The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC cut its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 105,281 shares of the insurance provider’s stock after selling 2,268 shares during the period. The Hartford Financial Services Group comprises about 1.0% of Clear Harbor Asset Management LLC’s holdings, making the stock its 20th largest holding. Clear Harbor Asset Management LLC’s holdings in The Hartford Financial Services Group were worth $12,382,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of HIG. Trust Co. of Vermont increased its holdings in The Hartford Financial Services Group by 27.9% in the third quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock valued at $47,000 after buying an additional 88 shares during the last quarter. Bailard Inc. raised its position in shares of The Hartford Financial Services Group by 0.5% during the 2nd quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock worth $1,948,000 after acquiring an additional 101 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in The Hartford Financial Services Group by 3.1% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock worth $385,000 after purchasing an additional 114 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in The Hartford Financial Services Group by 2.6% in the third quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock valued at $537,000 after purchasing an additional 114 shares in the last quarter. Finally, Covestor Ltd increased its stake in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Jefferies Financial Group upped their price objective on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada raised 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 note on Monday, July 29th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.76.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $112.26 on Friday. 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 firm has a market cap of $33.20 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93. The firm’s fifty day moving average price is $116.31 and its 200 day moving average price is $106.93. The Hartford Financial Services Group, Inc. has a 1-year low of $68.92 and a 1-year high of $123.23.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, October 24th. The insurance provider reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.04. The business had revenue of $4.67 billion for the quarter, compared to the consensus estimate of $4.62 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. On average, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 10.02 EPS for the current year.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.85%. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio is 23.64%.

The Hartford Financial Services Group declared that its Board of Directors has authorized a share buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.