Mackenzie Financial Corp Has $10.53 Million Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Mackenzie Financial Corp cut its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 13.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 104,724 shares of the insurance provider’s stock after selling 16,608 shares during the period. Mackenzie Financial Corp’s holdings in The Hartford Financial Services Group were worth $10,529,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of HIG. Cambridge Investment Research Advisors Inc. grew its stake in shares of 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 buying an additional 479 shares in the last quarter. TD Asset Management Inc grew its position in shares of The Hartford Financial Services Group by 20.3% in the 4th quarter. TD Asset Management Inc now owns 224,229 shares of the insurance provider’s stock valued at $18,024,000 after acquiring an additional 37,766 shares during the period. Stifel Financial Corp increased its stake in shares of The Hartford Financial Services Group by 14.2% during the 4th quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider’s stock worth $21,059,000 after purchasing an additional 32,534 shares during the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of The Hartford Financial Services Group by 12.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 3,622 shares of the insurance provider’s stock valued at $291,000 after purchasing an additional 408 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in The Hartford Financial Services Group by 7.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 371,016 shares of the insurance provider’s stock valued at $29,822,000 after purchasing an additional 27,023 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on HIG. Royal Bank of Canada boosted their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Barclays assumed coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target for the company. Wells Fargo & Company increased their price objective on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Nine investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $113.22.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $117.61 on Tuesday. The business has a fifty day moving average price of $112.26 and a two-hundred day moving average price of $104.72. The stock has a market capitalization of $34.78 billion, a PE ratio of 13.36, a P/E/G ratio of 0.94 and a beta of 0.93. 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 Hartford Financial Services Group, Inc. has a fifty-two week low of $68.82 and a fifty-two week high of $117.84.

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 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 Hartford Financial Services Group’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.88 earnings per share. As a group, equities 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 Dividend Announcement

The company 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 dividend of $0.47 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.60%. The Hartford Financial Services Group’s dividend payout ratio is 21.36%.

The Hartford Financial Services Group announced that its board has authorized a stock repurchase program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.