Newport Trust Company LLC Has $283.56 Million Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Newport Trust Company LLC decreased its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,820,369 shares of the insurance provider’s stock after selling 57,100 shares during the period. The Hartford Financial Services Group comprises 0.7% of Newport Trust Company LLC’s portfolio, making the stock its 24th biggest holding. Newport Trust Company LLC owned about 0.95% of The Hartford Financial Services Group worth $283,560,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. New Covenant Trust Company N.A. bought a new position in shares of The Hartford Financial Services Group during the 1st quarter worth approximately $26,000. Quest Partners LLC lifted its holdings in shares of The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 275 shares during the period. Cape Investment Advisory Inc. boosted its stake in shares of The Hartford Financial Services Group by 189.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 245 shares in the last quarter. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter worth about $30,000. Finally, Family Firm Inc. acquired a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth about $31,000. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Stock Down 0.7 %

Shares of 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 cap of $34.29 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 0.91 and a beta of 0.93. The company has a 50 day moving average of $110.33 and a 200-day moving average of $103.68. The Hartford Financial Services Group, Inc. has a one year low of $68.82 and a one year high of $117.84.

The Hartford Financial Services Group (NYSE:HIG) last released its 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 firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.88 EPS. On average, 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 Dividend Announcement

The business 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 $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.62%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Bank of America reduced their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Keefe, Bruyette & Woods increased their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Citigroup lowered The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $116.00 to $114.00 in a research note on Friday, June 28th. Finally, Piper Sandler increased their target price on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Nine investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.22.

Insiders Place Their Bets

In other news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated 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 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 document filed with the SEC, which is accessible through this hyperlink. Company 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.