Douglas Lane & Associates LLC Sells 559 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Douglas Lane & Associates LLC reduced its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 20.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,203 shares of the insurance provider’s stock after selling 559 shares during the period. Douglas Lane & Associates LLC’s holdings in The Hartford Financial Services Group were worth $221,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in HIG. Turtle Creek Wealth Advisors LLC bought a new position in shares of The Hartford Financial Services Group during the fourth quarter valued at approximately $26,000. New Covenant Trust Company N.A. bought a new position in shares of The Hartford Financial Services Group during the first quarter valued at approximately $26,000. Cape Investment Advisory Inc. boosted its stake in shares of The Hartford Financial Services Group by 189.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 245 shares in the last quarter. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group during the second quarter valued at approximately $30,000. Finally, First United Bank & Trust bought a new position in shares of The Hartford Financial Services Group during the fourth quarter valued at approximately $31,000. 93.42% of the stock is currently owned by institutional investors.

Insider Transactions at The Hartford Financial Services Group

In other news, CFO Beth Ann Costello sold 72,076 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the sale, the chief financial officer now owns 69,169 shares in the company, valued at $6,896,840.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Beth Ann Costello sold 72,076 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the sale, the chief financial officer now owns 69,169 shares in the company, valued at $6,896,840.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jonathan R. Bennett sold 18,335 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the sale, the executive vice president now owns 25,643 shares in the company, valued at approximately $2,584,301.54. The disclosure for this sale can be found here. Insiders have sold 94,499 shares of company stock worth $9,449,309 over the last 90 days. 1.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

HIG has been the topic of a number of recent research reports. Piper Sandler increased their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. The Goldman Sachs Group increased their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. 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. 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 for the company in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company decreased their target price on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Eight equities 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 company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $110.88.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG traded up $0.22 during midday trading on Tuesday, reaching $105.08. The company had a trading volume of 1,618,886 shares, compared to its average volume of 1,674,335. The business’s 50-day simple moving average is $102.47 and its 200 day simple moving average is $98.72. The stock has a market cap of $31.08 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.89 and a beta of 0.92. The Hartford Financial Services Group, Inc. has a 1 year low of $68.82 and a 1 year high of $112.65. 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 (NYSE:HIG) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) 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 net margin of 11.44% and a return on equity of 21.20%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.88 earnings per share. On average, analysts forecast that The Hartford Financial Services Group, Inc. will post 10.07 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its board has approved a stock buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

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 $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.79%. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

The Hartford Financial Services Group 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.