The Manufacturers Life Insurance Company Reduces Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

The Manufacturers Life Insurance Company lowered its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 716,029 shares of the insurance provider’s stock after selling 9,232 shares during the period. The Manufacturers Life Insurance Company owned 0.20% of The Hartford Financial Services Group worth $26,392,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HIG. Raymond James Financial Services Advisors Inc. increased its position in shares of The Hartford Financial Services Group by 0.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 76,471 shares of the insurance provider’s stock worth $2,948,000 after purchasing an additional 635 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter worth about $976,000. First Trust Advisors LP increased its position in shares of The Hartford Financial Services Group by 33.6% in the 2nd quarter. First Trust Advisors LP now owns 2,135,190 shares of the insurance provider’s stock worth $82,312,000 after purchasing an additional 537,033 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of The Hartford Financial Services Group by 18.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 63,164 shares of the insurance provider’s stock worth $2,435,000 after purchasing an additional 9,765 shares during the last quarter. Finally, Dupont Capital Management Corp increased its position in shares of The Hartford Financial Services Group by 312.3% in the 2nd quarter. Dupont Capital Management Corp now owns 32,420 shares of the insurance provider’s stock worth $1,250,000 after purchasing an additional 24,557 shares during the last quarter. 89.90% of the stock is owned by institutional investors.

HIG has been the subject of several research analyst reports. Morgan Stanley boosted their target price on shares of The Hartford Financial Services Group from $45.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Credit Suisse Group lifted their price target on shares of The Hartford Financial Services Group from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Bank of America decreased their price target on shares of The Hartford Financial Services Group from $57.00 to $51.00 and set a “buy” rating for the company in a report on Thursday, September 17th. Royal Bank of Canada lifted their price target on shares of The Hartford Financial Services Group from $43.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Finally, Barclays initiated coverage on shares of The Hartford Financial Services Group in a report on Tuesday, November 17th. They issued an “overweight” rating and a $51.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $54.07.

In related news, CEO Christopher Swift purchased 6,975 shares of The Hartford Financial Services Group stock in a transaction dated Wednesday, September 23rd. The stock was bought at an average cost of $35.98 per share, with a total value of $250,960.50. Following the purchase, the chief executive officer now owns 227,309 shares in the company, valued at approximately $8,178,577.82. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.70% of the company’s stock.

The Hartford Financial Services Group stock opened at $45.77 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $40.14 and a two-hundred day moving average price of $39.55. The firm has a market capitalization of $16.40 billion, a price-to-earnings ratio of 9.58, a PEG ratio of 1.06 and a beta of 0.99. The Hartford Financial Services Group, Inc. has a 52-week low of $19.04 and a 52-week high of $62.75.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, October 29th. The insurance provider reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.58. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.15 billion. The Hartford Financial Services Group had a net margin of 8.50% and a return on equity of 12.19%. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.50 EPS. Research analysts expect that The Hartford Financial Services Group, Inc. will post 5.32 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Tuesday, December 1st will be paid a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Monday, November 30th. The Hartford Financial Services Group’s dividend payout ratio is currently 23.01%.

About The Hartford Financial Services Group

The Hartford Financial Services Group, Inc provides insurance and financial services to individual and business customers in the United States and internationally. Its Commercial Lines segment offers workers' compensation, property, automobile, liability, umbrella, bond, marine, livestock, and reinsurance products; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

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

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