Cohen Klingenstein LLC Trims Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Cohen Klingenstein LLC decreased its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.6% during the first quarter, Holdings Channel reports. The institutional investor owned 108,133 shares of the insurance provider’s stock after selling 650 shares during the quarter. The Hartford Financial Services Group makes up approximately 0.5% of Cohen Klingenstein LLC’s investment portfolio, making the stock its 29th largest position. Cohen Klingenstein LLC’s holdings in The Hartford Financial Services Group were worth $13,379,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Spurstone Advisory Services LLC acquired a new stake in The Hartford Financial Services Group in the 4th quarter valued at $33,000. Itau Unibanco Holding S.A. purchased a new position in The Hartford Financial Services Group during the fourth quarter valued at $35,000. DT Investment Partners LLC lifted its holdings in The Hartford Financial Services Group by 49.8% during the fourth quarter. DT Investment Partners LLC now owns 331 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new stake in shares of The Hartford Financial Services Group in the fourth quarter valued at about $36,000. Finally, Key Financial Inc increased its stake in shares of The Hartford Financial Services Group by 526.3% during the fourth quarter. Key Financial Inc now owns 357 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 300 shares in the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on HIG. UBS Group increased their target price on The Hartford Financial Services Group from $139.00 to $142.00 and gave the company a “buy” rating in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price target on The Hartford Financial Services Group from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Morgan Stanley raised their price objective on The Hartford Financial Services Group from $115.00 to $130.00 and gave the company an “equal weight” rating in a report on Monday, May 19th. Wall Street Zen raised shares of The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. Finally, Jefferies Financial Group reduced their target price on shares of The Hartford Financial Services Group from $118.00 to $117.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $129.71.

Insider Activity at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, CEO Christopher Swift sold 98,061 shares of The Hartford Financial Services Group stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $120.39, for a total value of $11,805,563.79. Following the completion of the transaction, the chief executive officer now directly owns 211,082 shares of the company’s stock, valued at $25,412,161.98. The trade was a 31.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Allison G. Niderno sold 1,086 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $119.42, for a total transaction of $129,690.12. Following the sale, the senior vice president now directly owns 622 shares in the company, valued at $74,279.24. This represents a 63.58% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,291 shares of company stock worth $12,078,254. 1.50% of the stock is currently owned by company insiders.

The Hartford Financial Services Group Stock Down 1.6%

Shares of NYSE:HIG opened at $124.82 on Wednesday. The business has a 50-day moving average price of $123.47 and a 200 day moving average price of $117.82. The company has a market capitalization of $35.46 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.12 and a beta of 0.71. The Hartford Financial Services Group, Inc. has a 12-month low of $98.16 and a 12-month high of $132.09. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, April 24th. The insurance provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.05. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.97 billion. The Hartford Financial Services Group had a net margin of 11.72% and a return on equity of 19.55%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.34 EPS. Sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Monday, June 2nd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.67%. The Hartford Financial Services Group’s payout ratio is presently 20.74%.

About The Hartford Financial Services Group

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.