The Hartford 2007 Annual Report Download - page 30

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PART II
Item 5. MARKET FOR THE HARTFORD’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
The Hartford’s common stock is traded on the New York Stock Exchange (“NYSE”) under the trading symbol “HIG”.
The following table presents the high and low closing prices for the common stock of The Hartford on the NYSE for the periods
indicated, and the quarterly dividends declared per share.
1
st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
2007
Common Stock Price
High $ 97.75 $ 106.02 $ 99.87 $ 98.56
Low 90.77 95.82 85.44 86.78
Dividends Declared 0.50 0.50 0.50 0.53
2006
Common Stock Price
High $ 88.83 $ 92.22 $ 87.84 $ 93.61
Low 79.24 80.63 79.86 84.73
Dividends Declared 0.40 0.40 0.40 0.50
As of February 15, 2008, the Company had approximately 380,000 shareholders. The closing price of The Hartford’s common stock
on the NYSE on February 15, 2008 was $72.48.
On February 21, 2008, The Hartford’ s Board of Directors declared a quarterly dividend of $0.53 per share payable on April 1, 2008 to
shareholders of record as of March 3, 2008. Dividend decisions are based on and affected by a number of factors, including the
operating results and financial requirements of The Hartford and the impact of regulatory restrictions discussed in Part II, Item 7,
MD&A – Capital Resources and Liquidity – Liquidity Requirements.
There are also various legal and regulatory limitations governing the extent to which The Hartford’ s insurance subsidiaries may extend
credit, pay dividends or otherwise provide funds to The Hartford Financial Services Group, Inc. as discussed in Part II, Item 7, MD&A
– Capital Resources and Liquidity – Liquidity Requirements.
See Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, for
information related to securities authorized for issuance under equity compensation plans.
Purchases of Equity Securities by the Issuer
The following table summarizes the Company’ s repurchases of its common stock for the three months ended December 31, 2007:
Period
Total Number
of Shares
Purchased
Average Price
Paid Per
Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under
the Plans or Programs
(in millions)
October 1, 2007 – October 31, 2007 5,429 [1] $ 92.10 — $ 827
November 1, 2007 – November 30, 2007 236,185 [1] $ 87.11 233,900 $ 807
December 1, 2007 – December 31, 2007 3,179 [1] $ 90.55 1,700 $ 807
Total 244,793 $ 87.27 235,600 N/A
[1] Includes 5,429, 2,285 and 1,479 shares in October, November and December, respectively, acquired from employees of the Company for tax
withholding purposes in connection with the Company’s stock compensation plans.
The Hartford’ s Board of Directors has authorized the Company to repurchase up to $2 billion of its securities. For the year ended
December 31, 2007, The Hartford repurchased $1.2 billion of its common stock (12.9 million shares) under this program. The
Company’ s repurchase authorization permits purchases of common stock, which may be in the open market or through privately
negotiated transactions. The Company also may enter into derivative transactions to facilitate future repurchases of common stock. The
timing of any future repurchases will be dependent upon several factors, including the market price of the Company’ s securities, the
Company’ s capital position, consideration of the effect of any repurchases on the Company’ s financial strength or credit ratings, and
other corporate considerations. The repurchase program may be modified, extended or terminated by the Board of Directors at any
time.