Fred Alger Management LLC Grows Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Fred Alger Management LLC raised its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 10.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,540 shares of the insurance provider’s stock after buying an additional 3,212 shares during the period. Fred Alger Management LLC’s holdings in The Hartford Financial Services Group were worth $3,795,000 at the end of the most recent reporting period.

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

The Hartford Financial Services Group Stock Down 0.6 %

Shares of NYSE HIG opened at $127.50 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $36.22 billion, a PE ratio of 12.32, a P/E/G ratio of 1.12 and a beta of 0.70. The firm has a fifty day moving average of $119.54 and a 200-day moving average of $115.80. The Hartford Financial Services Group, Inc. has a 52-week low of $98.16 and a 52-week high of $129.55.

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

The Hartford Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Monday, March 3rd were given a dividend of $0.52 per share. The ex-dividend date was Monday, March 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.63%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 20.74%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on HIG shares. Wells Fargo & Company dropped their price objective on shares of The Hartford Financial Services Group from $126.00 to $125.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. UBS Group boosted their price target on The Hartford Financial Services Group from $139.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, April 28th. Jefferies Financial Group decreased their price objective on The Hartford Financial Services Group from $118.00 to $117.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Royal Bank of Canada reiterated a “sector perform” rating and set a $125.00 price objective on shares of The Hartford Financial Services Group in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. upped their target price on shares of The Hartford Financial Services Group from $125.00 to $129.00 and gave the company a “neutral” rating in a report on Tuesday, April 8th. Seven research 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 company. According to data from MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $126.87.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, CEO Christopher Swift sold 98,061 shares of the company’s stock in a transaction that occurred on 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 owns 211,082 shares in the company, valued at $25,412,161.98. This represents a 31.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert W. Paiano sold 13,138 shares of the stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at $3,712,661.60. This trade represents a 29.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,429 shares of company stock worth $13,618,028 over the last ninety days. 1.50% of the stock is owned by company insiders.

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.