The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by Checchi Capital Advisers LLC

Checchi Capital Advisers LLC reduced its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 8.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,315 shares of the insurance provider’s stock after selling 212 shares during the quarter. Checchi Capital Advisers LLC’s holdings in The Hartford Financial Services Group were worth $233,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in HIG. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group during the 1st quarter valued at $26,000. Cape Investment Advisory Inc. boosted its stake in 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 purchasing an additional 245 shares in the last quarter. Bank & Trust Co bought a new position in The Hartford Financial Services Group during the 2nd quarter valued at $30,000. First United Bank & Trust bought a new position in The Hartford Financial Services Group during the 4th quarter valued at $31,000. Finally, Family Firm Inc. bought a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth $31,000. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Stock Performance

HIG stock traded up $0.62 during trading on Wednesday, reaching $114.08. 544,327 shares of the stock were exchanged, compared to its average volume of 1,620,919. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month high of $115.08. The company has a market capitalization of $33.74 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 0.89 and a beta of 0.92. The stock has a 50 day simple moving average of $105.15 and a 200-day simple moving average of $101.03. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $1.88 earnings per share. As a group, sell-side analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.07 earnings per share for the current year.

The Hartford Financial Services Group declared that its board has initiated a share repurchase plan 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 plans are usually a sign that the company’s management believes its stock is undervalued.

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 issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

Insider Buying and Selling at The Hartford Financial Services Group

In other 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

HIG has been the subject of several research reports. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods raised their price objective 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. Morgan Stanley reduced 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. Citigroup lowered The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and reduced their target price for the company from $116.00 to $114.00 in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. increased their target price on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Eight 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. Based on data from MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $110.88.

The Hartford Financial Services Group Profile

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.