Geode Capital Management LLC Grows Holdings in Hartford Financial Services Group Inc (HIG)

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Geode Capital Management LLC raised its position in shares of Hartford Financial Services Group Inc (NYSE:HIG) by 8.3% during the fourth quarter, HoldingsChannel reports. The firm owned 4,622,774 shares of the insurance provider’s stock after purchasing an additional 353,601 shares during the period. Geode Capital Management LLC’s holdings in Hartford Financial Services Group were worth $205,120,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc grew its stake in shares of Hartford Financial Services Group by 1.2% during the third quarter. Vanguard Group Inc now owns 37,098,691 shares of the insurance provider’s stock valued at $1,853,451,000 after buying an additional 455,263 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Hartford Financial Services Group by 12.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,109,074 shares of the insurance provider’s stock valued at $227,084,000 after buying an additional 565,189 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Hartford Financial Services Group by 20.7% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 4,653,359 shares of the insurance provider’s stock valued at $206,842,000 after buying an additional 797,185 shares during the last quarter. Northern Trust Corp grew its stake in shares of Hartford Financial Services Group by 2.5% during the fourth quarter. Northern Trust Corp now owns 4,060,576 shares of the insurance provider’s stock valued at $180,493,000 after buying an additional 97,490 shares during the last quarter. Finally, Prudential PLC grew its stake in shares of Hartford Financial Services Group by 0.6% during the fourth quarter. Prudential PLC now owns 3,897,436 shares of the insurance provider’s stock valued at $173,242,000 after buying an additional 22,157 shares during the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

NYSE HIG opened at $53.32 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $19.39 billion, a P/E ratio of 12.31, a price-to-earnings-growth ratio of 1.10 and a beta of 0.73. Hartford Financial Services Group Inc has a 1 year low of $40.54 and a 1 year high of $54.28.

Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.15. The company had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.84 billion. Hartford Financial Services Group had a return on equity of 12.46% and a net margin of 9.58%. Hartford Financial Services Group’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $1.27 earnings per share. As a group, analysts anticipate that Hartford Financial Services Group Inc will post 5.12 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.25%. Hartford Financial Services Group’s payout ratio is presently 27.71%.

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

A number of research analysts have recently issued reports on HIG shares. Zacks Investment Research cut Hartford Financial Services Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Wells Fargo & Co reaffirmed a “hold” rating and set a $56.00 price objective on shares of Hartford Financial Services Group in a research note on Thursday, May 2nd. Barclays raised their price objective on Hartford Financial Services Group from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday. ValuEngine raised Hartford Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, February 8th. Finally, TheStreet raised Hartford Financial Services Group from a “c+” rating to a “b-” rating in a research note on Thursday, March 14th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $57.67.

In other Hartford Financial Services Group news, EVP Robert W. Paiano sold 5,000 shares of Hartford Financial Services Group stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $52.40, for a total transaction of $262,000.00. Following the sale, the executive vice president now directly owns 33,342 shares of the company’s stock, valued at approximately $1,747,120.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Martha Gervasi sold 5,039 shares of Hartford Financial Services Group stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $52.87, for a total value of $266,411.93. Following the sale, the insider now directly owns 15,210 shares in the company, valued at $804,152.70. The disclosure for this sale can be found here. Insiders sold 15,039 shares of company stock worth $778,412 over the last three months. 1.70% of the stock is owned by insiders.

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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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