Bank of America Corp DE Trims Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Bank of America Corp DE lessened its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 20.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,844,521 shares of the insurance provider's stock after selling 472,876 shares during the period. Bank of America Corp DE owned about 0.64% of The Hartford Financial Services Group worth $201,791,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank acquired a new position in The Hartford Financial Services Group in the fourth quarter valued at approximately $416,340,000. AustralianSuper Pty Ltd boosted its stake in The Hartford Financial Services Group by 265.5% in the fourth quarter. AustralianSuper Pty Ltd now owns 1,213,074 shares of the insurance provider's stock valued at $132,710,000 after acquiring an additional 881,224 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in The Hartford Financial Services Group by 48.1% in the fourth quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider's stock valued at $247,761,000 after acquiring an additional 735,170 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of The Hartford Financial Services Group by 437.9% during the fourth 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 during the period. Finally, Proficio Capital Partners LLC boosted its stake in shares of The Hartford Financial Services Group by 11,904.7% during the fourth quarter. Proficio Capital Partners LLC now owns 631,565 shares of the insurance provider's stock worth $632,000 after buying an additional 626,304 shares during the period. Hedge funds and other institutional investors own 93.42% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on HIG. UBS Group increased their price target on shares of 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. JPMorgan Chase & Co. lifted their target price on shares of The Hartford Financial Services Group from $125.00 to $129.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 8th. Raymond James lifted their price target on shares of The Hartford Financial Services Group from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Monday, March 31st. Wells Fargo & Company reduced their target price on shares of The Hartford Financial Services Group from $126.00 to $125.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of The Hartford Financial Services Group from $140.00 to $133.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $126.87.

The Hartford Financial Services Group Stock Down 1.2%

HIG stock traded down $1.50 during mid-day trading on Wednesday, reaching $126.43. The company had a trading volume of 484,843 shares, compared to its average volume of 1,572,218. 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, Inc. has a 52 week low of $98.16 and a 52 week high of $129.75. The stock has a 50 day simple moving average of $119.98 and a two-hundred day simple moving average of $115.94. The company has a market capitalization of $35.92 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.12 and a beta of 0.70.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The insurance provider reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.05. The company had revenue of $6.81 billion during the quarter, compared to analysts' expectations 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 Hartford Financial Services Group's revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.34 EPS. As a group, equities analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Monday, March 3rd were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Monday, March 3rd. The Hartford Financial Services Group's dividend payout ratio (DPR) is currently 20.74%.

Insider Transactions at The Hartford Financial Services Group

In other news, SVP Allison G. Niderno sold 1,086 shares of The Hartford Financial Services Group stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $119.42, for a total value of $129,690.12. Following the transaction, the senior vice president now owns 622 shares in the company, valued at approximately $74,279.24. The trade was a 63.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert W. Paiano sold 13,138 shares of The Hartford Financial Services Group stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total value of $1,539,773.60. Following the sale, the executive vice president now directly owns 31,678 shares in the company, valued at approximately $3,712,661.60. The trade was a 29.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,429 shares of company stock valued at $13,618,028 over the last ninety days. 1.50% of the stock is currently owned by 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.