Summit Trail Advisors LLC Increases Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Summit Trail Advisors LLC increased its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 18.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,323 shares of the insurance provider’s stock after buying an additional 510 shares during the period. Summit Trail Advisors LLC’s holdings in The Hartford Financial Services Group were worth $336,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC raised its position in The Hartford Financial Services Group by 26.2% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after acquiring an additional 1,272,290 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in The Hartford Financial Services Group by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock valued at $584,177,000 after buying an additional 69,007 shares in the last quarter. Northern Trust Corp grew its holdings in The Hartford Financial Services Group by 0.5% during the 4th quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider’s stock valued at $271,841,000 after buying an additional 18,419 shares during the last quarter. Nordea Investment Management AB increased its position in The Hartford Financial Services Group by 7.9% during the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after buying an additional 233,742 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of The Hartford Financial Services Group by 2.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock worth $137,478,000 after acquiring an additional 31,806 shares during the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on HIG shares. Barclays began coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price objective on the stock. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Royal Bank of Canada lifted their target price 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 note on Monday, July 29th. Finally, Bank of America reduced their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Nine research 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $113.22.

Insider Activity

In related 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 sale, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

The Hartford Financial Services Group Price Performance

HIG stock opened at $116.96 on Tuesday. The company has a market cap of $34.59 billion, a PE ratio of 13.29, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average price of $110.91 and a two-hundred day moving average price of $104.07. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $117.84.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter in the previous year, the business earned $1.88 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The firm 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 $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

The Hartford Financial Services Group declared that its board has approved a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.