Shares of Hartford Financial Services rose Tuesday after the New York-based hedge fund run by billionaire John Paulson revealed that it had increased its stake in the insurer, The Associated Press reports.
On Tuesday, Paulson & Co. Inc. reported it held 44 million shares in Hartford Financial Services at the end of June, according to a Securities and Exchange Commission filing. The hedge fund owned 12.75 million Hartford shares at the end of March.
Earlier this month, Hartford lowered its net income expectations for the year due to the uncertain global economy and volatile financial markets even though it returned to profit in the second quarter. It posted net income of 92 cents a share, excluding certain charges and a gains. Analysts surveyed by Thomson Reuters expected 91 cents per share.
