The Hartford 2014 Annual Report Download - page 29

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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.
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Common Stock Price
High $ 36.14 $ 36.37 $ 37.80 $ 42.27
Low $ 32.18 $ 33.30 $ 33.85 $ 35.47
Dividends Declared $ 0.15 $ 0.15 $ 0.18 $ 0.18
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Common Stock Price
High $ 26.46 $ 31.43 $ 32.30 $ 36.62
Low $ 23.05 $ 24.82 $ 29.60 $ 30.68
Dividends Declared $ 0.10 $ 0.10 $ 0.15 $ 0.15
On February 26, 2015, The Hartford’s Board of Directors declared a quarterly dividend of $0.18 per common share payable on April 1, 2015 to common
shareholders of record as of March 9, 2015. As of February 24, 2015, the Company had approximately 14,421 holders of record of the Company's common
stock. A substantially greater number of holders of our common stock are “street name” holders or beneficial holders, whose shares are held of record by
banks, brokers and other financial institutions. The closing price of The Hartford’s common stock on the NYSE on February 24, 2015 was $41.32.
On June 16, 2014, the Company’s Chief Executive Officer has certified to the NYSE that he is not aware of any violation by the Company of NYSE corporate
governance listing standards, as required by Section 303A.12(a) of the NYSE’s Listed Company Manual.
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 and Sources of Capital.
For information related to securities authorized for issuance under equity compensation plans, see Part III, Item 12, Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters,
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, 2014:
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(in millions)
October 1, 2014 – October 31, 2014 3,200,500 $ 36.99 3,200,500 $ 1,162
November 1, 2014 – November 30, 2014 2,390,749 $ 40.40 2,344,500 $ 1,067
December 1, 2014 – December 31, 2014 4,906,717 $ 39.20 4,906,717 $ 979
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[1] In July 2014, the Board of Directors approved an increase in the Company's authorized equity repurchase program that provides the Company with the ability to repurchase
$2.775 billion in equity during the period commencing on January 1, 2014 and ending on December 31, 2015. The Company’s repurchase authorization, which expires on
December 31, 2015, permits purchases of common stock, as well as warrants or other derivative securities. Repurchases may be made in the open market, through
derivative, accelerated share repurchase and other privately negotiated transactions, and through plans designed to comply with Rule 10b5-1(c) under the Securities
Exchange Act of 1934, as amended. 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.
[2] Includes 2.7 million common shares received upon settlement of an accelerated share repurchase ("ASR") agreement with a major financial institution in December 2014.
Under the terms of the agreement, the Company paid $525 and received initial delivery of 11.2 million common shares in July 2014. A total of 13.9 million common shares
were repurchased by the Company under the ASR at a price of $37.64 per common share.
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