First Citizens Bank & Trust Co. Lowers Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

First Citizens Bank & Trust Co. cut its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 7.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,051 shares of the insurance provider’s stock after selling 2,772 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in The Hartford Financial Services Group were worth $4,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of HIG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of The Hartford Financial Services Group by 72.0% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock valued at $137,633,000 after purchasing an additional 559,019 shares during the last quarter. Swedbank AB purchased a new stake in The Hartford Financial Services Group during the 1st quarter valued at about $53,980,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in The Hartford Financial Services Group by 301.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 333,000 shares of the insurance provider’s stock worth $34,316,000 after acquiring an additional 250,000 shares during the last quarter. Nordea Investment Management AB increased its stake in The Hartford Financial Services Group by 7.9% in the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after purchasing an additional 233,742 shares during the period. Finally, M&G Plc bought a new stake in The Hartford Financial Services Group during the 1st quarter valued at $21,709,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HIG. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Citigroup downgraded The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $116.00 to $114.00 in a report on Friday, June 28th. Jefferies Financial Group lifted their price target on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Morgan Stanley decreased their price objective on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and an average target price of $120.59.

The Hartford Financial Services Group Price Performance

Shares of HIG opened at $122.02 on Friday. The company has a market capitalization of $36.09 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The firm has a 50 day moving average of $115.34 and a 200 day moving average of $106.30. The Hartford Financial Services Group, Inc. has a twelve month low of $68.92 and a twelve month high of $123.23. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28.

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

The Hartford Financial Services Group announced that its board has approved a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

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.