Parallel Advisors LLC Has $1.68 Million Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Parallel Advisors LLC lifted its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 4.4% during the second quarter, HoldingsChannel reports. The firm owned 16,657 shares of the insurance provider’s stock after buying an additional 709 shares during the quarter. Parallel Advisors LLC’s holdings in The Hartford Financial Services Group were worth $1,675,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of The Hartford Financial Services Group by 26.2% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock valued at $491,915,000 after buying an additional 1,272,290 shares during the period. Norges Bank acquired a new position in shares of The Hartford Financial Services Group during the 4th quarter worth about $278,704,000. Northern Trust Corp raised its holdings in The Hartford Financial Services Group by 0.5% during the fourth quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider’s stock worth $271,841,000 after acquiring an additional 18,419 shares in the last quarter. Nordea Investment Management AB increased its position in shares of The Hartford Financial Services Group by 7.9% during the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after purchasing an additional 233,742 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in The Hartford Financial Services Group by 3.9% in the 4th quarter. Clearbridge Investments LLC now owns 2,350,003 shares of the insurance provider’s stock valued at $188,893,000 after purchasing an additional 87,916 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group Trading Up 0.2 %

Shares of The Hartford Financial Services Group stock opened at $115.36 on Monday. The firm’s 50-day moving average price is $109.01 and its two-hundred day moving average price is $103.20. The company has a market capitalization of $34.12 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 0.91 and a beta of 0.93. 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 $117.68.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations 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 Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.88 EPS. On average, analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group declared that its Board of Directors has initiated 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 buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

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

Insider Buying and Selling at The Hartford Financial Services Group

In other news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on HIG. JPMorgan Chase & Co. lifted 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 upped their price objective on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Bank of America cut their target price on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Morgan Stanley decreased their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada raised their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $111.94.

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.