Sei Investments Co. Cuts Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Sei Investments Co. reduced its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 216,156 shares of the insurance provider’s stock after selling 13,149 shares during the period. Sei Investments Co.’s holdings in The Hartford Financial Services Group were worth $21,732,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in HIG. Concurrent Investment Advisors LLC purchased a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at approximately $213,000. BNP Paribas Financial Markets increased its position in shares of The Hartford Financial Services Group by 27.1% in the 1st quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after purchasing an additional 97,465 shares during the last quarter. Banque Cantonale Vaudoise increased its position in shares of The Hartford Financial Services Group by 378.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock valued at $1,724,000 after purchasing an additional 13,232 shares during the last quarter. Stifel Financial Corp increased its position in shares of The Hartford Financial Services Group by 14.2% in the 4th quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider’s stock valued at $21,059,000 after purchasing an additional 32,534 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of The Hartford Financial Services Group by 27.6% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after purchasing an additional 48,004 shares during the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Up 0.1 %

HIG stock opened at $116.64 on Thursday. The Hartford Financial Services Group, Inc. has a one year low of $68.82 and a one year high of $117.84. The stock has a market capitalization of $34.50 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 0.94 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 company has a fifty day moving average of $111.18 and a 200-day moving average of $104.21.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping the consensus estimate 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 company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter last year, the business earned $1.88 EPS. The business’s revenue was up 7.2% on a year-over-year basis. As a group, analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

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

The Hartford Financial Services Group Announces Dividend

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 dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

Insider Activity at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the sale, the executive vice president now 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 the SEC website. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Piper Sandler increased their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Bank of America dropped their target price on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods increased their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their target price for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.