Jackson Creek Investment Advisors LLC Cuts Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Jackson Creek Investment Advisors LLC decreased its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 52.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,798 shares of the insurance provider’s stock after selling 4,181 shares during the period. Jackson Creek Investment Advisors LLC’s holdings in The Hartford Financial Services Group were worth $382,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. New Covenant Trust Company N.A. bought a new stake in shares of The Hartford Financial Services Group in the 1st quarter worth approximately $26,000. Cape Investment Advisory Inc. raised its stake in shares of The Hartford Financial Services Group by 189.9% in the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after buying an additional 245 shares during the period. Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group during the 2nd quarter valued at $30,000. First United Bank & Trust bought a new position in shares of The Hartford Financial Services Group during the 4th quarter worth $31,000. Finally, Family Firm Inc. purchased a new stake in The Hartford Financial Services Group in the 2nd quarter worth about $31,000. Institutional investors own 93.42% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

HIG has been the topic of several recent research reports. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Piper Sandler lifted their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Royal Bank of Canada increased their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Finally, The Goldman Sachs Group raised their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $110.88.

The Hartford Financial Services Group Stock Down 0.2 %

HIG stock opened at $116.00 on Thursday. The company’s 50 day moving average is $106.88 and its 200 day moving average is $102.12. The stock has a market cap of $34.31 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 0.93 and a beta of 0.92. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a 1-year low of $68.82 and a 1-year high of $117.46.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the firm earned $1.88 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Sell-side analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has authorized a share buyback program on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.62%. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group Profile

The Hartford Financial Services Group, Inc, together with its subsidiaries, 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, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.