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

Advisors Asset Management Inc. cut its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,821 shares of the insurance provider’s stock after selling 1,222 shares during the period. Advisors Asset Management Inc.’s holdings in The Hartford Financial Services Group were worth $2,278,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in HIG. Oppenheimer & Co. Inc. purchased a new position in The Hartford Financial Services Group in the third quarter worth $271,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in The Hartford Financial Services Group in the third quarter worth $1,717,000. Pacer Advisors Inc. grew its position in The Hartford Financial Services Group by 29.9% in the third quarter. Pacer Advisors Inc. now owns 58,293 shares of the insurance provider’s stock worth $6,856,000 after acquiring an additional 13,423 shares in the last quarter. Citigroup Inc. grew its position in The Hartford Financial Services Group by 3.5% in the third quarter. Citigroup Inc. now owns 314,849 shares of the insurance provider’s stock worth $37,029,000 after acquiring an additional 10,566 shares in the last quarter. Finally, Nwam LLC bought a new stake in The Hartford Financial Services Group in the third quarter worth $332,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on HIG shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $125.00 price target on shares of The Hartford Financial Services Group in a research note on Monday, February 3rd. StockNews.com downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 18th. Barclays raised shares of The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $130.00 to $135.00 in a research note on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target on shares of The Hartford Financial Services Group from $139.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 5th. Finally, Piper Sandler boosted their price target on shares of The Hartford Financial Services Group from $127.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $122.94.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $119.20 on Friday. The Hartford Financial Services Group, Inc. has a 1 year low of $94.47 and a 1 year high of $124.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. The company’s 50-day moving average is $114.36 and its 200 day moving average is $115.04. The stock has a market capitalization of $34.02 billion, a P/E ratio of 11.52, a P/E/G ratio of 1.12 and a beta of 0.91.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. On average, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Monday, March 3rd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Monday, March 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 20.10%.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Robert W. Paiano sold 13,138 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 31,678 shares in the company, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher Swift sold 98,061 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was 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 owns 211,082 shares in the company, valued at approximately $25,412,161.98. This trade represents a 31.72 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.