AGF Management Ltd. Sells 916 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

AGF Management Ltd. trimmed its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 3.8% during the 2nd quarter, Holdings Channel reports. The firm owned 23,080 shares of the insurance provider’s stock after selling 916 shares during the quarter. AGF Management Ltd.’s holdings in The Hartford Financial Services Group were worth $2,320,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of HIG. New Covenant Trust Company N.A. purchased a new stake in The Hartford Financial Services Group in the first quarter worth approximately $26,000. Quest Partners LLC boosted its stake in The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after buying an additional 275 shares in the last quarter. Cape Investment Advisory Inc. boosted its stake in The Hartford Financial Services Group by 189.9% in the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after buying an additional 245 shares in the last quarter. Bank & Trust Co purchased a new stake in The Hartford Financial Services Group in the second quarter worth approximately $30,000. Finally, Family Firm Inc. purchased a new stake in The Hartford Financial Services Group in the second quarter worth approximately $31,000. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group Price Performance

Shares of The Hartford Financial Services Group stock opened at $115.36 on Friday. 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 company has a market cap of $33.80 billion, a PE ratio of 13.11, a P/E/G ratio of 0.91 and a beta of 0.93. The business has a 50 day moving average of $109.01 and a 200 day moving average of $103.09. The Hartford Financial Services Group, Inc. has a 52 week low of $68.82 and a 52 week high of $117.68.

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, topping analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate 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 firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.88 earnings per share. As a group, equities research analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.63%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

The Hartford Financial Services Group declared that its board has initiated a share 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 reacquire up to 10.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Morgan Stanley cut their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. JPMorgan Chase & Co. upped their target price on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods increased their price objective on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Piper Sandler increased their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, Citigroup lowered The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $116.00 to $114.00 in a research note on Friday, June 28th. Nine equities research analysts have rated the stock with a hold rating, nine have assigned 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 presently has a consensus rating of “Moderate Buy” and an average target price of $111.94.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction on Monday, July 1st. The stock was 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 in the company, valued at $1,503,582.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

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.