The Hartford Financial Services Group, Inc. (NYSE:HIG) Short Interest Down 32.0% in March

The Hartford Financial Services Group, Inc. (NYSE:HIG) was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 2,800,000 shares, a drop of 32.0% from the March 15th total of 4,120,000 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily volume of 1,800,000 shares, the short-interest ratio is presently 1.6 days.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, CEO Christopher Swift sold 1,144 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $125.00, for a total transaction of $143,000.00. Following the completion of the transaction, the chief executive officer now owns 211,082 shares in the company, valued at $26,385,250. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Robert W. Paiano sold 13,138 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total value of $1,539,773.60. Following the completion of the sale, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at $3,712,661.60. The trade was a 29.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,343 shares of company stock valued at $13,488,337. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of hedge funds have recently modified their holdings of HIG. Five Oceans Advisors acquired a new position in shares of The Hartford Financial Services Group in the 1st quarter valued at about $217,000. Strategic Advisors LLC acquired a new position in The Hartford Financial Services Group in the 1st quarter worth about $224,000. Grove Bank & Trust lifted its holdings in shares of The Hartford Financial Services Group by 30.8% during the 1st quarter. Grove Bank & Trust now owns 743 shares of the insurance provider’s stock valued at $92,000 after buying an additional 175 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in The Hartford Financial Services Group in the first quarter worth approximately $312,000. Finally, Sowell Financial Services LLC bought a new stake in The Hartford Financial Services Group in the first quarter worth approximately $465,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG traded up $0.69 during midday trading on Friday, hitting $117.84. The company’s stock had a trading volume of 1,403,365 shares, compared to its average volume of 1,579,084. The firm has a market cap of $33.94 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.12 and a beta of 0.68. The Hartford Financial Services Group has a 1-year low of $94.47 and a 1-year high of $125.08. The firm’s fifty day moving average price is $117.07 and its 200-day moving average price is $115.34. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings data on Thursday, January 30th. The insurance provider reported $2.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. On average, sell-side analysts forecast that The Hartford Financial Services Group will post 11.11 EPS for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Monday, March 3rd were paid a dividend of $0.52 per share. The ex-dividend date was Monday, March 3rd. This represents a $2.08 annualized dividend and a yield of 1.77%. The Hartford Financial Services Group’s dividend payout ratio is currently 20.10%.

Analyst Ratings Changes

Several equities research analysts have commented on HIG shares. Barclays upped their price target on shares of The Hartford Financial Services Group from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, April 11th. Wells Fargo & Company decreased their target price on The Hartford Financial Services Group from $126.00 to $125.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Piper Sandler boosted their price target on The Hartford Financial Services Group from $130.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 1st. JPMorgan Chase & Co. boosted their price objective on The Hartford Financial Services Group from $125.00 to $129.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group decreased their target price on shares of The Hartford Financial Services Group from $118.00 to $117.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $124.13.

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.