The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 10.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 368,126 shares of the insurance provider's stock after purchasing an additional 35,490 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.13% of The Hartford Financial Services Group worth $37,011,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. New Covenant Trust Company N.A. acquired a new position in The Hartford Financial Services Group during the first quarter worth $26,000. Cape Investment Advisory Inc. increased its holdings in shares of The Hartford Financial Services Group by 189.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider's stock worth $30,000 after buying an additional 245 shares in the last quarter. Bank & Trust Co acquired a new stake in The Hartford Financial Services Group during the 2nd quarter valued at $30,000. First United Bank & Trust bought a new position in shares of The Hartford Financial Services Group in the fourth quarter valued at about $31,000. Finally, Family Firm Inc. bought a new stake in The Hartford Financial Services Group during the 2nd quarter worth about $31,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HIG has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 10th. Keefe, Bruyette & Woods increased their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an "outperform" rating in a report on Thursday, August 1st. Royal Bank of Canada boosted their price target 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. Bank of America dropped their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a "buy" rating on the stock in a research report on Thursday, July 11th. Finally, Argus raised The Hartford Financial Services Group to a "strong-buy" rating in a research report on Friday, August 2nd. Eight 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $110.88.

The Hartford Financial Services Group Trading Up 1.6 %

HIG traded up $1.83 on Thursday, reaching $116.15. 1,860,023 shares of the company's stock were exchanged, compared to its average volume of 1,626,707. The company's 50 day moving average is $105.60 and its 200-day moving average is $101.28. The company has a market cap of $34.35 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.89 and a beta of 0.92. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month high of $116.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last issued 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period last year, the company earned $1.88 earnings per share. The company's quarterly revenue was up 7.2% compared to the same quarter last year. Equities analysts predict that The Hartford Financial Services Group, Inc. will post 10.07 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.62%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group's dividend payout ratio is 21.36%.

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

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the business's stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the transaction, the executive vice president now directly owns 14,818 shares of the company's stock, valued at $1,503,582.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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.

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