Raymond James Financial Services Advisors Inc. Acquires 26,071 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Posted by Defense World Staff on May 17th, 2023

Raymond James Financial Services Advisors Inc. grew its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG – Get Rating) by 34.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,767 shares of the insurance provider’s stock after buying an additional 26,071 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in The Hartford Financial Services Group were worth $7,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Machina Capital S.A.S. bought a new position in shares of The Hartford Financial Services Group during the 4th quarter valued at $346,000. Raymond James & Associates increased its stake in shares of The Hartford Financial Services Group by 17.7% in the 4th quarter. Raymond James & Associates now owns 528,777 shares of the insurance provider’s stock worth $40,097,000 after purchasing an additional 79,639 shares in the last quarter. FORA Capital LLC purchased a new stake in The Hartford Financial Services Group in the 4th quarter worth $517,000. Belpointe Asset Management LLC boosted its holdings in shares of The Hartford Financial Services Group by 22.3% during the 4th quarter. Belpointe Asset Management LLC now owns 3,086 shares of the insurance provider’s stock valued at $234,000 after purchasing an additional 563 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC bought a new position in shares of The Hartford Financial Services Group during the 4th quarter valued at about $201,000. 89.93% of the stock is owned by institutional investors.

The Hartford Financial Services Group Stock Down 1.0 %

The Hartford Financial Services Group stock opened at $69.54 on Wednesday. The Hartford Financial Services Group, Inc. has a fifty-two week low of $60.17 and a fifty-two week high of $79.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a 50 day moving average price of $69.29 and a 200 day moving average price of $73.43. The company has a market capitalization of $21.57 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.25 and a beta of 0.85.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The insurance provider reported $1.68 EPS for the quarter, hitting the consensus estimate of $1.68. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.70 billion. The Hartford Financial Services Group had a net margin of 8.33% and a return on equity of 18.45%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.66 earnings per share. Research analysts expect that The Hartford Financial Services Group, Inc. will post 7.91 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 4th. Shareholders of record on Monday, March 6th were paid a $0.425 dividend. The ex-dividend date of this dividend was Friday, March 3rd. This represents a $1.70 annualized dividend and a dividend yield of 2.44%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 29.26%.

Insiders Place Their Bets

In other news, EVP Amy Stepnowski sold 336 shares of The Hartford Financial Services Group stock in a transaction on Monday, March 6th. The shares were sold at an average price of $77.59, for a total transaction of $26,070.24. Following the completion of the sale, the executive vice president now directly owns 3,844 shares of the company’s stock, valued at approximately $298,255.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Amy Stepnowski sold 336 shares of The Hartford Financial Services Group stock in a transaction on Monday, March 6th. The shares were sold at an average price of $77.59, for a total transaction of $26,070.24. Following the completion of the sale, the executive vice president now directly owns 3,844 shares of the company’s stock, valued at approximately $298,255.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert W. Paiano sold 14,542 shares of The Hartford Financial Services Group stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $77.38, for a total transaction of $1,125,259.96. Following the sale, the executive vice president now directly owns 46,629 shares of the company’s stock, valued at $3,608,152.02. The disclosure for this sale can be found here. Insiders sold a total of 96,944 shares of company stock worth $7,549,248 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Evercore ISI decreased their price objective on shares of The Hartford Financial Services Group from $85.00 to $80.00 and set an “in-line” rating for the company in a research note on Thursday, April 13th. Piper Sandler upped their target price on The Hartford Financial Services Group from $100.00 to $101.00 in a report on Monday, May 1st. Credit Suisse Group reiterated an “outperform” rating and set a $104.00 price objective on shares of The Hartford Financial Services Group in a report on Monday, April 17th. BMO Capital Markets began coverage on The Hartford Financial Services Group in a report on Thursday, January 19th. They set a “market perform” rating and a $77.00 price objective for the company. Finally, Jefferies Financial Group decreased their price objective on The Hartford Financial Services Group from $78.00 to $77.00 in a report on Monday, April 10th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.15.

About The Hartford Financial Services Group

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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.