Desjardins Global Asset Management Inc. Trims Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Desjardins Global Asset Management Inc. cut its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,534 shares of the insurance provider’s stock after selling 385 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in The Hartford Financial Services Group were worth $1,329,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in HIG. Norges Bank purchased a new position in shares of The Hartford Financial Services Group in the fourth quarter valued at $277,618,000. Moneta Group Investment Advisors LLC purchased a new position in shares of The Hartford Financial Services Group in the fourth quarter valued at $215,742,000. Victory Capital Management Inc. grew its position in shares of The Hartford Financial Services Group by 26.7% in the third quarter. Victory Capital Management Inc. now owns 5,142,167 shares of the insurance provider’s stock valued at $364,631,000 after purchasing an additional 1,083,420 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of The Hartford Financial Services Group by 324.6% in the first quarter. Schonfeld Strategic Advisors LLC now owns 938,693 shares of the insurance provider’s stock valued at $65,418,000 after purchasing an additional 717,613 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of The Hartford Financial Services Group by 722.9% in the first quarter. Renaissance Technologies LLC now owns 757,100 shares of the insurance provider’s stock valued at $54,367,000 after purchasing an additional 665,100 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Michael R. Fisher sold 27,004 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $98.90, for a total value of $2,670,695.60. Following the completion of the sale, the executive vice president now owns 18,906 shares of the company’s stock, valued at approximately $1,869,803.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other The Hartford Financial Services Group news, CEO Christopher Swift sold 94,807 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $86.65, for a total transaction of $8,215,026.55. Following the completion of the transaction, the chief executive officer now owns 170,180 shares of the company’s stock, valued at approximately $14,746,097. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael R. Fisher sold 27,004 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $98.90, for a total value of $2,670,695.60. Following the transaction, the executive vice president now directly owns 18,906 shares of the company’s stock, valued at approximately $1,869,803.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,082 shares of company stock valued at $22,404,321. Insiders own 1.60% of the company’s stock.

The Hartford Financial Services Group Trading Up 0.4 %

NYSE HIG opened at $97.73 on Wednesday. The Hartford Financial Services Group, Inc. has a 1-year low of $67.05 and a 1-year high of $103.64. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average of $97.37 and a 200-day moving average of $84.90. The firm has a market cap of $29.06 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 1.37 and a beta of 0.89.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Friday, February 2nd. The insurance provider reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.62. The Hartford Financial Services Group had a return on equity of 19.82% and a net margin of 10.21%. The company had revenue of $6.40 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the previous year, the company posted $2.31 EPS. The Hartford Financial Services Group’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, sell-side analysts forecast that The Hartford Financial Services Group, Inc. will post 10.12 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Monday, March 4th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, March 1st. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 23.53%.

Wall Street Analyst Weigh In

Several research firms recently commented on HIG. Royal Bank of Canada boosted their target price on The Hartford Financial Services Group from $77.00 to $95.00 and gave the stock a “sector perform” rating in a research report on Monday, February 5th. Morgan Stanley boosted their target price on The Hartford Financial Services Group from $94.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Monday. Piper Sandler restated an “overweight” rating and set a $115.00 target price on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. The Goldman Sachs Group boosted their target price on The Hartford Financial Services Group from $92.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods boosted their target price on The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $105.47.

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.