Hunter Perkins Capital Management LLC Sells 2,000 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Hunter Perkins Capital Management LLC lowered its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 2.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 98,765 shares of the insurance provider’s stock after selling 2,000 shares during the period. The Hartford Financial Services Group comprises about 2.4% of Hunter Perkins Capital Management LLC’s portfolio, making the stock its 13th biggest position. Hunter Perkins Capital Management LLC’s holdings in The Hartford Financial Services Group were worth $11,647,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of HIG. Syon Capital LLC acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth $209,000. HighPoint Advisor Group LLC bought a new position in shares of The Hartford Financial Services Group during the fourth quarter worth about $215,000. Nomura Holdings Inc. acquired a new position in shares of The Hartford Financial Services Group in the fourth quarter worth approximately $486,000. CWM LLC increased its position in The Hartford Financial Services Group by 8.1% during the 1st quarter. CWM LLC now owns 12,244 shares of the insurance provider’s stock valued at $1,262,000 after purchasing an additional 921 shares during the period. Finally, Los Angeles Capital Management LLC raised its holdings in The Hartford Financial Services Group by 36.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 22,187 shares of the insurance provider’s stock worth $2,286,000 after purchasing an additional 5,913 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded up $0.69 during midday trading on Wednesday, reaching $119.28. 228,621 shares of the company traded hands, compared to its average volume of 1,594,058. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $35.28 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 12 month low of $68.92 and a 12 month high of $120.36. The firm’s fifty day moving average price is $114.48 and its two-hundred day moving average price is $105.96.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, beating 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 company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter in the previous year, the company earned $1.88 earnings per share. The Hartford Financial Services Group’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on HIG shares. Bank of America upped their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Piper Sandler increased their price target 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. Jefferies Financial Group boosted their price objective on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Citigroup lowered The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Finally, Morgan Stanley lowered their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.59.

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.