Meyer Handelman Co. Trims Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Meyer Handelman Co. decreased its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 39.9% in the 1st quarter, Holdings Channel reports. The firm owned 4,998 shares of the insurance provider’s stock after selling 3,320 shares during the period. Meyer Handelman Co.’s holdings in The Hartford Financial Services Group were worth $515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of HIG. GoalVest Advisory LLC raised its position in The Hartford Financial Services Group by 464.8% in the 4th quarter. GoalVest Advisory LLC now owns 305 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 251 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in The Hartford Financial Services Group in the 4th quarter valued at $26,000. CVA Family Office LLC purchased a new stake in The Hartford Financial Services Group in the 4th quarter valued at $27,000. Chilton Capital Management LLC purchased a new stake in The Hartford Financial Services Group in the 4th quarter valued at $28,000. Finally, Cape Investment Advisory Inc. raised its position in The Hartford Financial Services Group by 189.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $102.94 on Friday. The firm’s 50-day simple moving average is $100.12 and its 200 day simple moving average is $93.69. The stock has a market cap of $30.45 billion, a P/E ratio of 11.70, a P/E/G ratio of 0.85 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a fifty-two week low of $68.82 and a fifty-two week high of $103.96. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.29.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The firm had revenue of $6.42 billion for the quarter, compared to analyst estimates of $6.51 billion. The Hartford Financial Services Group had a return on equity of 20.64% and a net margin of 10.87%. The Hartford Financial Services Group’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 earnings per share. Equities analysts expect that The Hartford Financial Services Group, Inc. will post 9.94 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, June 3rd. This represents a $1.88 annualized dividend and a yield of 1.83%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Piper Sandler restated an “overweight” rating and set a $115.00 price objective on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Wells Fargo & Company cut their price objective on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. TD Cowen upped their price objective on shares of The Hartford Financial Services Group to $144.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, Morgan Stanley cut their price objective on shares of The Hartford Financial Services Group from $110.00 to $109.00 and set an “equal weight” rating for the company in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $106.24.

Insider Buying and Selling at The Hartford Financial Services Group

In other news, EVP Jonathan R. Bennett sold 18,335 shares of The Hartford Financial Services Group stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the completion of the sale, the executive vice president now directly owns 25,643 shares in the company, valued at approximately $2,584,301.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares in the company, valued at $6,896,840.99. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jonathan R. Bennett sold 18,335 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $100.78, for a total value of $1,847,801.30. Following the transaction, the executive vice president now owns 25,643 shares of the company’s stock, valued at $2,584,301.54. The disclosure for this sale can be found here. 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.