Custom Index Systems LLC Takes Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Custom Index Systems LLC purchased a new stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,149 shares of the insurance provider’s stock, valued at approximately $417,000.

A number of other institutional investors also recently modified their holdings of HIG. National Bank of Canada FI increased its position in shares of The Hartford Financial Services Group by 4.4% in the fourth quarter. National Bank of Canada FI now owns 78,654 shares of the insurance provider’s stock valued at $6,402,000 after acquiring an additional 3,297 shares during the last quarter. Spire Wealth Management increased its position in shares of The Hartford Financial Services Group by 11.0% in the fourth quarter. Spire Wealth Management now owns 2,266 shares of the insurance provider’s stock valued at $193,000 after acquiring an additional 224 shares during the last quarter. Private Advisor Group LLC increased its position in shares of The Hartford Financial Services Group by 11.4% in the fourth quarter. Private Advisor Group LLC now owns 16,592 shares of the insurance provider’s stock valued at $1,334,000 after acquiring an additional 1,699 shares during the last quarter. Apollon Wealth Management LLC increased its position in shares of The Hartford Financial Services Group by 33.6% in the fourth quarter. Apollon Wealth Management LLC now owns 4,893 shares of the insurance provider’s stock valued at $393,000 after acquiring an additional 1,230 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of The Hartford Financial Services Group by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,859,422 shares of the insurance provider’s stock valued at $149,460,000 after acquiring an additional 29,605 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors.

Insider Activity

In related 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 value of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

HIG has been the topic of a number of recent research reports. Citigroup downgraded The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Morgan Stanley lowered their target price on 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. Barclays assumed coverage on The Hartford Financial Services Group in a research note on Wednesday. They issued an “equal weight” rating and a $130.00 price objective on the stock. Keefe, Bruyette & Woods lifted 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. Finally, JPMorgan Chase & Co. boosted their target price on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Nine investment 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’s stock. Based on data from MarketBeat, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $111.94.

The Hartford Financial Services Group Trading Down 0.5 %

HIG stock opened at $114.49 on Friday. The Hartford Financial Services Group, Inc. has a 52 week low of $68.82 and a 52 week high of $117.46. The company has a market capitalization of $33.86 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.93 and a beta of 0.93. The company’s 50-day simple moving average is $107.40 and its 200 day simple moving average is $102.43. 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 announced its 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 Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

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

The Hartford Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.64%. The Hartford Financial Services Group’s dividend payout ratio is presently 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.