Burke & Herbert Bank & Trust Co. Trims Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Burke & Herbert Bank & Trust Co. lessened its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 12.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,577 shares of the insurance provider’s stock after selling 368 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in The Hartford Financial Services Group were worth $303,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Trust Co. of Vermont raised its holdings in The Hartford Financial Services Group by 27.9% in the 3rd quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock valued at $47,000 after acquiring an additional 88 shares during the last quarter. Bailard Inc. grew its position in shares of The Hartford Financial Services Group by 0.5% in the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after purchasing an additional 101 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in shares of The Hartford Financial Services Group by 3.1% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after purchasing an additional 114 shares during the last quarter. Tectonic Advisors LLC lifted its position in The Hartford Financial Services Group by 2.6% during the third quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock worth $537,000 after buying an additional 114 shares in the last quarter. Finally, Covestor Ltd boosted its stake in The Hartford Financial Services Group by 28.8% during the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after buying an additional 116 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

Shares of HIG stock traded down $7.29 during trading hours on Friday, hitting $113.17. The stock had a trading volume of 601,807 shares, compared to its average volume of 1,588,605. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market capitalization of $33.47 billion, a PE ratio of 12.83, a PEG ratio of 0.96 and a beta of 0.93. The stock’s 50 day moving average is $116.06 and its 200 day moving average is $106.71. The Hartford Financial Services Group, Inc. has a twelve month low of $68.92 and a twelve month high of $123.23.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, October 24th. The insurance provider reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.04. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $4.67 billion during the quarter, compared to analysts’ expectations of $4.62 billion. As a group, research analysts forecast 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 stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.30 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada raised their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $116.00 to $114.00 in a report on Friday, June 28th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. UBS Group upped their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Finally, Bank of America increased their target price on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Ten equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.59.

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.