State Treasurer State of Michigan Boosts Stake in Hartford Financial Services Group Inc (HIG)

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State Treasurer State of Michigan lifted its position in shares of Hartford Financial Services Group Inc (NYSE:HIG) by 1.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 106,075 shares of the insurance provider’s stock after buying an additional 1,000 shares during the quarter. State Treasurer State of Michigan’s holdings in Hartford Financial Services Group were worth $5,424,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of HIG. Pzena Investment Management LLC boosted its holdings in shares of Hartford Financial Services Group by 34.1% during the 1st quarter. Pzena Investment Management LLC now owns 424,540 shares of the insurance provider’s stock worth $21,872,000 after buying an additional 107,994 shares during the period. United Capital Financial Advisers LLC bought a new stake in shares of Hartford Financial Services Group during the 1st quarter worth $224,000. Private Capital Group LLC boosted its holdings in shares of Hartford Financial Services Group by 1,795.2% during the 1st quarter. Private Capital Group LLC now owns 9,552 shares of the insurance provider’s stock worth $495,000 after buying an additional 9,048 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Hartford Financial Services Group during the 1st quarter worth $1,505,000. Finally, DnB Asset Management AS bought a new stake in shares of Hartford Financial Services Group during the 2nd quarter worth $2,294,000. Institutional investors own 88.75% of the company’s stock.

In other news, CFO Beth Ann Bombara sold 23,906 shares of the stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $52.63, for a total value of $1,258,172.78. Following the completion of the transaction, the chief financial officer now owns 52,291 shares in the company, valued at approximately $2,752,075.33. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Brion S. Johnson sold 11,569 shares of the stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $51.91, for a total transaction of $600,546.79. Following the completion of the transaction, the insider now owns 61,445 shares of the company’s stock, valued at approximately $3,189,609.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,870 shares of company stock valued at $1,985,367. Insiders own 1.50% of the company’s stock.

HIG has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Evercore ISI initiated coverage on shares of Hartford Financial Services Group in a report on Thursday, June 7th. They set an “inline” rating and a $57.00 price objective for the company. Citigroup upped their price objective on shares of Hartford Financial Services Group from $55.00 to $57.00 and gave the stock a “hold” rating in a report on Tuesday, May 1st. ValuEngine downgraded shares of Hartford Financial Services Group from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. Finally, B. Riley upped their price objective on shares of Hartford Financial Services Group from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $59.00.

Shares of Hartford Financial Services Group stock opened at $51.96 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.34. Hartford Financial Services Group Inc has a fifty-two week low of $49.67 and a fifty-two week high of $59.20. The firm has a market capitalization of $18.52 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.16 and a beta of 0.98.

Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, July 26th. The insurance provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.11. Hartford Financial Services Group had a negative net margin of 12.24% and a positive return on equity of 9.84%. The firm had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the prior year, the firm earned $0.81 EPS. The business’s revenue was up 13.6% on a year-over-year basis. equities research analysts expect that Hartford Financial Services Group Inc will post 4.7 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, August 31st. This is an increase from Hartford Financial Services Group’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 2.31%. Hartford Financial Services Group’s dividend payout ratio is 36.50%.

About Hartford Financial Services Group

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

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Want to see what other hedge funds are holding HIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hartford Financial Services Group Inc (NYSE:HIG).

Institutional Ownership by Quarter for Hartford Financial Services Group (NYSE:HIG)

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