Meiji Yasuda Life Insurance Co Decreases Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Meiji Yasuda Life Insurance Co trimmed its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 22.7% in the second quarter, Holdings Channel.com reports. The firm owned 10,505 shares of the insurance provider’s stock after selling 3,080 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in The Hartford Financial Services Group were worth $1,056,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in HIG. Norges Bank acquired a new stake in shares of The Hartford Financial Services Group during the fourth quarter valued at about $278,704,000. Hotchkis & Wiley Capital Management LLC grew its stake in The Hartford Financial Services Group by 26.2% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock valued at $491,915,000 after purchasing an additional 1,272,290 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in The Hartford Financial Services Group by 72.0% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after purchasing an additional 559,019 shares during the last quarter. Swedbank AB acquired a new position in shares of The Hartford Financial Services Group in the 1st quarter valued at approximately $53,980,000. Finally, KBC Group NV boosted its stake in shares of The Hartford Financial Services Group by 85.5% during the 4th quarter. KBC Group NV now owns 1,074,470 shares of the insurance provider’s stock valued at $86,366,000 after buying an additional 495,192 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

Insider Activity at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the business’s stock in a transaction on Monday, July 1st. The stock was 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 owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is owned by insiders.

The Hartford Financial Services Group Stock Performance

HIG stock opened at $116.70 on Thursday. The stock’s fifty day moving average is $110.04 and its two-hundred day moving average is $103.60. The stock has a market capitalization of $34.51 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 0.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group, Inc. has a 1 year low of $68.82 and a 1 year high of $117.84.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same period in the previous year, the business posted $1.88 EPS. The Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. On average, research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its board has initiated a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

Wall Street Analysts Forecast Growth

HIG has been the subject of a number of research analyst reports. Piper Sandler lifted their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. Keefe, Bruyette & Woods increased their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company upped their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.22.

The Hartford Financial Services Group 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.