The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by M&G Plc

M&G Plc lowered its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 21.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 165,499 shares of the insurance provider’s stock after selling 45,267 shares during the quarter. M&G Plc’s holdings in The Hartford Financial Services Group were worth $16,715,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Dorsey & Whitney Trust CO LLC lifted its holdings in The Hartford Financial Services Group by 3.1% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock worth $385,000 after purchasing an additional 114 shares during the period. MV Capital Management Inc. raised its position in shares of The Hartford Financial Services Group by 8.9% during the 4th quarter. MV Capital Management Inc. now owns 1,416 shares of the insurance provider’s stock worth $114,000 after buying an additional 116 shares in the last quarter. Covestor Ltd lifted its stake in shares of The Hartford Financial Services Group by 28.8% in the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 116 shares during the period. United Asset Strategies Inc. boosted its holdings in shares of The Hartford Financial Services Group by 4.3% in the first quarter. United Asset Strategies Inc. now owns 2,931 shares of the insurance provider’s stock valued at $302,000 after acquiring an additional 121 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of The Hartford Financial Services Group by 34.4% during the first quarter. EverSource Wealth Advisors LLC now owns 473 shares of the insurance provider’s stock valued at $46,000 after acquiring an additional 121 shares during the period. Institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

HIG has been the subject of a number of research reports. Bank of America decreased their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Morgan Stanley lowered their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Piper Sandler upped their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. JPMorgan Chase & Co. lifted their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Finally, Royal Bank of Canada boosted their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $110.88.

The Hartford Financial Services Group Price Performance

HIG opened at $107.96 on Wednesday. The firm has a market capitalization of $31.93 billion, a P/E ratio of 12.27, a PEG ratio of 0.89 and a beta of 0.92. The stock has a fifty day moving average of $103.15 and a 200-day moving average of $99.60. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $112.65.

The Hartford Financial Services Group (NYSE:HIG) last posted 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the previous year, the firm earned $1.88 earnings per share. The Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts forecast that The Hartford Financial Services Group, Inc. will post 10.07 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.74%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its board has initiated a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, 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 transaction of $414,809.36. Following the completion of the sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

The Hartford Financial Services Group Company Profile

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.