Summary
This 8-K filing by The Hartford Financial Services Group, Inc. (HIG) on August 13, 2007, primarily provides an update on the company's share repurchase program. Management intends to discuss these repurchases with analysts and investors, highlighting the significant capital being returned to shareholders. The company has actively engaged in share repurchases during the third quarter of 2007, buying back approximately $232 million worth of stock, equating to about 2.6 million shares, at an average price of $89.49 per share. This activity falls under an existing Board authorization allowing for up to $2 billion in repurchases. Coupled with the $800 million repurchased in the first quarter, this indicates a consistent strategy of shareholder capital return.
Key Highlights
- 1The Hartford is providing an update on its share repurchase program to analysts and investors.
- 2As of August 13, 2007, the company repurchased approximately $232 million (2.6 million shares) in the third quarter of 2007.
- 3The average repurchase price in Q3 2007 was $89.49 per share.
- 4These repurchases are part of an existing Board authorization to buy back up to $2 billion of the company's securities.
- 5In the first quarter of 2007, The Hartford repurchased $800 million (8.4 million shares) under the same authorization.
- 6The company may continue share repurchases through the remainder of 2007, with timing dependent on market price, capital position, credit ratings, and other corporate factors.
- 7The share repurchase program can be modified, extended, or terminated by the Board of Directors at any time.