Assenagon Asset Management S.A. Boosts Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Assenagon Asset Management S.A. lifted its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 222.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,757 shares of the insurance provider’s stock after buying an additional 119,909 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of The Hartford Financial Services Group worth $17,470,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Wedge Capital Management L L P NC lifted its stake in shares of The Hartford Financial Services Group by 10.5% in the second quarter. Wedge Capital Management L L P NC now owns 430,770 shares of the insurance provider’s stock worth $43,310,000 after buying an additional 40,975 shares in the last quarter. SteelPeak Wealth LLC increased its position in The Hartford Financial Services Group by 1.3% during the second quarter. SteelPeak Wealth LLC now owns 35,073 shares of the insurance provider’s stock worth $3,543,000 after purchasing an additional 447 shares during the last quarter. Baader Bank Aktiengesellschaft increased its position in The Hartford Financial Services Group by 3.3% during the second quarter. Baader Bank Aktiengesellschaft now owns 7,438 shares of the insurance provider’s stock worth $743,000 after purchasing an additional 238 shares during the last quarter. PGGM Investments increased its position in The Hartford Financial Services Group by 7.3% during the second quarter. PGGM Investments now owns 90,225 shares of the insurance provider’s stock worth $9,071,000 after purchasing an additional 6,110 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in The Hartford Financial Services Group by 19.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 72,992 shares of the insurance provider’s stock worth $7,339,000 after purchasing an additional 11,934 shares during the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price objective on shares of 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. Piper Sandler raised their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Citigroup cut shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. Finally, Wells Fargo & Company dropped their price target on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $110.88.

The Hartford Financial Services Group Stock Up 0.3 %

Shares of HIG stock traded up $0.33 during trading on Friday, reaching $110.46. The company’s stock had a trading volume of 1,510,084 shares, compared to its average volume of 1,654,159. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The company has a market capitalization of $32.67 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 0.89 and a beta of 0.92. The stock’s 50-day moving average price is $103.74 and its 200 day moving average price is $99.91. The Hartford Financial Services Group, Inc. has a 1-year low of $68.82 and a 1-year high of $112.65.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating 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 firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter in the previous year, the business posted $1.88 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.07 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

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 $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.70%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by insiders.

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.