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

LSV Asset Management lessened its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,785,623 shares of the insurance provider’s stock after selling 36,262 shares during the period. The Hartford Financial Services Group accounts for approximately 1.0% of LSV Asset Management’s investment portfolio, making the stock its 11th biggest position. LSV Asset Management’s holdings in The Hartford Financial Services Group were worth $493,158,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Hotchkis & Wiley Capital Management LLC grew its stake in shares of The Hartford Financial Services Group by 26.2% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock valued at $491,915,000 after buying an additional 1,272,290 shares during the period. Victory Capital Management Inc. grew its stake in shares of The Hartford Financial Services Group by 2.1% in the 4th quarter. Victory Capital Management Inc. now owns 5,247,966 shares of the insurance provider’s stock valued at $421,832,000 after buying an additional 105,799 shares during the period. Norges Bank purchased a new stake in shares of The Hartford Financial Services Group in the 4th quarter valued at approximately $278,704,000. Northern Trust Corp grew its stake in shares of The Hartford Financial Services Group by 0.5% in the 4th quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider’s stock valued at $271,841,000 after buying an additional 18,419 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of The Hartford Financial Services Group by 7.9% in the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock valued at $328,320,000 after buying an additional 233,742 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

HIG stock traded up $0.41 during trading on Friday, reaching $101.75. 1,072,596 shares of the company were exchanged, compared to its average volume of 1,678,806. The Hartford Financial Services Group, Inc. has a 52-week low of $68.82 and a 52-week high of $105.20. The company has a market cap of $30.09 billion, a P/E ratio of 11.58, a PEG ratio of 0.83 and a beta of 0.93. 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 stock’s 50 day moving average price is $100.96 and its 200 day moving average price is $95.67.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.09). The Hartford Financial Services Group had a net margin of 10.87% and a return on equity of 20.64%. The firm had revenue of $6.42 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the previous year, the company posted $1.68 EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, analysts predict that The Hartford Financial Services Group, Inc. will post 9.86 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Monday, June 3rd were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date was Monday, June 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

Insider Activity at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other The Hartford Financial Services Group news, EVP Jonathan R. Bennett sold 18,335 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the transaction, the executive vice president now directly owns 25,643 shares in the company, valued at approximately $2,584,301.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The disclosure for this sale can be found here. In the last three months, insiders sold 94,499 shares of company stock valued at $9,449,309. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

HIG has been the subject of several research reports. Wells Fargo & Company dropped their target price on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Piper Sandler reiterated an “overweight” rating and issued a $115.00 target price on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their target price for the company from $116.00 to $114.00 in a report on Friday, June 28th. Bank of America dropped their target price on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday. Finally, TD Cowen lifted their target price on shares of The Hartford Financial Services Group to $144.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

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.