Illinois Municipal Retirement Fund Lowers Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Illinois Municipal Retirement Fund lessened its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 6.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,848 shares of the insurance provider’s stock after selling 10,677 shares during the period. Illinois Municipal Retirement Fund’s holdings in The Hartford Financial Services Group were worth $16,875,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Bailard Inc. raised its stake in The Hartford Financial Services Group by 0.5% during the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock worth $1,948,000 after purchasing an additional 101 shares during the period. Dorsey & Whitney Trust CO LLC lifted its stake in shares of The Hartford Financial Services Group by 3.1% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after purchasing an additional 114 shares in the last quarter. Covestor Ltd increased its position in The Hartford Financial Services Group by 28.8% during the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 116 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in The Hartford Financial Services Group by 34.4% in the first quarter. EverSource Wealth Advisors LLC now owns 473 shares of the insurance provider’s stock valued at $46,000 after buying an additional 121 shares during the period. Finally, Avantax Advisory Services Inc. grew its stake in The Hartford Financial Services Group by 2.8% during the first quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider’s stock worth $468,000 after buying an additional 122 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Michael R. Fisher sold 4,088 shares of the 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 completion of the transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on HIG shares. Barclays assumed coverage on shares of The Hartford Financial Services Group in a report on Wednesday. They set an “equal weight” rating and a $130.00 target price on the stock. Royal Bank of Canada upped their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their target price on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods upped their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Finally, Piper Sandler lifted their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.94.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded down $0.59 during trading on Friday, reaching $114.49. 1,281,883 shares of the company’s stock traded hands, compared to its average volume of 1,628,513. The stock has a market capitalization of $33.86 billion, a P/E ratio of 13.01, a price-to-earnings-growth ratio of 0.93 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 12 month low of $68.82 and a 12 month high of $117.46. The company has a 50 day moving average of $107.40 and a 200-day moving average of $102.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32.

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, topping analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.88 EPS. On average, equities analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its board has approved a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

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.