MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Sells 31,322 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH cut its position in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 49.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,549 shares of the insurance provider's stock after selling 31,322 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in The Hartford Financial Services Group were worth $3,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of HIG. New Covenant Trust Company N.A. purchased a new stake in The Hartford Financial Services Group during the first quarter worth about $26,000. Cape Investment Advisory Inc. increased its stake in The Hartford Financial Services Group by 189.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider's stock worth $30,000 after buying an additional 245 shares during the period. Bank & Trust Co acquired a new stake in The Hartford Financial Services Group during the 2nd quarter worth approximately $30,000. First United Bank & Trust purchased a new position in The Hartford Financial Services Group in the 4th quarter valued at approximately $31,000. Finally, Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group in the second quarter worth $31,000. Institutional investors and hedge funds own 93.42% of the company's stock.

Insider Activity at The Hartford Financial Services Group

In related 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 stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the sale, 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 SEC, which can be accessed through this link. 1.60% of the stock is owned by insiders.

The Hartford Financial Services Group Stock Performance

HIG traded down $0.05 on Friday, hitting $116.10. 2,096,765 shares of the company traded hands, compared to its average volume of 1,303,975. The company has a 50 day moving average of $106.11 and a 200-day moving average of $101.63. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $116.51. The stock has a market capitalization of $34.34 billion, a PE ratio of 13.19, a PEG ratio of 0.93 and a beta of 0.92. 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 (NYSE:HIG - Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate 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 company's revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. Sell-side analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

HIG has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a "buy" rating in a report on Thursday, June 13th. JPMorgan Chase & Co. boosted 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 report on Thursday, July 11th. Bank of America decreased their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a "buy" rating for the company in a research note on Thursday, July 11th. Royal Bank of Canada increased their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a "sector perform" rating in a research report on Monday, July 29th. Finally, Piper Sandler boosted their target price on shares of 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. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $110.88.

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.