Patriot Financial Group Insurance Agency LLC purchased a new position in The Hartford Financial Services Group, Inc. (NYSE:HIG – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,848 shares of the insurance provider’s stock, valued at approximately $217,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. DT Investment Partners LLC purchased a new position in The Hartford Financial Services Group during the 3rd quarter worth $26,000. New Covenant Trust Company N.A. purchased a new position in The Hartford Financial Services Group during the 1st quarter worth $26,000. Clean Yield Group purchased a new position in The Hartford Financial Services Group during the 3rd quarter worth $33,000. Quest Partners LLC grew its stake in The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after buying an additional 275 shares during the last quarter. Finally, Bank & Trust Co purchased a new position in The Hartford Financial Services Group during the 2nd quarter worth $30,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on HIG shares. Wells Fargo & Company boosted their target price on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 17th. Bank of America boosted their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Barclays started coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target on the stock. UBS Group boosted their price target on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $120.88.
The Hartford Financial Services Group Stock Performance
NYSE HIG opened at $112.72 on Thursday. The stock has a market capitalization of $32.68 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 0.99 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a twelve month low of $72.46 and a twelve month high of $123.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average of $116.41 and a 200 day moving average of $107.24.
The Hartford Financial Services Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be issued a $0.52 dividend. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.85%. The Hartford Financial Services Group’s dividend payout ratio is presently 20.84%.
The Hartford Financial Services Group declared that its board has authorized a share repurchase program on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
The Hartford Financial Services Group Profile
The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.
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