartford Financial Services Group Inc. reported notable third-quarter results for 2024, despite the challenges posed by Hurricanes Milton and Helene. The company saw a significant rise in its Commercial and Personal Lines growth, with core earnings reaching $752 million, or $2.53 per diluted share. However, this fell short of Jefferies' and consensus expectations. The insurance and financial services company also reported a core earnings return on equity (ROE) of 17.4% for the trailing 12 months.
Jefferies has adjusted Hartford Financial's price target to $126.00 from the previous $127.00, while maintaining a Hold rating on the stock. This adjustment was made after a higher underlying loss ratio was noted in the Commercial Property & Casualty segment, and less favorable prior year development than anticipated. Despite this, Hartford Financial reported a 9% increase in Commercial Lines top-line growth and a 12% rise in Personal Lines.
The company also announced an 11% dividend increase, effective January 3, 2025, continuing its tradition of annual increases. These are among the recent developments for Hartford Financial, which remains optimistic about future growth and profitability, despite a higher loss ratio in global reinsurance due to losses in Latin America.
InvestingPro Insights
The recent stock transactions by Deepa Soni, Executive Vice President of Hartford Financial Services Group, Inc. (NYSE:HIG), offer an intriguing glimpse into insider activity at the company. To provide further context, let's examine some key financial metrics and insights from InvestingPro.
Hartford Financial Services Group boasts a market capitalization of $33.4 billion, underscoring its significant presence in the insurance industry. The company's P/E ratio stands at 11.37, suggesting a potentially attractive valuation relative to its earnings. This aligns with an InvestingPro Tip indicating that HIG is trading at a low P/E ratio relative to its near-term earnings growth, which could be of interest to value-oriented investors.
Another noteworthy aspect is HIG's dividend history. The company has maintained dividend payments for 29 consecutive years and has raised its dividend for 12 consecutive years, as highlighted by InvestingPro Tips. This demonstrates a strong commitment to shareholder returns, which may be particularly relevant given Soni's recent stock transactions.
The company's financial performance appears robust, with revenue growth of 7.92% over the last twelve months and a healthy gross profit margin of 35.01%. These figures suggest that Hartford Financial Services Group is maintaining its profitability while expanding its business.
It's worth noting that HIG has delivered impressive returns, with a one-year price total return of 61.16% as of the most recent data. This strong performance could provide context for the timing of Soni's stock sale and option exercise.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips on Hartford Financial Services Group, providing a deeper dive into the company's financial health and market position.
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