IndexIQ Advisors LLC Lowers Stake in Hartford Financial Services Group Inc (HIG)

IndexIQ Advisors LLC lowered its holdings in Hartford Financial Services Group Inc (NYSE:HIG) by 33.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,095 shares of the insurance provider’s stock after selling 45,947 shares during the period. IndexIQ Advisors LLC’s holdings in Hartford Financial Services Group were worth $4,480,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Jane Street Group LLC increased its holdings in Hartford Financial Services Group by 387.0% during the 4th quarter. Jane Street Group LLC now owns 60,982 shares of the insurance provider’s stock worth $2,710,000 after acquiring an additional 48,461 shares during the period. Captrust Financial Advisors increased its holdings in Hartford Financial Services Group by 1.6% during the 4th quarter. Captrust Financial Advisors now owns 27,353 shares of the insurance provider’s stock worth $1,224,000 after acquiring an additional 426 shares during the period. Macquarie Group Ltd. increased its holdings in Hartford Financial Services Group by 1,211.2% during the 4th quarter. Macquarie Group Ltd. now owns 152,098 shares of the insurance provider’s stock worth $6,761,000 after acquiring an additional 140,498 shares during the period. Municipal Employees Retirement System of Michigan bought a new stake in Hartford Financial Services Group during the 4th quarter worth approximately $418,000. Finally, Investors Research Corp bought a new stake in Hartford Financial Services Group during the 1st quarter worth approximately $93,000. 91.21% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Trevor Fetter purchased 10,000 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was acquired at an average price of $52.19 per share, with a total value of $521,900.00. Following the purchase, the director now directly owns 50,945 shares in the company, valued at $2,658,819.55. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert W. Paiano sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $50.00, for a total transaction of $250,000.00. Following the completion of the transaction, the executive vice president now directly owns 33,342 shares of the company’s stock, valued at approximately $1,667,100. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

A number of research firms recently weighed in on HIG. Zacks Investment Research lowered shares of Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Tuesday. Wells Fargo & Co reaffirmed a “hold” rating and set a $56.00 target price on shares of Hartford Financial Services Group in a report on Thursday, May 2nd. Barclays upped their target price on shares of Hartford Financial Services Group from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. ValuEngine raised shares of Hartford Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, March 27th. Finally, TheStreet raised shares of Hartford Financial Services Group from a “c+” rating to a “b-” rating in a research note on Thursday, March 14th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $57.25.

HIG stock opened at $52.43 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. Hartford Financial Services Group Inc has a one year low of $40.54 and a one year high of $54.03. The company has a market capitalization of $18.78 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 1.07 and a beta of 0.73.

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

Hartford Financial Services Group announced that its Board of Directors has initiated a share buyback plan on Monday, February 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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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. 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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