Gabelli Funds LLC Sells 2,000 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Gabelli Funds LLC decreased its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 108,000 shares of the insurance provider’s stock after selling 2,000 shares during the quarter. Gabelli Funds LLC’s holdings in The Hartford Financial Services Group were worth $11,129,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in HIG. BNP Paribas Financial Markets boosted its position in The Hartford Financial Services Group by 27.1% during the first quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after purchasing an additional 97,465 shares in the last quarter. Banque Cantonale Vaudoise boosted its position in 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 valued at $1,724,000 after purchasing an additional 13,232 shares in the last quarter. McGlone Suttner Wealth Management Inc. boosted its position 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 purchasing an additional 331 shares in the last quarter. Sei Investments Co. boosted its position in The Hartford Financial Services Group by 5.6% during the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock valued at $23,629,000 after purchasing an additional 12,067 shares in the last quarter. Finally, Stifel Financial Corp boosted its position 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 purchasing an additional 32,534 shares in the last quarter. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded up $7.30 during trading on Friday, hitting $109.63. The stock had a trading volume of 2,870,720 shares, compared to its average volume of 1,418,687. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $109.68. The stock has a market capitalization of $32.42 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.29. The stock has a 50-day simple moving average of $101.55 and a two-hundred day simple moving average of $97.49.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.52% and a net margin of 11.44%. The Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the business earned $1.88 earnings per share. On average, equities research analysts expect that The Hartford Financial Services Group, Inc. will post 9.86 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has approved a stock buyback program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.71%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

Insider Activity at The Hartford Financial Services Group

In related news, CFO Beth Ann Costello sold 72,076 shares of The Hartford Financial Services Group stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 69,169 shares in the company, valued at $6,896,840.99. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,499 shares of company stock worth $9,449,309. 1.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HIG shares. Keefe, Bruyette & Woods raised their price objective on The Hartford Financial Services Group from $114.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Raymond James reiterated an “outperform” rating and issued a $120.00 price target (up from $100.00) on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. Wells Fargo & Company decreased their price target on The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. TD Cowen increased their price target on The Hartford Financial Services Group to $144.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $107.50.

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.