Gabelli Funds LLC Lowers Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Gabelli Funds LLC lowered its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.8% in the first quarter, Holdings Channel.com reports. The firm owned 108,000 shares of the insurance provider’s stock after selling 2,000 shares during the period. Gabelli Funds LLC’s holdings in The Hartford Financial Services Group were worth $11,129,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in HIG. Norges Bank purchased a new stake in shares of The Hartford Financial Services Group in the fourth quarter valued at $278,704,000. Hotchkis & Wiley Capital Management LLC grew its position in 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 during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in The Hartford Financial Services Group by 72.0% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock valued at $137,633,000 after acquiring an additional 559,019 shares during the period. KBC Group NV grew its position in The Hartford Financial Services Group by 85.5% during the fourth 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 during the period. Finally, Bank of Nova Scotia grew its position in The Hartford Financial Services Group by 793.3% during the fourth quarter. Bank of Nova Scotia now owns 325,412 shares of the insurance provider’s stock valued at $26,156,000 after acquiring an additional 288,984 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Citigroup downgraded The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Roth Mkm boosted their price target on The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Wells Fargo & Company lowered their price target on The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Argus boosted their price objective on The Hartford Financial Services Group from $104.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Finally, Piper Sandler restated an “overweight” rating and set a $115.00 price objective on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Insider Buying and Selling at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at $6,896,840.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The disclosure for this sale can be found here. Insiders have sold 94,499 shares of company stock worth $9,449,309 over the last quarter. 1.60% of the stock is owned by corporate insiders.

The Hartford Financial Services Group Stock Up 7.1 %

Shares of NYSE:HIG traded up $7.30 during trading on Friday, hitting $109.63. The company’s stock had a trading volume of 2,870,720 shares, compared to its average volume of 1,418,687. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.31 and a current ratio of 0.31. The Hartford Financial Services Group, Inc. has a fifty-two week low of $68.82 and a fifty-two week high of $109.68. The stock’s 50-day moving average price is $101.55 and its two-hundred day moving average price is $97.49. The company has a market capitalization of $32.42 billion, a PE ratio of 12.46, a PEG ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a return on equity of 21.52% and a net margin of 11.44%. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter in the previous year, the firm posted $1.88 earnings per share. The company’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 9.86 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.71%. 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 declared that its board has approved a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.30 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are 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.