Wealthspire Advisors LLC Lowers Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Wealthspire Advisors LLC cut its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 6.9% during the second quarter, HoldingsChannel.com reports. The firm owned 2,316 shares of the insurance provider’s stock after selling 172 shares during the period. Wealthspire Advisors LLC’s holdings in The Hartford Financial Services Group were worth $233,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in HIG. ING Groep NV acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth $1,340,000. Norges Bank acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth $278,704,000. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of The Hartford Financial Services Group by 26.1% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,819 shares of the insurance provider’s stock worth $709,000 after purchasing an additional 1,825 shares in the last quarter. Thoroughbred Financial Services LLC increased its position in shares of The Hartford Financial Services Group by 210.2% during the fourth quarter. Thoroughbred Financial Services LLC now owns 11,383 shares of the insurance provider’s stock worth $914,000 after purchasing an additional 7,713 shares in the last quarter. Finally, D.A. Davidson & CO. increased its position in shares of The Hartford Financial Services Group by 2.0% during the fourth quarter. D.A. Davidson & CO. now owns 19,284 shares of the insurance provider’s stock worth $1,550,000 after purchasing an additional 378 shares in the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HIG. Barclays began coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Bank of America cut their target price on 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. Keefe, Bruyette & Woods upped their target price on 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. Wells Fargo & Company upped their target price on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Morgan Stanley cut their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. 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 a consensus rating of “Moderate Buy” and an average price target of $113.22.

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 transaction, 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 Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

The Hartford Financial Services Group Trading Up 0.4 %

HIG stock opened at $117.07 on Wednesday. The company’s 50-day simple moving average is $109.71 and its 200-day simple moving average is $103.50. 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 Hartford Financial Services Group, Inc. has a 52-week low of $68.82 and a 52-week high of $117.68. The firm has a market cap of $34.62 billion, a P/E ratio of 13.30, a PEG ratio of 0.91 and a beta of 0.93.

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, 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 business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the prior year, the company posted $1.88 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts forecast 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. 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 of Directors has authorized a share buyback 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 repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally 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.