Amalgamated Bank Sells 13,405 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Amalgamated Bank lessened its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 18.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,016 shares of the insurance provider’s stock after selling 13,405 shares during the quarter. Amalgamated Bank’s holdings in The Hartford Financial Services Group were worth $6,034,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of The Hartford Financial Services Group by 26.2% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock valued at $491,915,000 after buying an additional 1,272,290 shares in the last quarter. Dimensional Fund Advisors LP grew its position in The Hartford Financial Services Group by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock valued at $584,177,000 after acquiring an additional 69,007 shares during the last quarter. Northern Trust Corp raised its stake in shares of The Hartford Financial Services Group by 0.5% during the fourth quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider’s stock worth $271,841,000 after acquiring an additional 18,419 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of The Hartford Financial Services Group by 7.9% in the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock valued at $328,320,000 after purchasing an additional 233,742 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of The Hartford Financial Services Group by 2.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock valued at $137,478,000 after purchasing an additional 31,806 shares in the last quarter. Institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HIG. Barclays started coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price target for the company. JPMorgan Chase & Co. increased their target price on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Wells Fargo & Company lifted their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday. Royal Bank of Canada increased their price objective on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Finally, Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.22.

Insider Transactions at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the firm’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 completion of the transaction, the executive vice president now owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

The Hartford Financial Services Group Trading Up 0.3 %

NYSE HIG opened at $116.32 on Friday. The stock’s 50 day moving average is $110.62 and its 200 day moving average is $103.83. 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 market capitalization of $34.40 billion, a PE ratio of 13.22, a P/E/G ratio of 0.91 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month 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 earnings per share for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same period in the prior year, the firm earned $1.88 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. Research analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.62%. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group declared that its board has initiated a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

About The Hartford Financial Services Group

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.