The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by Arrowstreet Capital Limited Partnership

Posted by Defense World Staff on Jun 13th, 2023

Arrowstreet Capital Limited Partnership lessened its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG – Get Rating) by 20.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 480,662 shares of the insurance provider’s stock after selling 121,078 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.15% of The Hartford Financial Services Group worth $36,449,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of The Hartford Financial Services Group by 2.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,649,095 shares of the insurance provider’s stock valued at $349,947,000 after buying an additional 147,509 shares in the last quarter. Korea Investment CORP raised its position in The Hartford Financial Services Group by 51.2% during the 3rd quarter. Korea Investment CORP now owns 462,223 shares of the insurance provider’s stock worth $28,630,000 after buying an additional 156,532 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in The Hartford Financial Services Group by 10.9% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 364,283 shares of the insurance provider’s stock worth $27,624,000 after buying an additional 35,693 shares during the last quarter. Envestnet Asset Management Inc. raised its position in The Hartford Financial Services Group by 3.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 376,332 shares of the insurance provider’s stock worth $23,310,000 after buying an additional 13,184 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new position in The Hartford Financial Services Group during the 3rd quarter worth $22,074,000. Institutional investors and hedge funds own 89.93% of the company’s stock.

The Hartford Financial Services Group Price Performance

The Hartford Financial Services Group stock opened at $71.44 on Tuesday. 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 market capitalization of $22.16 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.29 and a beta of 0.86. The firm’s 50-day moving average is $69.99 and its two-hundred day moving average is $72.99. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last released its quarterly earnings results on Thursday, April 27th. The insurance provider reported $1.68 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.68. The Hartford Financial Services Group had a net margin of 8.33% and a return on equity of 18.45%. The company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the company earned $1.66 EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities analysts predict that The Hartford Financial Services Group, Inc. will post 7.91 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 1st will be given a $0.425 dividend. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.70 annualized dividend and a dividend yield of 2.38%. The Hartford Financial Services Group’s dividend payout ratio is presently 29.26%.

Analyst Ratings Changes

A number of brokerages have commented on HIG. JPMorgan Chase & Co. upped their price objective on shares of The Hartford Financial Services Group from $86.00 to $87.00 and gave the stock an “overweight” rating in a research report on Friday, March 31st. StockNews.com assumed coverage on shares of The Hartford Financial Services Group in a research report on Thursday, May 18th. They set a “buy” rating for the company. Citigroup cut their price target on shares of The Hartford Financial Services Group from $92.00 to $85.00 in a report on Tuesday, April 18th. 888 reiterated a “reiterates” rating on shares of The Hartford Financial Services Group in a report on Monday, May 1st. Finally, The Goldman Sachs Group upgraded shares of The Hartford Financial Services Group from a “neutral” rating to a “buy” rating and set a $84.00 price target for the company in a report on Wednesday, March 29th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.15.

The Hartford Financial Services Group Profile

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The Hartford Financial Services Group, Inc 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, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.