The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers reduced its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,997 shares of the insurance provider’s stock after selling 3,468 shares during the quarter. Cetera Investment Advisers’ holdings in The Hartford Financial Services Group were worth $5,228,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of HIG. New Covenant Trust Company N.A. acquired a new position in shares of The Hartford Financial Services Group during the 1st quarter valued at about $26,000. Quest Partners LLC boosted 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 valued at $29,000 after purchasing an additional 275 shares during the last quarter. Bank & Trust Co purchased a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at approximately $30,000. Family Firm Inc. purchased a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at approximately $31,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of The Hartford Financial Services Group during the 1st quarter worth approximately $35,000. 93.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HIG has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Barclays began coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective on the stock. Morgan Stanley lowered their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Wells Fargo & Company lifted their price target 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, Citigroup lowered shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $117.88.

The Hartford Financial Services Group Stock Up 1.0 %

The Hartford Financial Services Group stock opened at $115.62 on Wednesday. The firm has a market capitalization of $34.20 billion, a P/E ratio of 13.14, a P/E/G ratio of 0.94 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a twelve month low of $68.92 and a twelve month high of $119.06. The stock’s fifty day simple moving average is $113.44 and its 200-day simple moving average is $105.31.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.26. The company 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 Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.88 EPS. As a group, equities analysts expect 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 was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were paid a $0.47 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.63%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its board has initiated a stock buyback program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management 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.