The Hartford 2011 Annual Report Download - page 30

30
PART II
Item 5. MARKET FOR THE HARTFORD’S COMMON EQUITY, 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.
1st Qtr.
2nd Qtr.
3rd Qtr.
4th Qtr.
2011
Common Stock Price
High
$
30.80
$
28.97
$
27.05
$
20.27
Low
$
24.75
$
23.81
$
15.82
$
14.92
Dividends Declared
$
0.10
$
0.10
$
0.10
$
0.10
2010
Common Stock Price
High
$
28.58
$
29.64
$
24.12
$
27.43
Low
$
22.34
$
22.13
$
19.09
$
22.26
Dividends Declared
$
0.05
$
0.05
$
0.05
$
0.05
On February 23, 2012, The Hartford’ s Board of Directors declared a quarterly dividend of $0.10 per common share payable on April 2,
2012 to common shareholders of record as of March 5, 2012.
As of February 17, 2012, the Company had approximately 269,700 shareholders. The closing price of The Hartford’ s common stock on
the NYSE on February 17, 2012 was $21.65.
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.
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, 2011:
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, 2011 – October 31, 2011
8,014 [1]
$
18.36
—
$
500
November 1, 2011 – November 30, 2011
12,649 [1]
$
19.25
—
$
500
December 1, 2011 – December 31, 2011
3,226,945
$
15.93
3,225,000
$
449
Total
3,247,608
$
15.95
3,225,000
N/A
[1] Primarily represents shares acquired from employees of the Company for tax withholding purposes in connection with the Company’s stock
compensation plans.
On July 27, 2011 the Company’ s Board of Directors authorized a $500 stock repurchase program. The Company’ s repurchase
authorization, which expires on August 5, 2014, 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.
The Hartford has repurchased $94 of its common stock under this program through February 17, 2012.