State of Michigan Retirement System Sells 1,300 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

State of Michigan Retirement System decreased its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.5% during the fourth quarter, HoldingsChannel reports. The fund owned 82,741 shares of the insurance provider’s stock after selling 1,300 shares during the quarter. State of Michigan Retirement System’s holdings in The Hartford Financial Services Group were worth $9,052,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in HIG. Catalyst Financial Partners LLC boosted its stake in shares of The Hartford Financial Services Group by 3.0% during the 4th quarter. Catalyst Financial Partners LLC now owns 3,079 shares of the insurance provider’s stock worth $337,000 after purchasing an additional 90 shares during the period. Barrett & Company Inc. boosted its position in shares of The Hartford Financial Services Group by 46.5% during the fourth quarter. Barrett & Company Inc. now owns 293 shares of the insurance provider’s stock valued at $32,000 after buying an additional 93 shares during the period. Brooklyn Investment Group raised its holdings in shares of The Hartford Financial Services Group by 4.0% in the third quarter. Brooklyn Investment Group now owns 2,444 shares of the insurance provider’s stock worth $287,000 after buying an additional 94 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in shares of The Hartford Financial Services Group by 2.2% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,468 shares of the insurance provider’s stock worth $489,000 after buying an additional 97 shares during the period. Finally, Lifestyle Asset Management Inc. boosted its holdings in The Hartford Financial Services Group by 0.9% during the 4th quarter. Lifestyle Asset Management Inc. now owns 11,499 shares of the insurance provider’s stock valued at $1,258,000 after acquiring an additional 98 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

Shares of HIG opened at $117.82 on Thursday. The firm has a market capitalization of $33.62 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 1.12 and a beta of 0.97. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. The company’s fifty day moving average price is $112.19 and its 200-day moving average price is $114.65. The Hartford Financial Services Group, Inc. has a 1-year low of $94.47 and a 1-year high of $124.90.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share for the quarter, beating 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%. On average, equities research analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Monday, March 3rd will be issued a $0.52 dividend. The ex-dividend date is Monday, March 3rd. This represents a $2.08 annualized dividend and a yield of 1.77%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 20.10%.

Wall Street Analyst Weigh In

HIG has been the topic of a number of research analyst reports. Piper Sandler upped their price target on shares of The Hartford Financial Services Group from $127.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Barclays upgraded shares of The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $130.00 to $135.00 in a research note on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on shares of The Hartford Financial Services Group from $139.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $125.00 price objective on shares of The Hartford Financial Services Group in a research note on Monday, February 3rd. Finally, StockNews.com lowered The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.94.

The Hartford Financial Services Group Company 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.