State of Wisconsin Investment Board Cuts Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

State of Wisconsin Investment Board decreased its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 830,204 shares of the insurance provider’s stock after selling 8,022 shares during the quarter. State of Wisconsin Investment Board owned 0.23% of The Hartford Financial Services Group worth $55,449,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in The Hartford Financial Services Group by 196.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,262,951 shares of the insurance provider’s stock worth $952,622,000 after buying an additional 9,444,232 shares in the last quarter. Viking Global Investors LP purchased a new stake in The Hartford Financial Services Group in the fourth quarter worth approximately $395,322,000. Norges Bank purchased a new stake in The Hartford Financial Services Group in the fourth quarter worth approximately $192,651,000. Amundi Pioneer Asset Management Inc. boosted its stake in The Hartford Financial Services Group by 82.9% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 6,621,766 shares of the insurance provider’s stock worth $324,333,000 after buying an additional 3,001,415 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in The Hartford Financial Services Group by 84.8% in the first quarter. Ameriprise Financial Inc. now owns 3,255,859 shares of the insurance provider’s stock worth $220,871,000 after buying an additional 1,494,129 shares in the last quarter. 90.87% of the stock is owned by institutional investors.

Shares of The Hartford Financial Services Group stock opened at $62.61 on Thursday. The stock has a market cap of $22.36 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.88 and a beta of 1.08. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average of $63.78. The Hartford Financial Services Group, Inc. has a one year low of $34.69 and a one year high of $69.94.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, April 22nd. The insurance provider reported $0.56 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.19). The Hartford Financial Services Group had a net margin of 8.21% and a return on equity of 10.43%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the firm earned $1.34 EPS. The Hartford Financial Services Group’s revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that The Hartford Financial Services Group, Inc. will post 4.74 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 4th. Investors of record on Wednesday, September 1st will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.24%. The Hartford Financial Services Group’s payout ratio is currently 24.22%.

A number of analysts have recently weighed in on HIG shares. JPMorgan Chase & Co. increased their price objective on The Hartford Financial Services Group from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, April 12th. They noted that the move was a valuation call. Evercore ISI increased their price objective on The Hartford Financial Services Group from $69.00 to $77.00 in a research report on Friday, April 23rd. Bank of America initiated coverage on The Hartford Financial Services Group in a research report on Monday, May 3rd. They set a “neutral” rating on the stock. MKM Partners reaffirmed a “neutral” rating and issued a $70.00 price objective (up previously from $65.00) on shares of The Hartford Financial Services Group in a research note on Thursday, March 25th. Finally, Credit Suisse Group started coverage on The Hartford Financial Services Group in a research note on Wednesday, April 28th. They issued an “outperform” rating and a $82.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $69.31.

The Hartford Financial Services Group Profile

The Hartford Financial Services Group, Inc provides insurance and financial services to individual and business customers in the United States, the United Kingdom, continental Europe, and internationally. Its Commercial Lines segment offers workers' compensation, property, automobile, liability, umbrella, bond, marine, livestock, and reinsurance; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

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

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