California Public Employees Retirement System Reduces Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

California Public Employees Retirement System lessened its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,380,084 shares of the insurance provider's stock after selling 32,596 shares during the quarter. California Public Employees Retirement System owned approximately 0.48% of The Hartford Financial Services Group worth $150,981,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. boosted its position in The Hartford Financial Services Group by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 4,701,675 shares of the insurance provider's stock worth $514,363,000 after acquiring an additional 202,487 shares during the last quarter. Nordea Investment Management AB lifted its stake in The Hartford Financial Services Group by 17.3% in the 4th quarter. Nordea Investment Management AB now owns 3,938,421 shares of the insurance provider's stock worth $430,272,000 after purchasing an additional 581,103 shares in the last quarter. Norges Bank acquired a new position in shares of The Hartford Financial Services Group during the 4th quarter worth approximately $416,340,000. Charles Schwab Investment Management Inc. grew its position in shares of The Hartford Financial Services Group by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,914 shares of the insurance provider's stock valued at $209,382,000 after purchasing an additional 39,585 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its holdings in shares of The Hartford Financial Services Group by 8.5% in the fourth quarter. Bahl & Gaynor Inc. now owns 1,457,147 shares of the insurance provider's stock valued at $159,412,000 after purchasing an additional 114,716 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

The Hartford Financial Services Group Trading Down 5.7 %

The Hartford Financial Services Group stock traded down $7.10 during midday trading on Friday, reaching $116.35. 584,914 shares of the stock traded hands, compared to its average volume of 1,574,772. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. The firm has a market cap of $33.20 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 1.12 and a beta of 0.91. The company has a 50-day simple moving average of $116.52 and a two-hundred day simple moving average of $115.51. The Hartford Financial Services Group, Inc. has a 12-month low of $94.47 and a 12-month high of $125.08.

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 earnings per share for the quarter, beating analysts' consensus estimates 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%. Research analysts expect that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors 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 dividend on an annualized basis and a yield of 1.79%. The Hartford Financial Services Group's dividend payout ratio (DPR) is presently 20.10%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HIG. Raymond James upped their target price on The Hartford Financial Services Group from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Monday. Royal Bank of Canada reissued a "sector perform" rating and issued a $125.00 price objective on shares of The Hartford Financial Services Group in a report on Monday, February 3rd. Wells Fargo & Company reduced their target price on shares of The Hartford Financial Services Group from $130.00 to $126.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. StockNews.com cut shares of The Hartford Financial Services Group from a "buy" rating to a "hold" rating in a research note on Tuesday, March 18th. Finally, Barclays raised shares of 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 report on Monday, January 6th. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, The Hartford Financial Services Group currently has an average rating of "Moderate Buy" and an average price target of $123.47.

Insider Buying and Selling

In related news, EVP Robert W. Paiano sold 13,138 shares of The Hartford Financial Services Group stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 in the company, valued at $3,712,661.60. The trade was a 29.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher Swift sold 98,061 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $120.39, for a total transaction of $11,805,563.79. Following the completion of the sale, the chief executive officer now directly owns 211,082 shares in the company, valued at approximately $25,412,161.98. This represents a 31.72 % 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 insiders.

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.