AQR Capital Management LLC Raises Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

AQR Capital Management LLC grew its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,497,960 shares of the insurance provider’s stock after acquiring an additional 70,018 shares during the period. AQR Capital Management LLC owned about 0.51% of The Hartford Financial Services Group worth $150,605,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group in the first quarter valued at about $26,000. Quest Partners LLC raised its position in The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 275 shares during the last quarter. Cape Investment Advisory Inc. raised its position in The Hartford Financial Services Group by 189.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 245 shares during the last quarter. Bank & Trust Co acquired a new position in The Hartford Financial Services Group during the second quarter worth about $30,000. Finally, Family Firm Inc. acquired a new position in The Hartford Financial Services Group during the second quarter worth about $31,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Up 0.1 %

Shares of NYSE HIG opened at $116.64 on Thursday. The company has a market cap of $34.50 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $117.84. 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 firm’s 50-day simple moving average is $111.18 and its 200 day simple moving average is $104.21.

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, beating the consensus estimate 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 analyst estimates of $6.02 billion. During the same period in the previous year, the firm earned $1.88 EPS. The Hartford Financial Services Group’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. 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 report on Thursday, July 11th. Wells Fargo & Company lifted their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their target price 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. Royal Bank of Canada boosted their target price 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, The Goldman Sachs Group boosted their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.22.

Insider Buying and Selling

In other news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by 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.