First Citizens Bank & Trust Co. Reduces Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

First Citizens Bank & Trust Co. cut its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 7.0% during the 3rd quarter, Holdings Channel reports. The fund owned 37,051 shares of the insurance provider’s stock after selling 2,772 shares during the period. First Citizens Bank & Trust Co.’s holdings in The Hartford Financial Services Group were worth $4,358,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. raised its holdings in The Hartford Financial Services Group by 61.5% in the 3rd quarter. Blue Trust Inc. now owns 5,150 shares of the insurance provider’s stock worth $606,000 after purchasing an additional 1,962 shares during the period. Net Worth Advisory Group bought a new stake in The Hartford Financial Services Group during the 3rd quarter worth approximately $350,000. Stratos Investment Management LLC bought a new position in shares of The Hartford Financial Services Group in the third quarter worth approximately $578,000. V Square Quantitative Management LLC increased its stake in shares of The Hartford Financial Services Group by 11.6% in the third quarter. V Square Quantitative Management LLC now owns 7,561 shares of the insurance provider’s stock worth $889,000 after purchasing an additional 784 shares in the last quarter. Finally, CHB Investment Group LLC bought a new stake in shares of The Hartford Financial Services Group during the 3rd quarter valued at $3,133,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Down 0.3 %

Shares of NYSE HIG opened at $122.02 on Friday. The stock has a market capitalization of $36.09 billion, a price-to-earnings ratio of 13.87, a P/E/G 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 $123.23. 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 firm’s 50-day moving average price is $115.34 and its 200-day moving average price is $106.30.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data 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 business had revenue of $6.49 billion during the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the company earned $1.88 EPS. On average, equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group declared that its board has approved a stock repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on HIG shares. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Jefferies Financial Group increased their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Royal Bank of Canada boosted their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Morgan Stanley cut their price objective on shares of 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. Finally, Bank of America lifted 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 report on Thursday, October 10th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $120.59.

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.