Hsbc Holdings PLC Lowers Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Hsbc Holdings PLC lessened its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 926,720 shares of the insurance provider’s stock after selling 34,659 shares during the quarter. Hsbc Holdings PLC owned 0.31% of The Hartford Financial Services Group worth $93,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of HIG. ING Groep NV purchased a new position in shares of The Hartford Financial Services Group in the 4th quarter worth about $1,340,000. Norges Bank bought a new stake in The Hartford Financial Services Group in the 4th quarter worth about $278,704,000. BI Asset Management Fondsmaeglerselskab A S increased its holdings in The Hartford Financial Services Group by 26.1% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,819 shares of the insurance provider’s stock worth $709,000 after buying an additional 1,825 shares in the last quarter. D.A. Davidson & CO. increased its holdings in The Hartford Financial Services Group by 2.0% in the 4th quarter. D.A. Davidson & CO. now owns 19,284 shares of the insurance provider’s stock worth $1,550,000 after buying an additional 378 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in The Hartford Financial Services Group by 6.1% in the 4th quarter. Franklin Resources Inc. now owns 2,236,115 shares of the insurance provider’s stock worth $179,729,000 after buying an additional 129,120 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on HIG shares. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Royal Bank of Canada lifted their price objective on 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. Barclays started coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective for the company. Morgan Stanley reduced their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and an average price target of $113.22.

Insider Buying and Selling

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 stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by insiders.

The Hartford Financial Services Group Stock Down 0.3 %

NYSE HIG opened at $116.70 on Thursday. The stock’s 50 day moving average is $110.04 and its 200 day moving average is $103.60. The company has a current ratio of 0.32, a quick 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 $117.84. The stock has a market cap of $34.51 billion, a PE ratio of 13.26, a P/E/G ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the previous year, the firm earned $1.88 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The firm also recently declared 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 of this dividend 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 dividend payout ratio is presently 21.36%.

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

The Hartford Financial Services Group 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.