E. Ohman J or Asset Management AB Trims Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

E. Ohman J or Asset Management AB decreased its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 10.7% during the third quarter, Holdings Channel reports. The fund owned 11,700 shares of the insurance provider’s stock after selling 1,400 shares during the period. E. Ohman J or Asset Management AB’s holdings in The Hartford Financial Services Group were worth $1,376,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in HIG. New Covenant Trust Company N.A. bought a new stake in shares of The Hartford Financial Services Group in the 1st quarter worth approximately $26,000. DT Investment Partners LLC bought a new position in The Hartford Financial Services Group in the 3rd quarter valued at approximately $26,000. Quest Partners LLC lifted its position in The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 275 shares in the last quarter. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group during the 2nd quarter valued at $30,000. Finally, Family Firm Inc. bought a new position in shares of The Hartford Financial Services Group during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Down 6.8 %

HIG opened at $112.26 on Friday. The firm has a 50-day simple moving average of $116.27 and a two-hundred day simple moving average of $106.81. The Hartford Financial Services Group, Inc. has a 52 week low of $68.92 and a 52 week high of $123.23. The company has a market capitalization of $33.20 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. 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, October 24th. The insurance provider reported $2.53 EPS for the quarter, beating the consensus estimate 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 business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.62 billion. 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 declared that its Board of Directors has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently weighed in on HIG. Wells Fargo & Company increased their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a report on Friday. Keefe, Bruyette & Woods upped their price objective on 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. Morgan Stanley reduced their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Finally, Bank of America upped their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $120.76.

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.