The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Bought by Merit Financial Group LLC

Merit Financial Group LLC grew its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 17.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,317 shares of the insurance provider’s stock after acquiring an additional 1,239 shares during the period. Merit Financial Group LLC’s holdings in The Hartford Financial Services Group were worth $1,029,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Catalyst Financial Partners LLC lifted its position in shares of The Hartford Financial Services Group by 3.0% during the 4th quarter. Catalyst Financial Partners LLC now owns 3,079 shares of the insurance provider’s stock valued at $337,000 after acquiring an additional 90 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of The Hartford Financial Services Group by 2.2% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 4,468 shares of the insurance provider’s stock valued at $489,000 after acquiring an additional 97 shares during the period. Smithfield Trust Co lifted its position in shares of The Hartford Financial Services Group by 26.7% during the 4th quarter. Smithfield Trust Co now owns 475 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 100 shares during the period. NorthCrest Asset Manangement LLC lifted its position in shares of The Hartford Financial Services Group by 0.8% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 13,286 shares of the insurance provider’s stock valued at $1,453,000 after acquiring an additional 105 shares during the period. Finally, Howard Capital Management Inc. lifted its position in shares of The Hartford Financial Services Group by 5.3% during the 4th quarter. Howard Capital Management Inc. now owns 2,164 shares of the insurance provider’s stock valued at $237,000 after acquiring an additional 108 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Allison G. Niderno sold 1,086 shares of the business’s stock in a transaction on Monday, April 28th. The shares were sold at an average price of $119.42, for a total transaction of $129,690.12. Following the completion of the sale, the senior vice president now directly owns 622 shares of the company’s stock, valued at $74,279.24. The trade was a 63.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher Swift sold 98,061 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $120.39, for a total transaction of $11,805,563.79. Following the sale, the chief executive officer now directly owns 211,082 shares of the company’s stock, valued at $25,412,161.98. This represents a 31.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,429 shares of company stock valued at $13,618,028 in the last ninety days. Company insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

HIG has been the subject of a number of research reports. Wells Fargo & Company reduced their price target on shares of The Hartford Financial Services Group from $126.00 to $125.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Wall Street Zen upgraded The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. lifted their price objective on The Hartford Financial Services Group from $125.00 to $129.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 8th. Barclays lifted their price objective on The Hartford Financial Services Group from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods cut their price objective on The Hartford Financial Services Group from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and an average price target of $129.71.

The Hartford Financial Services Group Stock Up 1.1%

HIG stock opened at $129.39 on Friday. The stock has a market capitalization of $36.76 billion, a P/E ratio of 12.50, a PEG ratio of 1.12 and a beta of 0.71. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group, Inc. has a one year low of $98.16 and a one year high of $132.09. The company has a 50 day moving average price of $123.40 and a two-hundred day moving average price of $117.74.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, April 24th. The insurance provider reported $2.20 EPS for the quarter, topping the consensus estimate of $2.15 by $0.05. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.97 billion. The Hartford Financial Services Group had a net margin of 11.72% and a return on equity of 19.55%. The Hartford Financial Services Group’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.34 EPS. As a group, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.52 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio is presently 20.74%.

About The Hartford Financial Services Group

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.