JPMorgan Chase & Co. Sells 2,394,023 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

JPMorgan Chase & Co. reduced its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 31.4% in the fourth quarter, Holdings Channel reports. The fund owned 5,227,089 shares of the insurance provider’s stock after selling 2,394,023 shares during the quarter. JPMorgan Chase & Co.’s holdings in The Hartford Financial Services Group were worth $571,844,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. AustralianSuper Pty Ltd raised its stake in The Hartford Financial Services Group by 265.5% in the 4th quarter. AustralianSuper Pty Ltd now owns 1,213,074 shares of the insurance provider’s stock valued at $132,710,000 after acquiring an additional 881,224 shares during the period. Assenagon Asset Management S.A. raised its position in shares of The Hartford Financial Services Group by 437.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 871,318 shares of the insurance provider’s stock valued at $95,322,000 after purchasing an additional 709,324 shares during the period. Proficio Capital Partners LLC lifted its stake in shares of The Hartford Financial Services Group by 11,904.7% during the 4th quarter. Proficio Capital Partners LLC now owns 631,565 shares of the insurance provider’s stock valued at $632,000 after buying an additional 626,304 shares in the last quarter. Raymond James Financial Inc. bought a new position in The Hartford Financial Services Group in the 4th quarter worth approximately $65,256,000. Finally, Nordea Investment Management AB grew its stake in The Hartford Financial Services Group by 17.3% in the 4th quarter. Nordea Investment Management AB now owns 3,938,421 shares of the insurance provider’s stock valued at $430,272,000 after buying an additional 581,103 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on HIG shares. Piper Sandler increased their target price on The Hartford Financial Services Group from $127.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Wells Fargo & Company dropped their price objective on The Hartford Financial Services Group from $130.00 to $126.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Keefe, Bruyette & Woods lifted their target price on The Hartford Financial Services Group from $139.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $125.00 price target on shares of The Hartford Financial Services Group in a report on Monday, February 3rd. Finally, Barclays raised shares of The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $130.00 to $135.00 in a research note on Monday, January 6th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.94.

Insider Buying and Selling

In other news, EVP Robert W. Paiano sold 13,138 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total value of $1,539,773.60. Following the transaction, the executive vice president now owns 31,678 shares in the company, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Christopher Swift sold 98,061 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $120.39, for a total value of $11,805,563.79. Following the completion of the transaction, the chief executive officer now directly owns 211,082 shares of the company’s stock, valued at approximately $25,412,161.98. This trade represents a 31.72 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

The Hartford Financial Services Group Price Performance

HIG opened at $122.21 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $34.88 billion, a P/E ratio of 11.81, a PEG ratio of 1.12 and a beta of 0.91. The stock has a 50-day moving average price of $115.52 and a 200-day moving average price of $115.26. The Hartford Financial Services Group, Inc. has a 12-month low of $94.47 and a 12-month high of $124.90.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. Equities analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share 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, April 2nd. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.52 per share. The ex-dividend date is Monday, March 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.70%. The Hartford Financial Services Group’s dividend payout ratio is currently 20.10%.

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.