EDENTREE ASSET MANAGEMENT Ltd Decreases Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

EDENTREE ASSET MANAGEMENT Ltd trimmed its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 32.7% during the second quarter, Holdings Channel reports. The fund owned 75,180 shares of the insurance provider’s stock after selling 36,450 shares during the period. The Hartford Financial Services Group makes up approximately 2.4% of EDENTREE ASSET MANAGEMENT Ltd’s portfolio, making the stock its 17th largest position. EDENTREE ASSET MANAGEMENT Ltd’s holdings in The Hartford Financial Services Group were worth $7,554,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HIG. New Covenant Trust Company N.A. purchased a new position in The Hartford Financial Services Group in the first quarter valued at approximately $26,000. Quest Partners LLC raised its stake in shares of The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after buying an additional 275 shares during the period. Cape Investment Advisory Inc. lifted its position in shares of The Hartford Financial Services Group by 189.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after buying an additional 245 shares during the last quarter. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth $30,000. Finally, Family Firm Inc. bought a new stake in The Hartford Financial Services Group in the 2nd quarter valued at about $31,000. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Trading Up 0.1 %

Shares of HIG opened at $116.64 on Thursday. 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 Hartford Financial Services Group, Inc. has a fifty-two week low of $68.82 and a fifty-two week high of $117.84. The firm has a 50 day moving average price of $111.18 and a 200-day moving average price of $104.21. The firm has a market cap of $34.50 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.94 and a beta of 0.93.

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

The Hartford Financial Services Group Announces Dividend

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

The Hartford Financial Services Group declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on HIG shares. 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. Barclays assumed coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective for the company. Piper Sandler raised their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Morgan Stanley dropped their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group upped their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.22.

Insider Activity

In related news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction on 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 $1,503,582.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

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.