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Christopher Swift, Chairman and CEO of Hartford Insurance Group (NYSE:HIG), a prominent insurance player with a $34.2 billion market cap and "GREAT" financial health according to InvestingPro, recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Swift sold a total of 98,061 shares of common stock on March 17, 2025. The sale was conducted under a pre-established trading plan and fetched between $120.3862 and $121.01 per share, amounting to a total value of approximately $11.8 million. The stock, trading at an attractive P/E ratio of 11.4, has demonstrated strong momentum, currently near its 52-week high of $124.90.
In addition to the sales, Swift also exercised stock options to acquire 98,061 shares at a price of $43.59 per share, totaling about $4.27 million. Following these transactions, Swift holds 211,081.948 shares directly, with additional indirect holdings through family trusts and his spouse.
These transactions were part of a trading plan adopted by Swift in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934. The options exercised were originally granted in 2016 and were set to expire on March 1, 2026.
In other recent news, Hartford Financial Services Group reported its fourth-quarter 2024 earnings, revealing an impressive earnings per share (EPS) of $2.94, which surpassed analyst expectations of $2.67. However, the company slightly missed its revenue target, reporting $6.89 billion against the forecasted $6.91 billion. Despite the revenue shortfall, Hartford Financial’s Commercial Lines segment performed robustly, contributing $665 million in core earnings. In response to these results, Jefferies adjusted its price target for Hartford Financial from $121 to $118, maintaining a Hold rating on the stock. The adjustment reflects mixed factors, including positive commercial growth trends and challenges such as moderating Group Benefits margins and the impact of catastrophic events like the California wildfires. Hartford Financial’s management remains confident in their strategic actions and reserve adequacy, expecting continued support from underwriting practices and commercial growth initiatives. The company’s strategic focus on technology and disciplined underwriting is cited as a key driver behind its strong earnings performance. Despite these developments, the stock experienced a decline in after-hours trading, influenced by the revenue miss and broader market trends.
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