Synovus Financial Corp Raises Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Synovus Financial Corp raised its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 10,552 shares of the insurance provider’s stock after buying an additional 523 shares during the quarter. Synovus Financial Corp’s holdings in The Hartford Financial Services Group were worth $1,154,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of HIG. Horizon Advisory Services Inc. bought a new position in The Hartford Financial Services Group in the fourth quarter valued at about $277,000. Assenagon Asset Management S.A. increased its position in shares of The Hartford Financial Services Group by 437.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 871,318 shares of the insurance provider’s stock valued at $95,322,000 after purchasing an additional 709,324 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of The Hartford Financial Services Group by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 4,701,675 shares of the insurance provider’s stock worth $514,363,000 after purchasing an additional 202,487 shares during the period. Suncoast Equity Management purchased a new position in shares of The Hartford Financial Services Group in the fourth quarter worth approximately $311,000. Finally, Empowered Funds LLC grew its position in The Hartford Financial Services Group by 62.1% during the fourth quarter. Empowered Funds LLC now owns 28,622 shares of the insurance provider’s stock valued at $3,131,000 after buying an additional 10,964 shares during the period. 93.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

HIG has been the topic of several analyst reports. Barclays lifted their price target on shares of The Hartford Financial Services Group from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, April 11th. Jefferies Financial Group cut their price target on The Hartford Financial Services Group from $118.00 to $117.00 and set a “hold” rating for the company in a report on Friday, April 11th. Wells Fargo & Company decreased their price objective on The Hartford Financial Services Group from $126.00 to $125.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Keefe, Bruyette & Woods cut their price objective on The Hartford Financial Services Group from $140.00 to $133.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Finally, StockNews.com cut shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 18th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $124.13.

Insider Activity

In other news, EVP Robert W. Paiano sold 13,138 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the sale, the executive vice president now directly owns 31,678 shares in the company, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Swift sold 1,144 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $125.00, for a total transaction of $143,000.00. Following the completion of the transaction, the chief executive officer now directly owns 211,082 shares of the company’s stock, valued at approximately $26,385,250. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,343 shares of company stock worth $13,488,337. 1.60% of the stock is currently owned by insiders.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG opened at $117.13 on Wednesday. The company has a market cap of $33.74 billion, a P/E ratio of 11.32, a P/E/G ratio of 1.12 and a beta of 0.68. The Hartford Financial Services Group, Inc. has a 52-week low of $94.47 and a 52-week high of $129.75. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32. The firm’s fifty day moving average is $116.76 and its two-hundred day moving average is $115.34.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. As a group, analysts anticipate that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Monday, March 3rd were issued a dividend of $0.52 per share. The ex-dividend date was Monday, March 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.78%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 20.10%.

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.