M&T Bank Corp Acquires 3,569 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

M&T Bank Corp boosted its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 11.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,025 shares of the insurance provider’s stock after purchasing an additional 3,569 shares during the quarter. M&T Bank Corp’s holdings in The Hartford Financial Services Group were worth $2,815,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of HIG. Victory Capital Management Inc. raised its holdings in shares of The Hartford Financial Services Group by 26.7% during the 3rd quarter. Victory Capital Management Inc. now owns 5,142,167 shares of the insurance provider’s stock worth $364,631,000 after acquiring an additional 1,083,420 shares in the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of The Hartford Financial Services Group by 144.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 926,033 shares of the insurance provider’s stock worth $65,665,000 after acquiring an additional 546,969 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of The Hartford Financial Services Group by 20.2% during the 4th quarter. Nordea Investment Management AB now owns 2,958,172 shares of the insurance provider’s stock worth $237,600,000 after acquiring an additional 497,916 shares in the last quarter. Great Lakes Advisors LLC raised its holdings in shares of The Hartford Financial Services Group by 41.5% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,592,479 shares of the insurance provider’s stock worth $112,923,000 after acquiring an additional 467,030 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of The Hartford Financial Services Group by 23.6% during the 3rd quarter. AQR Capital Management LLC now owns 1,179,682 shares of the insurance provider’s stock worth $83,651,000 after acquiring an additional 224,979 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Price Performance

HIG opened at $99.34 on Wednesday. The Hartford Financial Services Group, Inc. has a 12-month low of $67.42 and a 12-month high of $103.64. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.29. The business’s fifty day simple moving average is $98.96 and its 200-day simple moving average is $87.74. The company has a market capitalization of $29.38 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 1.40 and a beta of 0.90.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The Hartford Financial Services Group had a return on equity of 20.64% and a net margin of 10.87%. The firm had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the company posted $1.68 EPS. The Hartford Financial Services Group’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.01 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Monday, March 4th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Friday, March 1st. The Hartford Financial Services Group’s payout ratio is 21.36%.

Insider Transactions at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 27,004 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $98.90, for a total transaction of $2,670,695.60. Following the sale, the executive vice president now owns 18,906 shares of the company’s stock, valued at $1,869,803.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Michael R. Fisher sold 27,004 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $98.90, for a total transaction of $2,670,695.60. Following the sale, the executive vice president now owns 18,906 shares of the company’s stock, valued at $1,869,803.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert W. Paiano sold 14,528 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $93.97, for a total value of $1,365,196.16. Following the completion of the sale, the executive vice president now owns 46,792 shares of the company’s stock, valued at $4,397,044.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,169 shares of company stock valued at $8,676,992. 1.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HIG shares. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price objective on shares of The Hartford Financial Services Group in a report on Monday, April 1st. The Goldman Sachs Group increased their price target on The Hartford Financial Services Group from $92.00 to $105.00 and gave the company a “buy” rating in a report on Friday, April 12th. Wells Fargo & Company decreased their price target on The Hartford Financial Services Group from $117.00 to $111.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $91.00 to $104.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, TD Cowen increased their price target on The Hartford Financial Services Group to $144.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $105.44.

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.