Lifestyle Asset Management Inc. Cuts Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Lifestyle Asset Management Inc. lowered its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 15.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,800 shares of the insurance provider’s stock after selling 2,332 shares during the quarter. The Hartford Financial Services Group makes up 0.8% of Lifestyle Asset Management Inc.’s portfolio, making the stock its 25th biggest holding. Lifestyle Asset Management Inc.’s holdings in The Hartford Financial Services Group were worth $1,319,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Banque Cantonale Vaudoise grew its position in shares of The Hartford Financial Services Group by 378.8% during the first quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock worth $1,724,000 after purchasing an additional 13,232 shares in the last quarter. McGlone Suttner Wealth Management Inc. boosted its stake in The Hartford Financial Services Group by 11.7% during the fourth quarter. McGlone Suttner Wealth Management Inc. now owns 3,165 shares of the insurance provider’s stock valued at $254,000 after buying an additional 331 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in The Hartford Financial Services Group during the fourth quarter valued at approximately $2,875,000. Stifel Financial Corp boosted its stake in The Hartford Financial Services Group by 14.2% during the fourth quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider’s stock valued at $21,059,000 after buying an additional 32,534 shares during the last quarter. Finally, New Millennium Group LLC bought a new position in The Hartford Financial Services Group during the fourth quarter valued at approximately $1,552,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Insider Activity

In related news, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the transaction, the chief financial officer now directly owns 69,169 shares in the company, valued at approximately $6,896,840.99. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Michael R. Fisher sold 4,088 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total value of $7,186,697.96. Following the transaction, the chief financial officer now owns 69,169 shares in the company, valued at $6,896,840.99. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,499 shares of company stock worth $9,449,309. 1.60% of the stock is currently owned by company insiders.

The Hartford Financial Services Group Trading Down 0.4 %

HIG traded down $0.43 during trading on Wednesday, hitting $99.60. 1,103,534 shares of the stock were exchanged, compared to its average volume of 1,696,569. The firm has a 50 day simple moving average of $100.65 and a 200 day simple moving average of $94.91. The firm has a market cap of $29.46 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 0.83 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 1 year low of $68.82 and a 1 year high of $105.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The Hartford Financial Services Group had a net margin of 10.87% and a return on equity of 20.64%. The company had revenue of $6.42 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the business posted $1.68 earnings per share. The company’s revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that The Hartford Financial Services Group, Inc. will post 9.91 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Monday, June 3rd were issued a $0.47 dividend. The ex-dividend date was Monday, June 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.89%. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HIG. Roth Mkm increased their price target on The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Piper Sandler reissued an “overweight” rating and set a $115.00 price target on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. The Goldman Sachs Group raised their price objective on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Raymond James reaffirmed an “outperform” rating and issued a $120.00 price objective (up from $100.00) on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their price objective on The Hartford Financial Services Group from $91.00 to $104.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.71.

About The Hartford Financial Services Group

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.