Virtu Financial LLC Sells 14,335 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Virtu Financial LLC lessened its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 53.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 12,719 shares of the insurance provider’s stock after selling 14,335 shares during the quarter. Virtu Financial LLC’s holdings in The Hartford Financial Services Group were worth $1,279,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Edgestream Partners L.P. lifted its position in The Hartford Financial Services Group by 32.2% during the second quarter. Edgestream Partners L.P. now owns 3,134 shares of the insurance provider’s stock worth $315,000 after acquiring an additional 764 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in The Hartford Financial Services Group during the 2nd quarter worth approximately $2,755,000. Citizens Financial Group Inc. RI boosted its stake in The Hartford Financial Services Group by 39.6% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 7,288 shares of the insurance provider’s stock valued at $736,000 after purchasing an additional 2,068 shares during the period. One Capital Management LLC acquired a new position in The Hartford Financial Services Group in the 2nd quarter valued at $203,000. Finally, Dimensional Fund Advisors LP increased its position in The Hartford Financial Services Group by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after buying an additional 69,007 shares during the period. Institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Morgan Stanley decreased their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Piper Sandler lifted their price target 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. Wells Fargo & Company boosted their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Nine research 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Price Performance

HIG stock opened at $116.70 on Thursday. The stock has a market cap of $34.51 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 0.91 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 company has a 50 day simple moving average of $110.04 and a 200 day simple moving average of $103.60. 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 announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same period in the prior year, the business earned $1.88 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

The Hartford Financial Services Group announced that its board has authorized a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Michael R. Fisher sold 4,088 shares of the company’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 value 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 $1,503,582.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

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.