Allworth Financial LP Increases Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Posted by Defense World Staff on Mar 24th, 2023

Allworth Financial LP lifted its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG – Get Rating) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,374 shares of the insurance provider’s stock after acquiring an additional 289 shares during the period. Allworth Financial LP’s holdings in The Hartford Financial Services Group were worth $1,242,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Gradient Investments LLC purchased a new position in shares of The Hartford Financial Services Group during the 3rd quarter worth $27,000. Janiczek Wealth Management LLC raised its holdings in shares of The Hartford Financial Services Group by 38.4% during the 3rd quarter. Janiczek Wealth Management LLC now owns 588 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 163 shares during the period. Accurate Wealth Management LLC purchased a new position in shares of The Hartford Financial Services Group during the 4th quarter worth $54,000. Larson Financial Group LLC purchased a new position in shares of The Hartford Financial Services Group during the 3rd quarter worth $50,000. Finally, Covestor Ltd raised its holdings in shares of The Hartford Financial Services Group by 130.8% during the 1st quarter. Covestor Ltd now owns 907 shares of the insurance provider’s stock worth $65,000 after acquiring an additional 514 shares during the period. Hedge funds and other institutional investors own 89.93% of the company’s stock.

Wall Street Analysts Forecast Growth

HIG has been the topic of several analyst reports. BMO Capital Markets assumed coverage on The Hartford Financial Services Group in a report on Thursday, January 19th. They set a “market perform” rating and a $77.00 price target on the stock. StockNews.com assumed coverage on The Hartford Financial Services Group in a research report on Thursday, March 16th. They set a “buy” rating for the company. Roth Capital reissued a “neutral” rating on shares of The Hartford Financial Services Group in a research report on Friday, February 3rd. Wells Fargo & Company raised their price objective on The Hartford Financial Services Group from $85.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 18th. Finally, Citigroup raised their price objective on The Hartford Financial Services Group from $90.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, February 8th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $86.00.

Insider Activity

In other news, CEO Christopher Swift sold 34,624 shares of The Hartford Financial Services Group stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $78.32, for a total value of $2,711,751.68. Following the completion of the transaction, the chief executive officer now owns 197,221 shares in the company, valued at approximately $15,446,348.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Adin M. Tooker sold 3,920 shares of the business’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $77.41, for a total transaction of $303,447.20. Following the completion of the sale, the executive vice president now owns 25,820 shares in the company, valued at $1,998,726.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher Swift sold 34,624 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $78.32, for a total value of $2,711,751.68. Following the sale, the chief executive officer now owns 197,221 shares of the company’s stock, valued at approximately $15,446,348.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,167 shares of company stock worth $7,872,898. 1.80% of the stock is currently owned by company insiders.

The Hartford Financial Services Group Stock Performance

NYSE HIG opened at $65.79 on Friday. The company has a market cap of $20.60 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.15 and a beta of 0.87. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a 50-day moving average of $74.76 and a two-hundred day moving average of $72.24. The Hartford Financial Services Group, Inc. has a 1-year low of $60.17 and a 1-year high of $79.44.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last announced its quarterly earnings data on Friday, February 3rd. The insurance provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.45. The business had revenue of $6.02 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 EPS. As a group, analysts anticipate that The Hartford Financial Services Group, Inc. will post 8.35 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 4th. Stockholders of record on Monday, March 6th will be paid a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, March 3rd. The Hartford Financial Services Group’s payout ratio is presently 31.19%.

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.