Maryland State Retirement & Pension System Decreases Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Maryland State Retirement & Pension System decreased its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 8.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 15,456 shares of the insurance provider’s stock after selling 1,505 shares during the period. Maryland State Retirement & Pension System’s holdings in The Hartford Financial Services Group were worth $1,691,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of HIG. Intech Investment Management LLC raised its stake in shares of The Hartford Financial Services Group by 8.0% in the fourth quarter. Intech Investment Management LLC now owns 119,071 shares of the insurance provider’s stock valued at $13,026,000 after acquiring an additional 8,801 shares during the period. Generali Asset Management SPA SGR purchased a new stake in shares of The Hartford Financial Services Group in the fourth quarter valued at $5,937,000. Mystic Asset Management Inc. purchased a new stake in shares of The Hartford Financial Services Group in the fourth quarter valued at $1,417,000. Flagship Wealth Advisors LLC purchased a new stake in shares of The Hartford Financial Services Group in the fourth quarter valued at $36,000. Finally, TCTC Holdings LLC raised its stake in shares of The Hartford Financial Services Group by 49.5% in the fourth quarter. TCTC Holdings LLC now owns 719 shares of the insurance provider’s stock valued at $79,000 after acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets increased their target price on shares of The Hartford Financial Services Group from $100.00 to $141.00 and gave the company a “market perform” rating in a research note on Wednesday, November 27th. Piper Sandler increased their target price on shares of The Hartford Financial Services Group from $127.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Keefe, Bruyette & Woods increased their target price on shares of The Hartford Financial Services Group from $139.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 5th. Royal Bank of Canada restated a “sector perform” rating and issued a $125.00 price target on shares of The Hartford Financial Services Group in a report on Monday, February 3rd. Finally, StockNews.com cut shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Tuesday. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.94.

The Hartford Financial Services Group Stock Performance

HIG stock opened at $119.20 on Friday. The firm has a market cap of $34.02 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 1.12 and a beta of 0.91. The firm has a 50-day simple moving average of $114.36 and a two-hundred day simple moving average of $115.05. The Hartford Financial Services Group, Inc. has a one year low of $94.47 and a one year high of $124.90. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 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, equities analysts forecast that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Monday, March 3rd will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Monday, March 3rd. The Hartford Financial Services Group’s payout ratio is 20.10%.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, CEO Christopher Swift sold 98,061 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $120.39, for a total value of $11,805,563.79. Following the completion of the transaction, the chief executive officer now directly owns 211,082 shares of the company’s stock, valued at $25,412,161.98. This trade represents a 31.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert W. Paiano sold 13,138 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the completion of the transaction, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at $3,712,661.60. The trade was a 29.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.