Griffin Asset Management Inc. Takes Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Griffin Asset Management Inc. bought a new stake in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,600 shares of the insurance provider's stock, valued at approximately $664,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in HIG. Norges Bank purchased a new stake in The Hartford Financial Services Group during the 4th quarter valued at about $278,704,000. Hotchkis & Wiley Capital Management LLC increased its position in shares of The Hartford Financial Services Group by 26.2% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider's stock valued at $491,915,000 after acquiring an additional 1,272,290 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in The Hartford Financial Services Group by 72.0% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider's stock worth $137,633,000 after acquiring an additional 559,019 shares during the last quarter. Swedbank AB bought a new position in The Hartford Financial Services Group in the 1st quarter valued at approximately $53,980,000. Finally, KBC Group NV lifted its position in The Hartford Financial Services Group by 85.5% in the 4th quarter. KBC Group NV now owns 1,074,470 shares of the insurance provider's stock valued at $86,366,000 after acquiring an additional 495,192 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HIG. Keefe, Bruyette & Woods boosted their price target 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. Bank of America dropped their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. Morgan Stanley dropped their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Company decreased their target price on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an "overweight" rating for the company in a research note on Monday, April 29th. Finally, Roth Mkm raised their price target on The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a "neutral" rating in a research note on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, The Hartford Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $110.88.

The Hartford Financial Services Group Price Performance

Shares of HIG stock traded up $0.96 on Friday, hitting $112.62. 711,318 shares of the stock traded hands, compared to its average volume of 1,634,292. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The Hartford Financial Services Group, Inc. has a 52 week low of $68.82 and a 52 week high of $112.74. The firm has a 50 day simple moving average of $104.91 and a two-hundred day simple moving average of $100.71. The firm has a market cap of $33.31 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 0.89 and a beta of 0.92.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $1.88 earnings per share. As a group, equities research 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.67%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group's payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the business's stock in a transaction 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 sale, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company's stock.

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.