Mackenzie Financial Corp Sells 16,608 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Mackenzie Financial Corp lowered its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 13.7% in the second quarter, Holdings Channel reports. The fund owned 104,724 shares of the insurance provider’s stock after selling 16,608 shares during the quarter. Mackenzie Financial Corp’s holdings in The Hartford Financial Services Group were worth $10,529,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in HIG. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group in the 1st quarter valued at approximately $26,000. Quest Partners LLC boosted its holdings in shares of 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 acquiring an additional 275 shares in the last quarter. Bank & Trust Co bought a new stake in The Hartford Financial Services Group during the 2nd quarter worth $30,000. Family Firm Inc. acquired a new position in The Hartford Financial Services Group in the 2nd quarter worth about $31,000. Finally, Benjamin Edwards Inc. bought a new position in The Hartford Financial Services Group in the first quarter valued at about $35,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Morgan Stanley lowered their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Barclays began coverage on shares of The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price target for the company. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Bank of America decreased their price objective on 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. Finally, The Goldman Sachs Group lifted their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Nine equities research 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 stock has a consensus rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Price Performance

The Hartford Financial Services Group stock opened at $117.61 on Tuesday. The stock’s 50 day moving average price is $112.26 and its two-hundred day moving average price is $104.72. The stock has a market capitalization of $34.78 billion, a price-to-earnings ratio of 13.36, a PEG 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 Hartford Financial Services Group, Inc. has a 52-week low of $68.82 and a 52-week high of $117.84.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period last year, the company posted $1.88 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 21.36%.

The Hartford Financial Services Group announced that its board has approved a stock buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership 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.