Clearbridge Investments LLC Sells 773,157 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Clearbridge Investments LLC lessened its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 43.5% in the second quarter, HoldingsChannel.com reports. The fund owned 1,004,807 shares of the insurance provider’s stock after selling 773,157 shares during the period. Clearbridge Investments LLC’s holdings in The Hartford Financial Services Group were worth $101,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. New Covenant Trust Company N.A. acquired a new position in The Hartford Financial Services Group during the first quarter worth approximately $26,000. Quest Partners LLC lifted its holdings in The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 275 shares during the last quarter. Bank & Trust Co bought a new position in The Hartford Financial Services Group during the second quarter worth $30,000. Family Firm Inc. bought a new position in shares of The Hartford Financial Services Group in the second quarter valued at about $31,000. Finally, Benjamin Edwards Inc. bought a new stake in shares of The Hartford Financial Services Group during the 1st quarter worth about $35,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on HIG. Keefe, Bruyette & Woods increased their price objective on 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. Bank of America cut their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Finally, Piper Sandler raised their price objective on 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. Nine 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Trading Down 0.3 %

Shares of HIG stock opened at $117.58 on Thursday. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month high of $119.06. The stock’s fifty day simple moving average is $112.90 and its 200 day simple moving average is $104.94. 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 has a market capitalization of $34.77 billion, a P/E ratio of 13.36, a P/E/G ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last released 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 company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the prior year, the firm posted $1.88 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were issued a $0.47 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.60%. The Hartford Financial Services Group’s payout ratio is 21.36%.

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

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.