Sumitomo Mitsui Trust Holdings Inc. Reduces Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 8.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 795,703 shares of the insurance provider’s stock after selling 71,774 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.27% of The Hartford Financial Services Group worth $80,000,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Dorsey & Whitney Trust CO LLC increased its holdings in The Hartford Financial Services Group by 3.1% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after acquiring an additional 114 shares in the last quarter. Covestor Ltd boosted its stake in shares of The Hartford Financial Services Group by 28.8% during the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 116 shares during the last quarter. United Asset Strategies Inc. boosted its stake in shares of The Hartford Financial Services Group by 4.3% during the 1st quarter. United Asset Strategies Inc. now owns 2,931 shares of the insurance provider’s stock worth $302,000 after purchasing an additional 121 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of The Hartford Financial Services Group by 34.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 473 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 121 shares during the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in shares of The Hartford Financial Services Group by 2.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider’s stock worth $468,000 after purchasing an additional 122 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Trading Up 0.3 %

NYSE HIG traded up $0.33 during mid-day trading on Friday, hitting $110.46. The company’s stock had a trading volume of 1,510,723 shares, compared to its average volume of 1,654,159. The Hartford Financial Services Group, Inc. has a 52-week low of $68.82 and a 52-week high of $112.65. The stock’s fifty day simple moving average is $103.74 and its two-hundred day simple moving average is $99.99. 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 capitalization of $32.67 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 0.89 and a beta of 0.92.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 earnings per share. Research analysts expect that The Hartford Financial Services Group, Inc. will post 10.07 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. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.70%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Bank of America decreased their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Royal Bank of Canada raised their price target on shares of 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. JPMorgan Chase & Co. raised their price target on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods raised their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, Roth Mkm raised their target price on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $110.88.

Insider Activity

In other news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction that occurred 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 sale, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

About The Hartford Financial Services Group

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.