Allstate Corp Invests $952,000 in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Allstate Corp acquired a new position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,700 shares of the insurance provider's stock, valued at approximately $952,000.

Several other hedge funds have also recently bought and sold shares of HIG. Norges Bank acquired a new stake in shares of The Hartford Financial Services Group in the 4th quarter valued at $416,340,000. AustralianSuper Pty Ltd grew its position in The Hartford Financial Services Group by 265.5% in the fourth quarter. AustralianSuper Pty Ltd now owns 1,213,074 shares of the insurance provider's stock valued at $132,710,000 after acquiring an additional 881,224 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in The Hartford Financial Services Group by 437.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 871,318 shares of the insurance provider's stock worth $95,322,000 after acquiring an additional 709,324 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of The Hartford Financial Services Group by 11,904.7% in the fourth quarter. Proficio Capital Partners LLC now owns 631,565 shares of the insurance provider's stock worth $632,000 after acquiring an additional 626,304 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of The Hartford Financial Services Group in the 4th quarter valued at approximately $65,256,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on HIG. Keefe, Bruyette & Woods raised their target price on shares of The Hartford Financial Services Group from $139.00 to $140.00 and gave the company an "outperform" rating in a research report on Wednesday, February 5th. Raymond James boosted their price objective on The Hartford Financial Services Group from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Monday. Piper Sandler upped their target price on The Hartford Financial Services Group from $130.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday. Barclays raised The Hartford Financial Services Group from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $130.00 to $135.00 in a research note on Monday, January 6th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $125.00 price objective on shares of The Hartford Financial Services Group in a research note on Monday, February 3rd. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $123.47.

Remove Ads

The Hartford Financial Services Group Stock Down 7.9 %

NYSE:HIG traded down $9.70 during trading hours on Friday, hitting $113.74. 1,435,898 shares of the company traded hands, compared to its average volume of 1,578,236. The Hartford Financial Services Group, Inc. has a one year low of $94.47 and a one year high of $125.08. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27. The company has a market cap of $32.46 billion, a PE ratio of 10.97, a PEG ratio of 1.12 and a beta of 0.91. The firm's 50-day simple moving average is $116.52 and its 200-day simple moving average is $115.51.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The insurance provider reported $2.94 EPS for the quarter, topping the consensus estimate of $2.68 by $0.26. The Hartford Financial Services Group had a net margin of 11.72% and a return on equity of 19.55%. Equities analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Monday, March 3rd were issued a $0.52 dividend. The ex-dividend date was Monday, March 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.83%. The Hartford Financial Services Group's payout ratio is currently 20.10%.

Insider Activity

In other news, EVP Robert W. Paiano sold 13,138 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $117.20, for a total value of $1,539,773.60. Following the completion of the transaction, the executive vice president now owns 31,678 shares of the company's stock, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher Swift sold 98,061 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $120.39, for a total value of $11,805,563.79. Following the transaction, the chief executive officer now directly owns 211,082 shares of the company's stock, valued at $25,412,161.98. This represents a 31.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company's stock.

The Hartford Financial Services Group Company 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.