Frank Rimerman Advisors LLC Increases Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Frank Rimerman Advisors LLC lifted its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 3,754.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,467 shares of the insurance provider’s stock after purchasing an additional 2,403 shares during the period. Frank Rimerman Advisors LLC’s holdings in The Hartford Financial Services Group were worth $248,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. New Covenant Trust Company N.A. purchased a new position in shares of The Hartford Financial Services Group in the first quarter worth about $26,000. Quest Partners LLC increased its stake in The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co bought a new stake in The Hartford Financial Services Group in the second quarter valued at approximately $30,000. Family Firm Inc. purchased a new stake in shares of The Hartford Financial Services Group during the second quarter valued at approximately $31,000. Finally, Benjamin Edwards Inc. bought a new position in shares of The Hartford Financial Services Group in the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on HIG shares. Bank of America lowered their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Barclays started coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.22.

The Hartford Financial Services Group Trading Up 0.1 %

Shares of NYSE HIG opened at $116.64 on Thursday. The Hartford Financial Services Group, Inc. has a 1 year low of $68.82 and a 1 year high of $117.84. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a 50-day moving average of $111.18 and a 200 day moving average of $104.21. The stock has a market cap of $34.50 billion, a P/E ratio of 13.25, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same period last year, the business earned $1.88 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its board has approved a share buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

The Hartford Financial Services Group Profile

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.