Sumitomo Mitsui Asset Management Company LTD Purchases 353 Shares of Hartford Financial Services Group Inc (HIG)

Sumitomo Mitsui Asset Management Company LTD raised its position in Hartford Financial Services Group Inc (NYSE:HIG) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,500 shares of the insurance provider’s stock after acquiring an additional 353 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Hartford Financial Services Group were worth $1,218,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Jane Street Group LLC raised its holdings in shares of Hartford Financial Services Group by 387.0% in the 4th quarter. Jane Street Group LLC now owns 60,982 shares of the insurance provider’s stock worth $2,710,000 after buying an additional 48,461 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Hartford Financial Services Group by 1.6% in the 4th quarter. Captrust Financial Advisors now owns 27,353 shares of the insurance provider’s stock worth $1,224,000 after buying an additional 426 shares in the last quarter. Macquarie Group Ltd. raised its holdings in shares of Hartford Financial Services Group by 1,211.2% in the 4th quarter. Macquarie Group Ltd. now owns 152,098 shares of the insurance provider’s stock worth $6,761,000 after buying an additional 140,498 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in shares of Hartford Financial Services Group in the 4th quarter worth approximately $418,000. Finally, Investors Research Corp acquired a new position in shares of Hartford Financial Services Group in the 1st quarter worth approximately $93,000. 91.21% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently issued reports on HIG. Barclays increased their target price on Hartford Financial Services Group from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday. Zacks Investment Research cut Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Monday. Wells Fargo & Co reissued a “hold” rating and issued a $56.00 target price on shares of Hartford Financial Services Group in a report on Thursday, May 2nd. ValuEngine raised Hartford Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, February 8th. Finally, TheStreet raised Hartford Financial Services Group from a “c+” rating to a “b-” rating in a report on Thursday, March 14th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Hartford Financial Services Group currently has an average rating of “Buy” and a consensus price target of $57.67.

HIG stock traded up $0.24 during midday trading on Wednesday, reaching $53.87. 558,288 shares of the company’s stock traded hands, compared to its average volume of 2,118,472. Hartford Financial Services Group Inc has a 1-year low of $40.54 and a 1-year high of $54.10. The stock has a market capitalization of $19.41 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32.

Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.15. The firm had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.84 billion. Hartford Financial Services Group had a return on equity of 12.46% and a net margin of 9.58%. The business’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $1.27 EPS. On average, equities analysts expect that Hartford Financial Services Group Inc will post 5.12 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a $0.30 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.23%. Hartford Financial Services Group’s payout ratio is 27.71%.

Hartford Financial Services Group declared that its Board of Directors has approved a share buyback plan on Monday, February 4th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

In other news, Director Trevor Fetter acquired 10,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average cost of $52.19 per share, for a total transaction of $521,900.00. Following the transaction, the director now owns 50,945 shares of the company’s stock, valued at $2,658,819.55. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Martha Gervasi sold 5,039 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $52.87, for a total value of $266,411.93. Following the completion of the transaction, the insider now owns 15,210 shares in the company, valued at $804,152.70. The disclosure for this sale can be found here. Insiders sold a total of 15,039 shares of company stock worth $778,412 over the last quarter. Corporate insiders own 1.70% of the company’s stock.

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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. Its Commercial Lines segment offers workers' compensation, property, automobile, marine, livestock, liability, and umbrella coverages; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages.

Further Reading: Dead Cat Bounce

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

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