Mutual of America Capital Management LLC Boosts Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Mutual of America Capital Management LLC boosted its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,577 shares of the insurance provider’s stock after purchasing an additional 1,086 shares during the quarter. Mutual of America Capital Management LLC’s holdings in The Hartford Financial Services Group were worth $8,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of HIG. Hotchkis & Wiley Capital Management LLC lifted its stake in The Hartford Financial Services Group by 26.2% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after purchasing an additional 1,272,290 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in The Hartford Financial Services Group by 72.0% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after purchasing an additional 559,019 shares in the last quarter. Swedbank AB bought a new position in shares of The Hartford Financial Services Group in the 1st quarter worth $53,980,000. KBC Group NV increased its holdings in shares of The Hartford Financial Services Group by 85.5% in the 4th quarter. KBC Group NV now owns 1,074,470 shares of the insurance provider’s stock worth $86,366,000 after buying an additional 495,192 shares during the last quarter. Finally, Bank of Nova Scotia increased its holdings in shares of The Hartford Financial Services Group by 793.3% in the 4th quarter. Bank of Nova Scotia now owns 325,412 shares of the insurance provider’s stock worth $26,156,000 after buying an additional 288,984 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Down 0.7 %

NYSE HIG opened at $115.94 on Friday. 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 stock has a market capitalization of $34.29 billion, a PE ratio of 13.18, a PEG ratio of 0.91 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 1 year low of $68.82 and a 1 year high of $117.84. The business’s 50-day moving average is $110.33 and its 200 day moving average is $103.68.

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, topping the consensus estimate of $2.24 by $0.26. The company 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 Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $1.88 earnings per share. Sell-side 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 announced that its Board of Directors has approved a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders 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 annualized dividend and a yield of 1.62%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on HIG shares. Morgan Stanley decreased their price target on shares of 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 target price on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. The Goldman Sachs Group lifted their price target on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Bank of America cut their price objective on shares of 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. Finally, Citigroup cut shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $113.22.

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.