IBM Retirement Fund decreases its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)


IBM Retirement Fund reduced its holdings of shares in The Hartford Financial Services Group, Inc. (NYSE: HIG – Get Rating) by 6.3% during the 1st quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor held 5,419 shares of the insurance provider after selling 364 shares during the quarter. IBM Retirement Fund’s holdings in The Hartford Financial Services Group were worth $389,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also changed their positions in HIG. Covestor Ltd purchased a new stake in shares of The Hartford Financial Services Group during Q4, valued at approximately $27,000. Confluence Wealth Services Inc. acquired a new stake in The Hartford Financial Services Group in Q4 for approximately $28,000. James Reed Financial Services Inc. acquired a new stake in The Hartford Financial Services Group in Q4 for a value of approximately $34,000. EverSource Wealth Advisors LLC acquired a new stake in The Hartford Financial Services Group in Q4 for approximately $35,000. Finally, Syverson Strege & Co increased its position in The Hartford Financial Services Group by 58.2% in the 4th quarter. Syverson Strege & Co now owns 598 shares of the insurance provider worth $41,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 93.01% of the company’s shares.

A number of analysts have weighed in on HIG shares recently. Citigroup began covering shares of Hartford Financial Services Group in a research report on Monday, May 23. They issued a “buy” rating and a price target of $81.00 on the stock. Morgan Stanley cut its price target on shares of Hartford Financial Services Group from $77.00 to $73.00 and set an “equal weight” rating for the company in a Monday, May 23 research note. Barclays raised its price target on shares of Hartford Financial Services Group from $85.00 to $86.00 and gave the company an “overweight” rating in a Tuesday, April 12 research note. StockNews.com began covering the Hartford Financial Services Group in a report on Thursday, March 31. They set a “buy” rating on the stock. Finally, Raymond James raised his price target on the Hartford Financial Services Group from $80.00 to $85.00 in a Tuesday, May 3 report. Four investment analysts gave the stock a hold rating and nine gave the company a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.15.

NYSE:HIG shares opened at $65.77 on Tuesday. The Hartford Financial Services Group, Inc. has a 12-month low of $59.86 and a 12-month high of $78.17. The company’s fifty-day simple moving average is $69.61 and its 200-day simple moving average is $70.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt ratio of 0.28. The company has a market capitalization of $21.63 billion, a PE ratio of 9.05, a P/E/G ratio of 1.35 and a beta of 0.97.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last announced its results on Thursday, April 28. The insurance provider reported earnings per share of $1.66 for the quarter, beating the consensus estimate of $1.56 by $0.10. The Hartford Financial Services Group had a return on equity of 14.84% and a net margin of 11.39%. The company posted revenue of $5.39 billion for the quarter, versus a consensus estimate of $5.60 billion. During the same period of the previous year, the company achieved EPS of $0.56. The company’s revenue for the quarter increased 1.8% on an annual basis. Research analysts predict The Hartford Financial Services Group, Inc. will post EPS of 6.95 for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 5. Shareholders of record on Wednesday, June 1 will receive a dividend of $0.385 per share. The ex-dividend date is Tuesday, May 31. This represents a dividend of $1.54 on an annualized basis and a yield of 2.34%. Hartford Financial Services Group’s dividend payout ratio is currently 21.18%.

In other Hartford Financial Services Group news, Chief Financial Officer Beth Ann Costello sold 47,214 shares of Hartford Financial Services Group in a trade dated Wednesday, May 4. The stock was sold at an average price of $73.18, for a total transaction of $3,455,120.52. Following the completion of the sale, the CFO now owns 50,503 shares of the company, valued at approximately $3,695,809.54. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, SVP Scott R. Lewis sold 5,000 shares of Hartford Financial Services Group in a trade dated Monday, April 11. The stock was sold at an average price of $75.00, for a total value of $375,000.00. As a result of the sale, the senior vice president now directly owns 20,121 shares of the company, valued at approximately $1,509,075. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 122,597 shares of the company valued at $8,980,210. 1.80% of the shares are currently held by insiders.

Hartford Financial Services Group Company Profile (Get a rating)

The Hartford Financial Services Group, Inc provides insurance and financial services to individuals and businesses in the United States, United Kingdom and internationally. Its Commercial Lines segment offers workers’ compensation, property, automobile, liability, umbrella insurance, bond, marine, livestock and reinsurance; and customized insurance products and risk management services, including professional liability, bond, surety and specialist accident insurance coverage through regional offices, branches, sales centers and policyholder services, independent retail agents and brokers, wholesale agents and reinsurance brokers.

Further reading

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Institutional ownership by quarter for The Hartford Financial Services Group (NYSE:HIG)



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