The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by Summit Global Investments

Summit Global Investments decreased its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 69.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,901 shares of the insurance provider's stock after selling 6,729 shares during the quarter. Summit Global Investments' holdings in The Hartford Financial Services Group were worth $292,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. International Assets Investment Management LLC bought a new position in The Hartford Financial Services Group in the 4th quarter valued at $11,394,000. abrdn plc raised its position in shares of The Hartford Financial Services Group by 89.3% during the fourth quarter. abrdn plc now owns 159,116 shares of the insurance provider's stock worth $12,790,000 after acquiring an additional 75,054 shares during the last quarter. Lindbrook Capital LLC raised its position in shares of The Hartford Financial Services Group by 5.1% during the fourth quarter. Lindbrook Capital LLC now owns 3,232 shares of the insurance provider's stock worth $260,000 after acquiring an additional 158 shares during the last quarter. Signaturefd LLC raised its position in shares of The Hartford Financial Services Group by 10.7% during the fourth quarter. Signaturefd LLC now owns 5,384 shares of the insurance provider's stock worth $433,000 after acquiring an additional 522 shares during the last quarter. Finally, CWM LLC raised its position in shares of The Hartford Financial Services Group by 23.8% during the fourth quarter. CWM LLC now owns 11,323 shares of the insurance provider's stock worth $910,000 after acquiring an additional 2,174 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Financial Services Group Price Performance

Shares of HIG stock traded up $0.20 on Wednesday, reaching $111.07. The company's stock had a trading volume of 867,129 shares, compared to its average volume of 1,643,332. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $112.65. The company has a market capitalization of $32.85 billion, a P/E ratio of 12.62, a PEG ratio of 0.89 and a beta of 0.92. The stock's 50 day simple moving average is $104.18 and its 200-day simple moving average is $100.40.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm had revenue of $6.49 billion for the quarter, compared to analysts' expectations of $6.02 billion. During the same period last year, the firm earned $1.88 earnings per share. The company's revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities analysts predict that The Hartford Financial Services Group, Inc. will post 10.07 earnings per share for the current fiscal year.

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 $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.69%. The Hartford Financial Services Group's dividend payout ratio (DPR) is presently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on HIG shares. Royal Bank of Canada boosted their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a "sector perform" rating in a research report on Monday, July 29th. JPMorgan Chase & Co. lifted their price objective on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a "neutral" rating in a research note on Thursday, July 11th. Morgan Stanley decreased 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. Piper Sandler lifted their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an "overweight" rating in a research note on Monday, July 29th. Finally, Citigroup cut The Hartford Financial Services Group from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $116.00 to $114.00 in a research note on Friday, June 28th. Eight 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 Hartford Financial Services Group has a consensus rating of "Moderate Buy" and a consensus price target of $110.88.

Insiders Place Their Bets

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 transaction of $414,809.36. Following the completion of the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by company 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.