iA Global Asset Management Inc. Has $2.20 Million Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

iA Global Asset Management Inc. trimmed its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 3.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,918 shares of the insurance provider’s stock after selling 781 shares during the period. iA Global Asset Management Inc.’s holdings in The Hartford Financial Services Group were worth $2,204,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of HIG. International Assets Investment Management LLC acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth approximately $11,394,000. Truist Financial Corp lifted its position in shares of The Hartford Financial Services Group by 1.9% during the fourth quarter. Truist Financial Corp now owns 130,785 shares of the insurance provider’s stock worth $10,512,000 after purchasing an additional 2,432 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in shares of The Hartford Financial Services Group by 27.3% during the fourth quarter. First Trust Direct Indexing L.P. now owns 5,556 shares of the insurance provider’s stock worth $447,000 after purchasing an additional 1,191 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of The Hartford Financial Services Group by 5.9% during the fourth quarter. Natixis Advisors L.P. now owns 472,651 shares of the insurance provider’s stock worth $37,991,000 after purchasing an additional 26,178 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in The Hartford Financial Services Group by 316.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 16,274 shares of the insurance provider’s stock valued at $1,308,000 after buying an additional 12,366 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on HIG shares. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Citigroup lowered shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $116.00 to $114.00 in a report on Friday, June 28th. Piper Sandler increased their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Royal Bank of Canada increased their price objective on shares of 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $110.88.

Insider Activity at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the transaction, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by insiders.

The Hartford Financial Services Group Stock Down 0.0 %

Shares of HIG stock opened at $116.10 on Friday. The firm has a fifty day moving average of $106.11 and a 200-day moving average of $101.55. 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 Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $116.51. The company has a market capitalization of $34.34 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 0.89 and a beta of 0.92.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the prior year, the firm earned $1.88 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts predict that The Hartford Financial Services Group, Inc. will post 10.07 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.62%. 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 declared that its board has authorized a share repurchase plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The Hartford Financial Services Group Company 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.