Bahl & Gaynor Inc. Acquires 40,400 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Bahl & Gaynor Inc. lifted its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 3.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,229,133 shares of the insurance provider’s stock after purchasing an additional 40,400 shares during the period. Bahl & Gaynor Inc.’s holdings in The Hartford Financial Services Group were worth $123,577,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. New Covenant Trust Company N.A. acquired a new position in The Hartford Financial Services Group during the 1st quarter worth about $26,000. Quest Partners LLC increased its position in The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 275 shares in the last quarter. Cape Investment Advisory Inc. raised its stake in shares of The Hartford Financial Services Group by 189.9% in the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 245 shares during the last quarter. Bank & Trust Co acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth approximately $30,000. Finally, First United Bank & Trust bought a new stake in shares of The Hartford Financial Services Group during the fourth quarter valued at approximately $31,000. Institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Bank of America dropped their target price on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Piper Sandler raised their price target on 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. boosted their price objective on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Finally, Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Nine 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. According to MarketBeat.com, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and an average target price of $111.94.

The Hartford Financial Services Group Price Performance

Shares of HIG stock opened at $116.84 on Wednesday. The firm has a market capitalization of $34.56 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 0.92 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 $117.68. 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 firm has a fifty day moving average of $108.08 and a 200-day moving average of $102.79.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The firm 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 21.20% and a net margin of 11.44%. The company’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 earnings per share. On average, equities research analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.61%. The Hartford Financial Services Group’s payout ratio is 21.36%.

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

Insiders Place Their Bets

In other news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 owns 14,818 shares in the company, valued at $1,503,582.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.60% of the company’s stock.

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.