Prudential PLC Grows Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Prudential PLC raised its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 28.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96,115 shares of the insurance provider’s stock after acquiring an additional 21,069 shares during the period. Prudential PLC’s holdings in The Hartford Financial Services Group were worth $9,663,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of HIG. Bailard Inc. grew its holdings in The Hartford Financial Services Group by 0.5% during the 2nd quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after buying an additional 101 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in The Hartford Financial Services Group by 3.1% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after buying an additional 114 shares in the last quarter. Covestor Ltd grew its holdings in The Hartford Financial Services Group by 28.8% during the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after buying an additional 116 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in The Hartford Financial Services Group by 34.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 473 shares of the insurance provider’s stock valued at $46,000 after buying an additional 121 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in The Hartford Financial Services Group by 2.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider’s stock valued at $468,000 after buying an additional 122 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Price Performance

Shares of HIG stock opened at $116.91 on Tuesday. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month high of $117.46. The stock has a market capitalization of $34.26 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 0.92 and a beta of 0.93. The stock has a fifty day simple moving average of $107.74 and a two-hundred day simple moving average of $102.64. 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 issued 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the prior year, the business earned $1.88 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently announced 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. This represents a $1.88 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on HIG. Royal Bank of Canada raised their price target 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. Morgan Stanley dropped 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. 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 report on Thursday, August 1st. Piper Sandler lifted their target price 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. Finally, Bank of America dropped their target price on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $111.94.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’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 completion of the sale, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.60% of the company’s stock.

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.