Arrowstreet Capital Limited Partnership trimmed its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 15.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,071,547 shares of the insurance provider's stock after selling 379,355 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.71% of The Hartford Financial Services Group worth $226,627,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in HIG. Norges Bank acquired a new stake in shares of The Hartford Financial Services Group during the 4th quarter worth approximately $416,340,000. AustralianSuper Pty Ltd increased its stake in The Hartford Financial Services Group by 265.5% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,213,074 shares of the insurance provider's stock worth $132,710,000 after acquiring an additional 881,224 shares during the last quarter. Assenagon Asset Management S.A. raised its position in The Hartford Financial Services Group by 437.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 871,318 shares of the insurance provider's stock valued at $95,322,000 after purchasing an additional 709,324 shares during the period. Proficio Capital Partners LLC lifted its stake in shares of The Hartford Financial Services Group by 11,904.7% in the 4th quarter. Proficio Capital Partners LLC now owns 631,565 shares of the insurance provider's stock valued at $632,000 after purchasing an additional 626,304 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of The Hartford Financial Services Group in the 4th quarter valued at $65,256,000. 93.42% of the stock is owned by institutional investors and hedge funds.
The Hartford Financial Services Group Stock Down 5.6 %
Shares of HIG traded down $6.89 during midday trading on Friday, reaching $116.55. The stock had a trading volume of 584,914 shares, compared to its average volume of 1,574,772. The company has a market cap of $33.26 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 1.12 and a beta of 0.91. The company's fifty day simple moving average is $116.52 and its two-hundred day simple moving average is $115.51. The Hartford Financial Services Group, Inc. has a 1-year low of $94.47 and a 1-year high of $125.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32.
The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share for the quarter, beating analysts' consensus estimates of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. Equities research analysts expect that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current year.
The Hartford Financial Services Group Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Monday, March 3rd were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.78%. The ex-dividend date was Monday, March 3rd. The Hartford Financial Services Group's payout ratio is 20.10%.
Insider Activity at The Hartford Financial Services Group
In related news, CEO Christopher Swift sold 98,061 shares of the 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 trade represents a 31.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert W. Paiano sold 13,138 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the completion of the sale, the executive vice president now directly owns 31,678 shares of the company's stock, valued at approximately $3,712,661.60. This trade represents a 29.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. Raymond James boosted their price target on shares of The Hartford Financial Services Group from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Monday. StockNews.com downgraded shares of The Hartford Financial Services Group from a "buy" rating to a "hold" rating in a report on Tuesday, March 18th. Piper Sandler upped their price target on The Hartford Financial Services Group from $130.00 to $145.00 and gave the stock an "overweight" rating in a research note on Tuesday. Wells Fargo & Company dropped their price objective on The Hartford Financial Services Group from $130.00 to $126.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Finally, Barclays upgraded The Hartford Financial Services Group from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $130.00 to $135.00 in a report on Monday, January 6th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, The Hartford Financial Services Group presently has an average rating of "Moderate Buy" and an average target price of $123.47.
View Our Latest Research Report on HIG
About The Hartford Financial Services Group
(
Free Report)
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.
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