The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Sold by California State Teachers Retirement System

Posted by MarketBeat News on Mar 19th, 2023

California State Teachers Retirement System reduced its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG – Get Rating) by 2.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 561,354 shares of the insurance provider’s stock after selling 14,095 shares during the period. California State Teachers Retirement System’s holdings in The Hartford Financial Services Group were worth $34,770,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Toroso Investments LLC boosted its holdings in The Hartford Financial Services Group by 3.8% during the first quarter. Toroso Investments LLC now owns 4,293 shares of the insurance provider’s stock worth $308,000 after buying an additional 159 shares in the last quarter. Toth Financial Advisory Corp grew its holdings in shares of The Hartford Financial Services Group by 19.4% in the 3rd quarter. Toth Financial Advisory Corp now owns 985 shares of the insurance provider’s stock worth $61,000 after acquiring an additional 160 shares during the period. Janiczek Wealth Management LLC increased its stake in The Hartford Financial Services Group by 38.4% in the 3rd quarter. Janiczek Wealth Management LLC now owns 588 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 163 shares in the last quarter. Belpointe Asset Management LLC increased its stake in The Hartford Financial Services Group by 7.6% in the 3rd quarter. Belpointe Asset Management LLC now owns 2,523 shares of the insurance provider’s stock valued at $157,000 after purchasing an additional 179 shares in the last quarter. Finally, Transatlantique Private Wealth LLC raised its holdings in The Hartford Financial Services Group by 2.5% during the third quarter. Transatlantique Private Wealth LLC now owns 7,755 shares of the insurance provider’s stock worth $481,000 after purchasing an additional 188 shares during the last quarter. 89.93% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Down 4.2 %

Shares of HIG stock opened at $65.72 on Friday. The firm’s 50-day simple moving average is $75.48 and its 200-day simple moving average is $72.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.32 and a quick ratio of 0.32. The Hartford Financial Services Group, Inc. has a 1-year low of $60.17 and a 1-year high of $79.44. The firm has a market cap of $20.57 billion, a P/E ratio of 12.06, a PEG ratio of 1.12 and a beta of 0.87.

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The Hartford Financial Services Group (NYSE:HIG – Get Rating) last issued its quarterly earnings results on Friday, February 3rd. The insurance provider reported $2.31 EPS for the quarter, topping the consensus estimate of $1.86 by $0.45. The Hartford Financial Services Group had a net margin of 8.12% and a return on equity of 18.15%. The firm had revenue of $6.02 billion during the quarter, compared to analyst estimates of $5.74 billion. During the same quarter in the prior year, the business posted $2.02 earnings per share. The Hartford Financial Services Group’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities analysts forecast that The Hartford Financial Services Group, Inc. will post 8.35 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 4th. Investors of record on Monday, March 6th will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Friday, March 3rd. The Hartford Financial Services Group’s payout ratio is currently 31.19%.

Insider Buying and Selling at The Hartford Financial Services Group

In other news, EVP Robert W. Paiano sold 14,542 shares of The Hartford Financial Services Group stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $77.38, for a total value of $1,125,259.96. Following the transaction, the executive vice president now directly owns 46,629 shares of the company’s stock, valued at approximately $3,608,152.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Amy Stepnowski sold 336 shares of the stock in a transaction on Monday, March 6th. The stock was sold at an average price of $77.59, for a total value of $26,070.24. Following the completion of the sale, the executive vice president now directly owns 3,844 shares in the company, valued at approximately $298,255.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert W. Paiano sold 14,542 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $77.38, for a total value of $1,125,259.96. Following the completion of the transaction, the executive vice president now directly owns 46,629 shares in the company, valued at $3,608,152.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,167 shares of company stock valued at $7,872,898. Company insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on HIG shares. The Goldman Sachs Group cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and set a $84.00 price target for the company. in a research report on Monday, January 9th. Royal Bank of Canada upped their price target on shares of The Hartford Financial Services Group from $75.00 to $77.00 and gave the company a “sector perform” rating in a report on Monday, February 6th. Wells Fargo & Company raised their price objective on shares of The Hartford Financial Services Group from $85.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 18th. Morgan Stanley upped their target price on The Hartford Financial Services Group from $76.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 22nd. Finally, StockNews.com began coverage on The Hartford Financial Services Group in a report on Thursday. They set a “buy” rating on the stock. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

The Hartford Financial Services Group Profile

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The Hartford Financial Services Group, Inc is an insurance and financial services company. It operates through the following segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, Hartford Funds, and Corporate. The Commercial Lines segment provides workers’ compensation, property, automobile, liability and umbrella coverage under several different products.