CIBC Asset Management Inc Purchases 26,521 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

CIBC Asset Management Inc raised its position in The Hartford Financial Services Group, Inc. (NYSE:HIGGet Rating) by 80.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,374 shares of the insurance provider’s stock after buying an additional 26,521 shares during the quarter. CIBC Asset Management Inc’s holdings in The Hartford Financial Services Group were worth $4,264,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. State Street Corp raised its stake in shares of The Hartford Financial Services Group by 1.1% in the fourth quarter. State Street Corp now owns 20,375,936 shares of the insurance provider’s stock valued at $1,414,434,000 after buying an additional 225,635 shares during the period. JPMorgan Chase & Co. raised its stake in shares of The Hartford Financial Services Group by 2.8% during the 4th quarter. JPMorgan Chase & Co. now owns 18,973,835 shares of the insurance provider’s stock valued at $1,309,954,000 after purchasing an additional 508,977 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of The Hartford Financial Services Group by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,305,298 shares of the insurance provider’s stock valued at $366,278,000 after purchasing an additional 82,472 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of The Hartford Financial Services Group by 1.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,183,948 shares of the insurance provider’s stock valued at $288,860,000 after purchasing an additional 77,493 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of The Hartford Financial Services Group by 15.9% during the 4th quarter. First Trust Advisors LP now owns 3,635,720 shares of the insurance provider’s stock valued at $251,010,000 after purchasing an additional 497,801 shares during the period. 93.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

HIG has been the topic of a number of analyst reports. Barclays decreased their price objective on The Hartford Financial Services Group from $80.00 to $78.00 and set an “overweight” rating on the stock in a research note on Monday, August 1st. Citigroup initiated coverage on The Hartford Financial Services Group in a research note on Monday, May 23rd. They set a “buy” rating and a $81.00 price objective on the stock. Credit Suisse Group boosted their price objective on The Hartford Financial Services Group from $93.00 to $104.00 and gave the company an “outperform” rating in a research note on Friday, June 3rd. Royal Bank of Canada decreased their target price on The Hartford Financial Services Group from $77.00 to $71.00 and set a “sector perform” rating on the stock in a research note on Monday, August 1st. Finally, Morgan Stanley decreased their target price on The Hartford Financial Services Group from $77.00 to $73.00 and set an “equal weight” rating on the stock in a research note on Monday, May 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $80.27.

The Hartford Financial Services Group Price Performance

HIG opened at $64.16 on Friday. The stock has a 50-day moving average price of $65.93 and a 200-day moving average price of $69.11. The Hartford Financial Services Group, Inc. has a 12-month low of $61.59 and a 12-month high of $78.17. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $20.73 billion, a P/E ratio of 10.55, a PEG ratio of 1.26 and a beta of 0.92.

The Hartford Financial Services Group (NYSE:HIGGet Rating) last posted its quarterly earnings data on Thursday, July 28th. The insurance provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.63. The Hartford Financial Services Group had a return on equity of 15.03% and a net margin of 9.42%. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same period in the prior year, the business earned $2.33 EPS. Equities analysts predict that The Hartford Financial Services Group, Inc. will post 7.15 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Investors of record on Thursday, September 1st will be issued a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a yield of 2.40%. The ex-dividend date is Wednesday, August 31st. The Hartford Financial Services Group’s dividend payout ratio is presently 25.33%.

The Hartford Financial Services Group Company Profile

(Get Rating)

The Hartford Financial Services Group, Inc provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers workers' compensation, property, automobile, liability, umbrella, bond, marine, livestock, and reinsurance; 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.

Further Reading

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Institutional Ownership by Quarter for The Hartford Financial Services Group (NYSE:HIG)

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