CIBC World Markets Inc. Grows Position in Hartford Financial Services Group Inc (HIG)

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CIBC World Markets Inc. lifted its holdings in Hartford Financial Services Group Inc (NYSE:HIG) by 9.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,374 shares of the insurance provider’s stock after acquiring an additional 1,011 shares during the period. CIBC World Markets Inc.’s holdings in Hartford Financial Services Group were worth $582,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in HIG. Scout Investments Inc. acquired a new position in shares of Hartford Financial Services Group in the second quarter valued at about $21,568,000. Unigestion Holding SA acquired a new position in shares of Hartford Financial Services Group in the second quarter valued at about $20,503,000. Deprince Race & Zollo Inc. acquired a new position in shares of Hartford Financial Services Group in the second quarter valued at about $18,741,000. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Hartford Financial Services Group in the second quarter valued at about $15,430,000. Finally, First Trust Advisors LP grew its stake in shares of Hartford Financial Services Group by 254.8% in the second quarter. First Trust Advisors LP now owns 409,931 shares of the insurance provider’s stock valued at $20,960,000 after acquiring an additional 294,381 shares in the last quarter. Institutional investors and hedge funds own 89.49% of the company’s stock.

HIG has been the topic of several research reports. TheStreet upgraded shares of Hartford Financial Services Group from a “c” rating to a “b” rating in a research note on Thursday, July 26th. Zacks Investment Research upgraded shares of Hartford Financial Services Group from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Monday. Evercore ISI initiated coverage on shares of Hartford Financial Services Group in a research note on Thursday, June 7th. They issued an “inline” rating and a $57.00 price target on the stock. B. Riley upped their price target on shares of Hartford Financial Services Group from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Finally, Credit Suisse Group initiated coverage on shares of Hartford Financial Services Group in a research note on Tuesday, August 7th. They issued a “neutral” rating and a $57.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $58.73.

Shares of Hartford Financial Services Group stock opened at $50.50 on Friday. The stock has a market cap of $18.28 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 1.13 and a beta of 0.98. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.29 and a current ratio of 0.29. Hartford Financial Services Group Inc has a 12-month low of $49.67 and a 12-month high of $59.20.

Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 26th. The insurance provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The firm had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.63 billion. Hartford Financial Services Group had a negative net margin of 12.24% and a positive return on equity of 9.84%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. analysts predict that Hartford Financial Services Group Inc will post 4.75 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.38%. This is an increase from Hartford Financial Services Group’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, August 31st. Hartford Financial Services Group’s dividend payout ratio is presently 36.50%.

In other Hartford Financial Services Group news, EVP David C. Robinson sold 2,395 shares of the stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $52.88, for a total transaction of $126,647.60. Following the sale, the executive vice president now directly owns 21,398 shares in the company, valued at $1,131,526.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Beth Ann Bombara sold 23,906 shares of the stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $52.63, for a total transaction of $1,258,172.78. Following the sale, the chief financial officer now owns 52,291 shares in the company, valued at $2,752,075.33. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Hartford Financial Services Group Company Profile

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.

Read More: What are Closed-End Mutual Funds?

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

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