AlphaCentric Advisors LLC Increases Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

AlphaCentric Advisors LLC lifted its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 99.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,653 shares of the insurance provider’s stock after purchasing an additional 2,322 shares during the quarter. AlphaCentric Advisors LLC’s holdings in The Hartford Financial Services Group were worth $468,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of HIG. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter valued at approximately $26,000. Cape Investment Advisory Inc. grew its stake in shares of The Hartford Financial Services Group by 189.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 245 shares during the period. Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group in the 2nd quarter valued at about $30,000. First United Bank & Trust acquired a new stake in shares of The Hartford Financial Services Group in the fourth quarter valued at about $31,000. Finally, Family Firm Inc. acquired a new position in The Hartford Financial Services Group during the second quarter worth about $31,000. 93.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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 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 of the company’s stock, valued at $1,503,582.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on HIG. Keefe, Bruyette & Woods raised their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Piper Sandler upped their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Bank of America dropped their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. The Goldman Sachs Group upped their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Royal Bank of Canada raised their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $110.88.

The Hartford Financial Services Group Stock Up 0.4 %

Shares of HIG traded up $0.40 during trading on Monday, reaching $113.02. The company’s stock had a trading volume of 815,330 shares, compared to its average volume of 1,629,300. The company has a market cap of $33.43 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 0.89 and a beta of 0.92. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average of $104.91 and a two-hundred day moving average of $100.86. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month high of $113.86.

The Hartford Financial Services Group (NYSE:HIG) last issued 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 net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter last year, the company posted $1.88 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, sell-side analysts predict that The Hartford Financial Services Group, Inc. will post 10.07 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be paid a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.66%. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

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.