Hartford Financial Services Group Inc (NYSE:HIG) has seen a decrease in hedge fund interest of late.
To the average investor, there are dozens of indicators market participants can use to monitor the equity markets. A couple of the best are hedge fund and insider trading activity. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the top money managers can outclass the market by a healthy amount (see just how much).
Just as beneficial, bullish insider trading sentiment is a second way to break down the world of equities. Obviously, there are many reasons for an upper level exec to drop shares of his or her company, but just one, very clear reason why they would behave bullishly. Several empirical studies have demonstrated the valuable potential of this strategy if you know where to look (learn more here).
With these “truths” under our belt, it’s important to take a peek at the latest action surrounding Hartford Financial Services Group Inc (NYSE:HIG).
What have hedge funds been doing with Hartford Financial Services Group Inc (NYSE:HIG)?
At Q1’s end, a total of 44 of the hedge funds we track held long positions in this stock, a change of -6% from one quarter earlier. With hedge funds’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were increasing their stakes substantially.
According to our comprehensive database, Diamond Hill Capital, managed by Ric Dillon, holds the largest position in Hartford Financial Services Group Inc (NYSE:HIG). Diamond Hill Capital has a $290.8 million position in the stock, comprising 3.1% of its 13F portfolio. On Diamond Hill Capital’s heels is Paulson & Co, managed by John Paulson, which held a $282.7 million position; the fund has 1.6% of its 13F portfolio invested in the stock. Remaining hedge funds with similar optimism include Steven Richman’s East Side Capital (RR Partners), Matthew Hulsizer’s PEAK6 Capital Management and David Tepper’s Appaloosa Management LP.
Due to the fact that Hartford Financial Services Group Inc (NYSE:HIG) has witnessed declining sentiment from the aggregate hedge fund industry, it’s easy to see that there were a few hedge funds that elected to cut their positions entirely at the end of the first quarter. It’s worth mentioning that Jeffrey Altman’s Owl Creek Asset Management cut the largest stake of the 450+ funds we watch, worth about $23.2 million in stock., and Robert Pohly of Samlyn Capital was right behind this move, as the fund cut about $22.8 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest fell by 3 funds at the end of the first quarter.
How have insiders been trading Hartford Financial Services Group Inc (NYSE:HIG)?
Insider purchases made by high-level executives is at its handiest when the company in question has experienced transactions within the past 180 days. Over the last 180-day time period, Hartford Financial Services Group Inc (NYSE:HIG) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Hartford Financial Services Group Inc (NYSE:HIG). These stocks are Cincinnati Financial Corporation (NASDAQ:CINF), Everest Re Group Ltd (NYSE:RE), The Progressive Corporation (NYSE:PGR), Cna Financial Corp (NYSE:CNA), and XL Group plc (NYSE:XL). This group of stocks belong to the property & casualty insurance industry and their market caps are closest to HIG’s market cap.