The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by USA Financial Formulas

USA Financial Formulas lowered its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 83.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,692 shares of the insurance provider’s stock after selling 13,876 shares during the quarter. USA Financial Formulas’ holdings in The Hartford Financial Services Group were worth $317,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of HIG. Dimensional Fund Advisors LP lifted its stake in The Hartford Financial Services Group by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock valued at $584,177,000 after buying an additional 69,007 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of The Hartford Financial Services Group by 7.9% during the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after purchasing an additional 233,742 shares in the last quarter. AQR Capital Management LLC grew its position in The Hartford Financial Services Group by 4.9% during the second quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock worth $150,605,000 after buying an additional 70,018 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of The Hartford Financial Services Group by 2.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock worth $137,478,000 after acquiring an additional 31,806 shares during the period. Finally, Bahl & Gaynor Inc. raised its stake in shares of The Hartford Financial Services Group by 3.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock worth $123,577,000 after buying an additional 40,400 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

HIG stock opened at $116.31 on Friday. The company has a market capitalization of $34.08 billion, a PE ratio of 12.23, a P/E/G ratio of 0.96 and a beta of 0.93. 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 stock’s 50 day moving average is $113.62 and its two-hundred day moving average is $105.49. The Hartford Financial Services Group, Inc. has a 52-week low of $68.92 and a 52-week high of $119.06.

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, beating the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion for 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 firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.88 earnings per share. Analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.62%. The ex-dividend date was Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is currently 19.77%.

Wall Street Analyst Weigh In

A number of brokerages have commented on HIG. Keefe, Bruyette & Woods increased their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of The Hartford Financial Services Group from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Thursday. Wells Fargo & Company raised their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Jefferies Financial Group boosted their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Morgan Stanley cut their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Ten equities 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 company. Based on data from MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $118.94.

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.