Hartford Financial Services Group Inc (HIG) Shares Bought by Prana Capital Management LP

Prana Capital Management LP lifted its holdings in Hartford Financial Services Group Inc (NYSE:HIG) by 150.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 953,745 shares of the insurance provider’s stock after purchasing an additional 573,640 shares during the quarter. Hartford Financial Services Group accounts for approximately 9.1% of Prana Capital Management LP’s investment portfolio, making the stock its 2nd biggest holding. Prana Capital Management LP’s holdings in Hartford Financial Services Group were worth $42,394,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in HIG. D. E. Shaw & Co. Inc. grew its stake in shares of Hartford Financial Services Group by 36.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 4,066,068 shares of the insurance provider’s stock valued at $180,736,000 after acquiring an additional 1,091,969 shares in the last quarter. 1832 Asset Management L.P. lifted its position in Hartford Financial Services Group by 78.8% during the fourth quarter. 1832 Asset Management L.P. now owns 140,000 shares of the insurance provider’s stock worth $6,222,000 after purchasing an additional 61,716 shares during the period. Two Sigma Advisers LP lifted its position in Hartford Financial Services Group by 34.0% during the fourth quarter. Two Sigma Advisers LP now owns 2,600,679 shares of the insurance provider’s stock worth $115,600,000 after purchasing an additional 660,400 shares during the period. Stone Ridge Asset Management LLC lifted its position in Hartford Financial Services Group by 201.8% during the fourth quarter. Stone Ridge Asset Management LLC now owns 29,082 shares of the insurance provider’s stock worth $1,293,000 after purchasing an additional 19,446 shares during the period. Finally, Bronfman E.L. Rothschild L.P. lifted its position in Hartford Financial Services Group by 11.7% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 2,140 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 224 shares during the period. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently weighed in on HIG shares. TheStreet cut shares of Hartford Financial Services Group from a “b-” rating to a “c+” rating in a research report on Thursday, January 3rd. Credit Suisse Group cut their price objective on shares of Hartford Financial Services Group from $56.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, December 5th. Compass Point started coverage on shares of Hartford Financial Services Group in a research report on Tuesday, January 15th. They set a “buy” rating and a $58.00 price objective for the company. Wells Fargo & Co reaffirmed a “hold” rating and set a $53.00 price objective on shares of Hartford Financial Services Group in a research report on Thursday, November 29th. Finally, ValuEngine cut shares of Hartford Financial Services Group from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $56.92.

Shares of HIG stock traded up $0.40 on Monday, reaching $49.22. The company had a trading volume of 162,210 shares, compared to its average volume of 2,282,161. The stock has a market capitalization of $17.55 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 1.02 and a beta of 0.72. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.33. Hartford Financial Services Group Inc has a one year low of $40.54 and a one year high of $55.16.

Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Monday, February 4th. The insurance provider reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.13. The firm had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.73 billion. Hartford Financial Services Group had a net margin of 9.53% and a return on equity of 12.31%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 earnings per share. As a group, equities analysts predict that Hartford Financial Services Group Inc will post 4.98 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 4th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.44%. Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 27.71%.

Hartford Financial Services Group declared that its board has approved a share repurchase program on Monday, February 4th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In related news, CEO Christopher Swift bought 11,423 shares of the company’s stock in a transaction dated Thursday, January 10th. The stock was purchased at an average price of $43.73 per share, with a total value of $499,527.79. Following the completion of the acquisition, the chief executive officer now owns 135,389 shares of the company’s stock, valued at $5,920,560.97. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP David C. Robinson sold 2,392 shares of the stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $46.35, for a total transaction of $110,869.20. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

COPYRIGHT VIOLATION WARNING: “Hartford Financial Services Group Inc (HIG) Shares Bought by Prana Capital Management LP” was originally published by Markets Daily and is the property of of Markets Daily. If you are reading this news story on another publication, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this news story can be accessed at https://www.themarketsdaily.com/2019/03/18/hartford-financial-services-group-inc-hig-shares-bought-by-prana-capital-management-lp.html.

Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

Featured Article: Trading Stocks – What are percentage gainers?

Want to see what other hedge funds are holding HIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hartford Financial Services Group Inc (NYSE:HIG).

Institutional Ownership by Quarter for Hartford Financial Services Group (NYSE:HIG)

Receive News & Ratings for Hartford Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hartford Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.