Bank of Nova Scotia Has $2.01 Million Stake in Hartford Financial Services Group Inc (HIG)

Bank of Nova Scotia cut its stake in shares of Hartford Financial Services Group Inc (NYSE:HIG) by 13.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,256 shares of the insurance provider’s stock after selling 6,109 shares during the quarter. Bank of Nova Scotia’s holdings in Hartford Financial Services Group were worth $2,007,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the company. FMR LLC grew its position in shares of Hartford Financial Services Group by 1.8% during the second quarter. FMR LLC now owns 10,496,071 shares of the insurance provider’s stock worth $536,664,000 after buying an additional 184,389 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Hartford Financial Services Group by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 6,495,814 shares of the insurance provider’s stock worth $332,131,000 after buying an additional 257,968 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Hartford Financial Services Group by 8.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,208,452 shares of the insurance provider’s stock valued at $215,175,000 after purchasing an additional 327,834 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Hartford Financial Services Group by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,437,172 shares of the insurance provider’s stock valued at $73,483,000 after purchasing an additional 23,325 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Hartford Financial Services Group by 10.8% in the second quarter. American Century Companies Inc. now owns 1,415,309 shares of the insurance provider’s stock valued at $72,365,000 after purchasing an additional 138,526 shares in the last quarter. 89.43% of the stock is owned by institutional investors and hedge funds.

Shares of HIG opened at $49.76 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market capitalization of $18.13 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.12 and a beta of 0.94. Hartford Financial Services Group Inc has a 52-week low of $48.79 and a 52-week high of $59.20.

Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, July 26th. The insurance provider reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.11. Hartford Financial Services Group had a positive return on equity of 9.84% and a negative net margin of 12.24%. The firm had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the prior year, the company posted $0.81 earnings per share. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. sell-side analysts predict that Hartford Financial Services Group Inc will post 4.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, August 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.41%. This is a boost from Hartford Financial Services Group’s previous quarterly dividend of $0.25. Hartford Financial Services Group’s payout ratio is currently 43.80%.

In other Hartford Financial Services Group news, CFO Beth Ann Bombara sold 23,906 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $52.63, for a total value of $1,258,172.78. Following the completion of the sale, the chief financial officer now owns 52,291 shares in the company, valued at $2,752,075.33. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP David C. Robinson sold 2,395 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $52.88, for a total value of $126,647.60. Following the completion of the sale, the executive vice president now owns 21,398 shares of the company’s stock, valued at approximately $1,131,526.24. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

A number of equities analysts recently issued reports on the company. B. Riley raised Hartford Financial Services Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $55.00 to $60.00 in a report on Monday. Sandler O’Neill assumed coverage on Hartford Financial Services Group in a report on Monday, September 10th. They issued a “buy” rating and a $60.00 price target for the company. Zacks Investment Research downgraded Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Wednesday, September 5th. Credit Suisse Group assumed coverage on Hartford Financial Services Group in a report on Tuesday, August 7th. They issued a “neutral” rating and a $57.00 price target for the company. Finally, ValuEngine downgraded Hartford Financial Services Group from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $58.91.

Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

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

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