MQS Management LLC Reduces Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Posted by Defense World Staff on Mar 18th, 2023

MQS Management LLC decreased its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG – Get Rating) by 45.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,251 shares of the insurance provider’s stock after selling 2,682 shares during the quarter. MQS Management LLC’s holdings in The Hartford Financial Services Group were worth $201,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Gradient Investments LLC purchased a new position in shares of The Hartford Financial Services Group in the 3rd quarter worth approximately $27,000. Janiczek Wealth Management LLC boosted its holdings in shares of The Hartford Financial Services Group by 38.4% in the 3rd quarter. Janiczek Wealth Management LLC now owns 588 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 163 shares during the period. Larson Financial Group LLC purchased a new position in shares of The Hartford Financial Services Group in the 3rd quarter worth approximately $50,000. Covestor Ltd boosted its holdings in shares of The Hartford Financial Services Group by 130.8% in the 1st quarter. Covestor Ltd now owns 907 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 514 shares during the period. Finally, Toth Financial Advisory Corp boosted its holdings in shares of The Hartford Financial Services Group by 19.4% in the 3rd quarter. Toth Financial Advisory Corp now owns 985 shares of the insurance provider’s stock worth $61,000 after purchasing an additional 160 shares during the period. Hedge funds and other institutional investors own 89.93% of the company’s stock.

The Hartford Financial Services Group Trading Down 4.2 %

HIG opened at $65.72 on Friday. The firm has a market cap of $20.57 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.17 and a beta of 0.87. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.33. The Hartford Financial Services Group, Inc. has a 12 month low of $60.17 and a 12 month high of $79.44. The stock has a fifty day moving average price of $75.48 and a 200-day moving average price of $72.17.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last released its quarterly earnings results on Friday, February 3rd. The insurance provider reported $2.31 EPS for the quarter, topping the consensus estimate of $1.86 by $0.45. The firm had revenue of $6.02 billion during the quarter, compared to analyst estimates of $5.74 billion. The Hartford Financial Services Group had a return on equity of 18.15% and a net margin of 8.12%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.02 EPS. As a group, equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 8.35 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 4th. Stockholders of record on Monday, March 6th will be given a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Friday, March 3rd. The Hartford Financial Services Group’s payout ratio is 31.19%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HIG. Piper Sandler raised their price target on The Hartford Financial Services Group from $83.00 to $96.00 and gave the stock an “overweight” rating in a research note on Monday, February 6th. Roth Capital reissued a “neutral” rating on shares of The Hartford Financial Services Group in a research note on Friday, February 3rd. Wells Fargo & Company raised their price target on The Hartford Financial Services Group from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 18th. Citigroup raised their price target on The Hartford Financial Services Group from $90.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, February 8th. Finally, StockNews.com began coverage on The Hartford Financial Services Group in a research note on Thursday. They set a “buy” rating for the company. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

Insider Transactions at The Hartford Financial Services Group

In other news, EVP Amy Stepnowski sold 336 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $77.59, for a total value of $26,070.24. Following the completion of the transaction, the executive vice president now directly owns 3,844 shares of the company’s stock, valued at approximately $298,255.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Robert W. Paiano sold 14,542 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $77.38, for a total transaction of $1,125,259.96. Following the transaction, the executive vice president now directly owns 46,629 shares in the company, valued at approximately $3,608,152.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Amy Stepnowski sold 336 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $77.59, for a total value of $26,070.24. Following the transaction, the executive vice president now owns 3,844 shares in the company, valued at $298,255.96. The disclosure for this sale can be found here. In the last three months, insiders sold 101,167 shares of company stock valued at $7,872,898. Corporate insiders own 1.80% of the company’s stock.

About The Hartford Financial Services Group

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The Hartford Financial Services Group, Inc is an insurance and financial services company. It operates through the following segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, Hartford Funds, and Corporate. The Commercial Lines segment provides workers’ compensation, property, automobile, liability and umbrella coverage under several different products.