abrdn plc Trims Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

abrdn plc decreased its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 14.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 137,951 shares of the insurance provider’s stock after selling 23,182 shares during the quarter. abrdn plc’s holdings in The Hartford Financial Services Group were worth $15,043,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. 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 valued at $95,322,000 after purchasing an additional 709,324 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of The Hartford Financial Services Group by 31,680.4% in the third quarter. International Assets Investment Management LLC now owns 694,084 shares of the insurance provider’s stock valued at $816,310,000 after acquiring an additional 691,900 shares during the period. Nordea Investment Management AB grew its position in shares of The Hartford Financial Services Group by 17.3% during the fourth quarter. Nordea Investment Management AB now owns 3,938,421 shares of the insurance provider’s stock worth $430,272,000 after acquiring an additional 581,103 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of The Hartford Financial Services Group by 42.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 935,298 shares of the insurance provider’s stock valued at $110,000,000 after acquiring an additional 277,295 shares during the period. Finally, Verition Fund Management LLC raised its position in The Hartford Financial Services Group by 7,564.9% in the 3rd quarter. Verition Fund Management LLC now owns 248,648 shares of the insurance provider’s stock valued at $29,243,000 after purchasing an additional 245,404 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, EVP Adin M. Tooker sold 6,865 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $117.04, for a total value of $803,479.60. Following the sale, the executive vice president now owns 25,820 shares of the company’s stock, valued at approximately $3,021,972.80. This represents a 21.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on HIG. Keefe, Bruyette & Woods raised their price objective on shares of The Hartford Financial Services Group from $139.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler boosted their price target on The Hartford Financial Services Group from $127.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. BMO Capital Markets increased their price objective on The Hartford Financial Services Group from $100.00 to $141.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. boosted their target price on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $125.00 price target on shares of The Hartford Financial Services Group in a report on Monday, February 3rd. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and an average target price of $122.94.

The Hartford Financial Services Group Stock Performance

HIG opened at $113.52 on Friday. The stock’s 50 day simple moving average is $112.10 and its 200 day simple moving average is $113.67. The stock has a market cap of $32.91 billion, a P/E ratio of 10.97, a P/E/G ratio of 0.81 and a beta of 0.97. The Hartford Financial Services Group, Inc. has a 1-year low of $89.04 and a 1-year high of $124.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. As a group, equities analysts anticipate that The Hartford Financial Services Group, Inc. will post 11.46 EPS for the current fiscal year.

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.