State Board of Administration of Florida Retirement System Has $26.91 Million Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)


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State Board of Administration of Florida Retirement System reduced its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 549,396 shares of the insurance provider’s stock after selling 6,250 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in The Hartford Financial Services Group were worth $26,909,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the company. BlackRock Inc. grew its position in shares of The Hartford Financial Services Group by 0.6% in the third quarter. BlackRock Inc. now owns 27,882,601 shares of the insurance provider’s stock valued at $1,027,752,000 after purchasing an additional 161,085 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of The Hartford Financial Services Group by 14.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 7,150,322 shares of the insurance provider’s stock valued at $350,223,000 after buying an additional 907,648 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of The Hartford Financial Services Group by 13.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,768,754 shares of the insurance provider’s stock valued at $175,777,000 after buying an additional 559,260 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of The Hartford Financial Services Group by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,056,207 shares of the insurance provider’s stock valued at $149,512,000 after buying an additional 230,432 shares during the period. Finally, Ceredex Value Advisors LLC lifted its stake in shares of The Hartford Financial Services Group by 135.5% in the fourth quarter. Ceredex Value Advisors LLC now owns 2,506,376 shares of the insurance provider’s stock valued at $123,186,000 after buying an additional 1,442,126 shares during the period. 90.48% of the stock is currently owned by institutional investors.

In other The Hartford Financial Services Group news, President Douglas G. Elliot sold 128,535 shares of the stock in a transaction that occurred on Thursday, December 31st. The shares were sold at an average price of $49.00, for a total transaction of $6,298,215.00. Corporate insiders own 1.70% of the company’s stock.

Several equities research analysts recently weighed in on the stock. MKM Partners increased their target price on shares of The Hartford Financial Services Group from $50.00 to $60.00 in a research note on Friday, November 27th. Royal Bank of Canada raised their price target on shares of The Hartford Financial Services Group from $43.00 to $51.00 and gave the stock a “sector perform” rating in a research note on Monday, February 8th. Zacks Investment Research cut shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a research note on Monday, December 28th. Morgan Stanley raised their price target on shares of The Hartford Financial Services Group from $53.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 12th. Finally, Barclays initiated coverage on shares of The Hartford Financial Services Group in a research note on Tuesday, November 17th. They issued an “overweight” rating and a $51.00 target price for the company. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $54.40.

Shares of HIG stock opened at $51.03 on Tuesday. The firm has a market capitalization of $18.29 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 1.37 and a beta of 1.05. The firm has a fifty day moving average of $50.13 and a 200-day moving average of $44.08. The Hartford Financial Services Group, Inc. has a 12-month low of $19.04 and a 12-month high of $57.82. 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 Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings data on Thursday, February 4th. The insurance provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.43. The Hartford Financial Services Group had a net margin of 8.50% and a return on equity of 12.19%. During the same quarter last year, the firm posted $1.43 EPS. Research analysts expect that The Hartford Financial Services Group, Inc. will post 5.31 earnings per share for the current year.

The Hartford Financial Services Group declared that its Board of Directors has initiated a share buyback program on Thursday, December 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 8.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 2nd. Shareholders of record on Monday, March 1st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, February 26th. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.33. The Hartford Financial Services Group’s dividend payout ratio is presently 23.01%.

The Hartford Financial Services Group Profile

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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