CIBC Asset Management Inc Grows Stock Holdings in Hartford Financial Services Group Inc (NYSE:HIG)

CIBC Asset Management Inc grew its holdings in shares of Hartford Financial Services Group Inc (NYSE:HIG) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,545 shares of the insurance provider’s stock after buying an additional 1,688 shares during the quarter. CIBC Asset Management Inc’s holdings in Hartford Financial Services Group were worth $1,910,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Manchester Financial Inc. acquired a new position in shares of Hartford Financial Services Group during the second quarter worth $35,000. Westside Investment Management Inc. acquired a new position in shares of Hartford Financial Services Group during the first quarter worth $41,000. CENTRAL TRUST Co lifted its position in shares of Hartford Financial Services Group by 58.3% during the second quarter. CENTRAL TRUST Co now owns 1,630 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 600 shares in the last quarter. Procyon Private Wealth Partners LLC lifted its position in shares of Hartford Financial Services Group by 86.5% during the first quarter. Procyon Private Wealth Partners LLC now owns 2,089 shares of the insurance provider’s stock worth $74,000 after purchasing an additional 969 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its position in shares of Hartford Financial Services Group by 15.3% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 2,114 shares of the insurance provider’s stock worth $75,000 after purchasing an additional 280 shares in the last quarter. Institutional investors own 89.80% of the company’s stock.

A number of research firms have recently commented on HIG. Morgan Stanley reduced their target price on shares of Hartford Financial Services Group from $48.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday, May 4th. Wells Fargo & Co cut their price target on shares of Hartford Financial Services Group from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Credit Suisse Group reaffirmed a “hold” rating and issued a $44.00 price target on shares of Hartford Financial Services Group in a report on Friday. MKM Partners cut their price target on shares of Hartford Financial Services Group from $70.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Finally, Bank of America initiated coverage on shares of Hartford Financial Services Group in a report on Monday, June 1st. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $54.57.

HIG stock opened at $42.32 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.29 and a quick ratio of 0.29. Hartford Financial Services Group Inc has a 1-year low of $19.04 and a 1-year high of $62.75. The firm has a fifty day moving average price of $39.49 and a two-hundred day moving average price of $43.84. The firm has a market cap of $15.15 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.24 and a beta of 0.97.

Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Thursday, July 30th. The insurance provider reported $1.22 EPS for the quarter, hitting the consensus estimate of $1.22. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.15 billion. Hartford Financial Services Group had a net margin of 8.80% and a return on equity of 12.86%. As a group, analysts expect that Hartford Financial Services Group Inc will post 4.88 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.325 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.30 annualized dividend and a dividend yield of 3.07%. Hartford Financial Services Group’s dividend payout ratio is currently 23.01%.

About Hartford Financial Services Group

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. Its Commercial Lines segment offers workers' compensation, property, automobile, marine, livestock, liability, and umbrella coverages; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages.

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

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