Intech Investment Management LLC Has $10.56 Million Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Intech Investment Management LLC cut its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 20.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,016 shares of the insurance provider’s stock after selling 26,248 shares during the period. Intech Investment Management LLC’s holdings in The Hartford Financial Services Group were worth $10,558,000 at the end of the most recent quarter.

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

Insider Buying and Selling at The Hartford Financial Services Group

In other news, EVP Michael R. Fisher sold 4,088 shares of the 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 owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HIG. Piper Sandler increased their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. The Goldman Sachs Group lifted their target price 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. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Morgan Stanley lowered 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 research report on Wednesday, July 10th. Finally, Royal Bank of Canada upped their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.22.

The Hartford Financial Services Group Stock Up 0.3 %

The Hartford Financial Services Group stock opened at $116.32 on Friday. 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 firm’s fifty day moving average price is $110.62 and its two-hundred day moving average price is $103.83. The firm has a market capitalization of $34.40 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth 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 Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 EPS. On average, equities research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group declared that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

The Hartford Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

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.