The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lowered its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 7.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,500 shares of the insurance provider’s stock after selling 8,500 shares during the period. Gabelli Funds LLC’s holdings in The Hartford Financial Services Group were worth $10,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Concurrent Investment Advisors LLC acquired a new stake in The Hartford Financial Services Group during the second quarter worth approximately $213,000. BNP Paribas Financial Markets increased its position in shares of The Hartford Financial Services Group by 27.1% during the first quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock worth $47,073,000 after purchasing an additional 97,465 shares in the last quarter. Banque Cantonale Vaudoise boosted its position in shares of The Hartford Financial Services Group by 378.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock valued at $1,724,000 after purchasing an additional 13,232 shares during the period. Sei Investments Co. grew its stake in The Hartford Financial Services Group by 5.6% during the 1st quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock worth $23,629,000 after buying an additional 12,067 shares during the last quarter. Finally, Stifel Financial Corp increased its position in The Hartford Financial Services Group by 14.2% during the fourth quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider’s stock worth $21,059,000 after buying an additional 32,534 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Piper Sandler increased their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. The Goldman Sachs Group increased 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. Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Bank of America decreased their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Royal Bank of Canada upped 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 note on Monday, July 29th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Stock Performance

Shares of HIG stock opened at $116.96 on Tuesday. The stock has a fifty day moving average price of $110.91 and a 200 day moving average price of $104.07. The stock has a market cap of $34.59 billion, a PE ratio of 13.29, a P/E/G 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 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 (NYSE:HIG) last released its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 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 business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the previous year, the firm earned $1.88 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

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.