Scout Investments Inc. Cuts Stake in Hartford Financial Services Group Inc (HIG)

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Scout Investments Inc. lessened its stake in shares of Hartford Financial Services Group Inc (NYSE:HIG) by 22.7% in the first quarter, Holdings Channel reports. The institutional investor owned 248,365 shares of the insurance provider’s stock after selling 73,131 shares during the quarter. Scout Investments Inc.’s holdings in Hartford Financial Services Group were worth $12,349,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Founders Capital Management acquired a new stake in shares of Hartford Financial Services Group during the 4th quarter worth about $27,000. Dubuque Bank & Trust Co. acquired a new stake in shares of Hartford Financial Services Group during the 4th quarter worth about $29,000. Pinnacle Bank acquired a new stake in shares of Hartford Financial Services Group during the 4th quarter worth about $35,000. Riverview Trust Co lifted its stake in shares of Hartford Financial Services Group by 55.8% during the 1st quarter. Riverview Trust Co now owns 849 shares of the insurance provider’s stock worth $42,000 after buying an additional 304 shares during the last quarter. Finally, Rational Advisors LLC lifted its stake in shares of Hartford Financial Services Group by 87.8% during the 4th quarter. Rational Advisors LLC now owns 875 shares of the insurance provider’s stock worth $39,000 after buying an additional 409 shares during the last quarter. Institutional investors own 91.89% of the company’s stock.

NYSE:HIG opened at $51.07 on Monday. Hartford Financial Services Group Inc has a 52 week low of $40.54 and a 52 week high of $55.16. The stock has a market cap of $18.24 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 1.07 and a beta of 0.72. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.32 and a current ratio of 0.32.

Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Monday, February 4th. The insurance provider reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.13. Hartford Financial Services Group had a net margin of 9.53% and a return on equity of 12.31%. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.73 billion. During the same period last year, the firm earned $0.81 earnings per share. Hartford Financial Services Group’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities research analysts anticipate that Hartford Financial Services Group Inc will post 4.98 earnings per share for the current year.

Hartford Financial Services Group declared that its board has approved a stock repurchase plan on Monday, February 4th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 4th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Friday, March 1st. Hartford Financial Services Group’s dividend payout ratio is 27.71%.

In other Hartford Financial Services Group news, EVP Robert W. Paiano sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $50.00, for a total value of $250,000.00. Following the transaction, the executive vice president now directly owns 33,342 shares of the company’s stock, valued at approximately $1,667,100. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David C. Robinson sold 2,392 shares of the firm’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $46.35, for a total transaction of $110,869.20. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

HIG has been the subject of a number of research reports. ValuEngine upgraded shares of Hartford Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, December 27th. TheStreet cut shares of Hartford Financial Services Group from a “b-” rating to a “c+” rating in a research note on Thursday, January 3rd. Compass Point assumed coverage on shares of Hartford Financial Services Group in a research note on Tuesday, January 15th. They set a “buy” rating and a $58.00 target price for the company. Finally, Barclays raised their price target on shares of Hartford Financial Services Group from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $56.77.

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Hartford Financial Services Group Profile

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. Its Commercial Lines segment offers workers' compensation, property, automobile, marine, livestock, liability, and umbrella coverages; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages.

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

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