UBS Asset Management Americas Inc. Trims Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)


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UBS Asset Management Americas Inc. lowered its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 2.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,381,908 shares of the insurance provider’s stock after selling 61,791 shares during the quarter. UBS Asset Management Americas Inc. owned 0.67% of The Hartford Financial Services Group worth $116,666,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Perigon Wealth Management LLC bought a new position in The Hartford Financial Services Group in the fourth quarter worth approximately $29,000. Accel Wealth Management purchased a new position in The Hartford Financial Services Group during the 4th quarter valued at about $31,000. DB Wealth Management Group LLC bought a new stake in shares of The Hartford Financial Services Group in the 4th quarter valued at about $42,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of The Hartford Financial Services Group in the 4th quarter worth approximately $44,000. Finally, Charter Oak Capital Management LLC bought a new position in shares of The Hartford Financial Services Group during the fourth quarter valued at approximately $45,000. 90.48% of the stock is owned by hedge funds and other institutional investors.

HIG has been the subject of a number of recent research reports. Royal Bank of Canada upped their target price on The Hartford Financial Services Group from $51.00 to $67.00 in a report on Tuesday, March 30th. JPMorgan Chase & Co. upgraded The Hartford Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $52.00 to $55.00 in a research note on Monday, January 4th. Wells Fargo & Company reaffirmed a “buy” rating on shares of The Hartford Financial Services Group in a research report on Monday. Zacks Investment Research downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a report on Monday, December 28th. Finally, Evercore ISI raised their price target on shares of The Hartford Financial Services Group from $64.00 to $70.00 in a report on Friday, March 19th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $65.69.

In other The Hartford Financial Services Group news, CEO Christopher Swift sold 148,448 shares of The Hartford Financial Services Group stock in a transaction that occurred on Monday, March 29th. The shares were sold at an average price of $65.91, for a total transaction of $9,784,207.68. Following the completion of the sale, the chief executive officer now directly owns 286,371 shares in the company, valued at approximately $18,874,712.61. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP William A. Bloom sold 33,019 shares of the company’s stock in a transaction on Monday, March 29th. The shares were sold at an average price of $65.22, for a total transaction of $2,153,499.18. Following the completion of the sale, the executive vice president now directly owns 70,372 shares in the company, valued at $4,589,661.84. The disclosure for this sale can be found here. Insiders sold 183,332 shares of company stock worth $12,064,527 over the last three months. Corporate insiders own 1.70% of the company’s stock.

Shares of The Hartford Financial Services Group stock opened at $68.15 on Thursday. The company has a 50 day moving average price of $58.76 and a 200 day moving average price of $48.31. The firm has a market capitalization of $24.35 billion, a P/E ratio of 14.26, a PEG ratio of 1.37 and a beta of 1.05. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Hartford Financial Services Group, Inc. has a 52 week low of $30.26 and a 52 week high of $69.60.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, February 4th. The insurance provider reported $1.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.43. The Hartford Financial Services Group had a net margin of 8.50% and a return on equity of 12.19%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the prior year, the business posted $1.43 EPS. As a group, research analysts anticipate that The Hartford Financial Services Group, Inc. will post 5.31 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 2nd. Shareholders of record on Monday, March 1st were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.05%. The ex-dividend date was Friday, February 26th. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.33. The Hartford Financial Services Group’s payout ratio is presently 24.78%.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the insurance provider to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc provides insurance and financial services to individual and business customers in the United States and internationally. Its Commercial Lines segment offers workers' compensation, property, automobile, liability, umbrella, bond, marine, livestock, and reinsurance products; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

Further Reading: What is a Secondary Public Offering?

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Institutional Ownership by Quarter for The Hartford Financial Services Group (NYSE:HIG)

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