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

Gateway Investment Advisers LLC trimmed its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,388 shares of the insurance provider’s stock after selling 134 shares during the quarter. Gateway Investment Advisers LLC’s holdings in The Hartford Financial Services Group were worth $6,279,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC purchased a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $213,000. BNP Paribas Financial Markets raised its position in The Hartford Financial Services Group by 27.1% in the first quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock worth $47,073,000 after acquiring an additional 97,465 shares in the last quarter. Banque Cantonale Vaudoise lifted its holdings in The Hartford Financial Services Group by 378.8% in the first quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock valued at $1,724,000 after acquiring an additional 13,232 shares during the period. Sei Investments Co. boosted its position in shares of 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 purchasing an additional 12,067 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of The Hartford Financial Services Group by 27.6% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock worth $22,309,000 after purchasing an additional 48,004 shares during the period. 93.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Citigroup downgraded 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. Jefferies Financial Group upped their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a report on Wednesday. Piper Sandler lifted their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Royal Bank of Canada upped their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Finally, Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $118.94.

The Hartford Financial Services Group Trading Up 0.9 %

Shares of HIG opened at $117.36 on Friday. The Hartford Financial Services Group, Inc. has a fifty-two week low of $68.92 and a fifty-two week high of $119.06. The company has a market capitalization of $34.71 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The stock has a fifty day moving average of $113.93 and a two-hundred day moving average of $105.72. 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 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 firm 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 firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.88 earnings per share. As a group, analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.60%. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has authorized a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

About The Hartford Financial Services Group

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.