Kentucky Retirement Systems Lowers Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Kentucky Retirement Systems lessened its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,287 shares of the insurance provider’s stock after selling 382 shares during the period. Kentucky Retirement Systems’ holdings in The Hartford Financial Services Group were worth $2,241,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of HIG. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter valued at approximately $26,000. Quest Partners LLC increased its holdings in 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 in the last quarter. Bank & Trust Co acquired a new position in The Hartford Financial Services Group during the second quarter worth $30,000. Family Firm Inc. purchased a new position in The Hartford Financial Services Group during the second quarter valued at $31,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of The Hartford Financial Services Group in the first quarter valued at about $35,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Trading Up 0.3 %

HIG opened at $116.32 on Friday. The business’s 50 day moving average price is $110.62 and its 200 day moving average price is $103.83. 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 stock 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 one year low of $68.82 and a one 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 for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations 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 revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.88 EPS. As a group, equities research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group announced that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

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

Insider Transactions at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the business’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 sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on HIG shares. Morgan Stanley decreased their price target 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 note on Wednesday, July 10th. Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Wells Fargo & Company boosted 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 report on Tuesday. The Goldman Sachs Group raised their price objective on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Royal Bank of Canada increased their target price on shares of 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 given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.