Thrivent Financial for Lutherans Buys 4,481 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Thrivent Financial for Lutherans boosted its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 6.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 69,814 shares of the insurance provider’s stock after buying an additional 4,481 shares during the period. Thrivent Financial for Lutherans’ holdings in The Hartford Financial Services Group were worth $7,019,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of HIG. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter valued at $26,000. Quest Partners LLC grew 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 purchased a new stake in The Hartford Financial Services Group in the 2nd quarter worth about $30,000. Family Firm Inc. bought a new stake in The Hartford Financial Services Group in the second quarter worth about $31,000. Finally, Benjamin Edwards Inc. purchased a new position in shares of The Hartford Financial Services Group during the first quarter valued at approximately $35,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Performance

HIG stock opened at $116.58 on Friday. The firm has a market cap of $34.48 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 0.94 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a one year low of $68.82 and a one year high of $117.84. 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 firm has a 50-day simple moving average of $111.41 and a two-hundred day simple moving average of $104.30.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 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 firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, 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 firm 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 dividend of $0.47 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.61%. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group declared that its board has authorized a share repurchase program on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

HIG has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods increased their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Barclays initiated coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price for the company. Bank of America reduced their price target 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 note on Thursday, July 11th. 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 company a “buy” rating in a research report on Thursday, June 13th. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $113.22.

Insider Activity

In other news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate 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.