Promethos Capital LLC Grows Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Promethos Capital LLC lifted its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 118.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,929 shares of the insurance provider’s stock after buying an additional 22,170 shares during the period. The Hartford Financial Services Group makes up approximately 1.5% of Promethos Capital LLC’s investment portfolio, making the stock its 25th biggest holding. Promethos Capital LLC’s holdings in The Hartford Financial Services Group were worth $4,115,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in HIG. BI Asset Management Fondsmaeglerselskab A S boosted its position in The Hartford Financial Services Group by 26.1% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,819 shares of the insurance provider’s stock valued at $709,000 after buying an additional 1,825 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of 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 valued at $1,550,000 after acquiring an additional 378 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of The Hartford Financial Services Group by 6.1% during the fourth quarter. Franklin Resources Inc. now owns 2,236,115 shares of the insurance provider’s stock worth $179,729,000 after purchasing an additional 129,120 shares during the last quarter. Dai ichi Life Insurance Company Ltd lifted its position in The Hartford Financial Services Group by 112.8% during the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 33,957 shares of the insurance provider’s stock valued at $2,729,000 after purchasing an additional 18,000 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in The Hartford Financial Services Group by 2.9% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 16,800 shares of the insurance provider’s stock valued at $1,350,000 after purchasing an additional 479 shares during the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Down 0.7 %

Shares of NYSE HIG opened at $115.94 on Friday. The stock has a market cap of $34.29 billion, a PE ratio of 13.18, a P/E/G ratio of 0.91 and a beta of 0.93. 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 company has a 50-day moving average of $110.33 and a 200 day moving average of $103.68.

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, beating the consensus estimate 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 business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.88 earnings per share. As a group, sell-side analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its board has initiated a share 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 repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed 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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

Insider Buying and Selling

In other news, EVP Michael R. Fisher sold 4,088 shares of the firm’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 transaction of $414,809.36. Following the completion of the sale, the executive vice president now owns 14,818 shares in the company, 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 link. 1.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HIG. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday. Barclays assumed coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target on the stock. 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 report on Thursday, July 11th. Finally, Piper Sandler increased their target price on shares of 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. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $113.22.

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.