Kowal Investment Group LLC Raises Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Kowal Investment Group LLC boosted its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 17.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,845 shares of the insurance provider’s stock after purchasing an additional 421 shares during the period. Kowal Investment Group LLC’s holdings in The Hartford Financial Services Group were worth $286,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of HIG. New Covenant Trust Company N.A. bought a new stake in shares of The Hartford Financial Services Group in the first quarter worth $26,000. Quest Partners LLC increased its holdings 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 worth $29,000 after acquiring an additional 275 shares during the period. Cape Investment Advisory Inc. raised its holdings in shares of The Hartford Financial Services Group by 189.9% during 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 last quarter. Bank & Trust Co acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth approximately $30,000. Finally, Family Firm Inc. bought a new position in The Hartford Financial Services Group in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Trading Up 0.3 %

The Hartford Financial Services Group stock opened at $116.32 on Monday. The firm has a market capitalization of $34.40 billion, a PE ratio of 13.22, a PEG ratio of 0.91 and a beta of 0.93. The business’s 50-day simple moving average is $110.62 and its 200-day simple moving average is $103.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group, Inc. has a 52 week low of $68.82 and a 52 week 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 business had revenue of $6.49 billion for 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 firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $1.88 earnings per share. Equities research 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 has authorized a share buyback plan on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

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

Insider Activity

In related 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 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on HIG shares. Piper Sandler increased their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup downgraded The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Wells Fargo & Company raised their target price on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Bank of America lowered their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, Barclays initiated 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 objective on the stock. Nine investment 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 company’s stock. According to data from MarketBeat, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and an average price target 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.