Texas Permanent School Fund Corp Sells 13,329 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Texas Permanent School Fund Corp lowered its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 21.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,379 shares of the insurance provider’s stock after selling 13,329 shares during the period. Texas Permanent School Fund Corp’s holdings in The Hartford Financial Services Group were worth $4,864,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Choreo LLC bought a new stake in The Hartford Financial Services Group during the second quarter worth about $594,000. Wedbush Securities Inc. boosted its stake in The Hartford Financial Services Group by 7.8% during the second quarter. Wedbush Securities Inc. now owns 5,990 shares of the insurance provider’s stock worth $602,000 after acquiring an additional 431 shares in the last quarter. Prudential PLC boosted its stake in The Hartford Financial Services Group by 28.1% during the second quarter. Prudential PLC now owns 96,115 shares of the insurance provider’s stock worth $9,663,000 after acquiring an additional 21,069 shares in the last quarter. PFG Investments LLC boosted its stake in The Hartford Financial Services Group by 6.4% during the second quarter. PFG Investments LLC now owns 2,493 shares of the insurance provider’s stock worth $251,000 after acquiring an additional 150 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new stake in The Hartford Financial Services Group during the second quarter worth about $159,000. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG opened at $115.16 on Friday. The firm has a 50 day moving average of $108.68 and a 200 day moving average of $102.96. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $34.06 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 0.92 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 12-month low of $68.82 and a 12-month high of $117.68.

The Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.88 earnings per share. On average, research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.63%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

The Hartford Financial Services Group announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

HIG has been the topic of several research reports. Keefe, Bruyette & Woods boosted their price objective on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. The Goldman Sachs Group lifted their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. lifted their target price on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Citigroup cut shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Finally, Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $111.94.

Insider Activity at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.

The Hartford Financial Services Group Company 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.