Short Interest in The Hartford Financial Services Group, Inc. (NYSE:HIG) Drops By 7.8%

The Hartford Financial Services Group, Inc. (NYSE:HIG) was the recipient of a large decrease in short interest in June. As of June 30th, there was short interest totalling 4,380,000 shares, a decrease of 7.8% from the June 15th total of 4,750,000 shares. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is presently 2.8 days. Approximately 1.5% of the company’s stock are short sold.

The Hartford Financial Services Group Price Performance

HIG traded up $0.87 on Thursday, reaching $105.91. The company had a trading volume of 100,128 shares, compared to its average volume of 1,661,727. The Hartford Financial Services Group has a one year low of $68.82 and a one year high of $106.07. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average of $101.29 and a 200-day moving average of $96.42. The company has a market capitalization of $31.32 billion, a P/E ratio of 11.94, a PEG ratio of 0.86 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, April 25th. The insurance provider reported $2.34 earnings per share 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 business had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the business posted $1.68 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts anticipate that The Hartford Financial Services Group will post 9.83 earnings per share 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. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.78%. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

Insider Activity at The Hartford Financial Services Group

In other news, CFO Beth Ann Costello sold 72,076 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the sale, the chief financial officer now directly owns 69,169 shares in the company, valued at $6,896,840.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Jonathan R. Bennett sold 18,335 shares of The Hartford Financial Services Group stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total value of $1,847,801.30. Following the completion of the sale, the executive vice president now owns 25,643 shares in the company, valued at $2,584,301.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the sale, the chief financial officer now directly owns 69,169 shares in the company, valued at $6,896,840.99. The disclosure for this sale can be found here. In the last three months, insiders sold 94,499 shares of company stock worth $9,449,309. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds have recently bought and sold shares of HIG. Norges Bank purchased a new stake in The Hartford Financial Services Group during the fourth quarter valued at about $278,704,000. Hotchkis & Wiley Capital Management LLC lifted its stake in The Hartford Financial Services Group by 26.2% during the fourth 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in The Hartford Financial Services Group by 72.0% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock valued at $137,633,000 after buying an additional 559,019 shares in the last quarter. Swedbank AB purchased a new stake in shares of The Hartford Financial Services Group in the first quarter worth approximately $53,980,000. Finally, Nordea Investment Management AB lifted its position in shares of The Hartford Financial Services Group by 20.2% in the fourth quarter. Nordea Investment Management AB now owns 2,958,172 shares of the insurance provider’s stock worth $237,600,000 after purchasing an additional 497,916 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Financial Services Group from $114.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. The Goldman Sachs Group increased their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 target price on shares of The Hartford Financial Services Group in a report on Friday, June 28th. Finally, TD Cowen increased their target price on shares of The Hartford Financial Services Group to $144.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.50.

The Hartford Financial Services Group Company 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.