1620 Investment Advisors Inc. lessened its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG – Free Report) by 13.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 630 shares of the insurance provider’s stock after selling 100 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in The Hartford Financial Services Group were worth $74,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group in the first quarter valued at approximately $26,000. DT Investment Partners LLC bought a new position in shares of The Hartford Financial Services Group in the third quarter valued at about $26,000. Quest Partners LLC lifted its stake in shares of 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. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth about $30,000. Finally, Family Firm Inc. acquired a new position in The Hartford Financial Services Group in the 2nd quarter valued at about $31,000. Institutional investors own 93.42% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on HIG shares. JPMorgan Chase & Co. raised their price objective on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Jefferies Financial Group lifted their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. UBS Group upped their price objective on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Royal Bank of Canada lifted their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Finally, Bank of America boosted their target price on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $120.88.
The Hartford Financial Services Group Stock Up 0.5 %
Shares of NYSE:HIG opened at $112.72 on Thursday. The company has a market capitalization of $32.68 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93. The company has a fifty day moving average of $116.41 and a 200-day moving average of $107.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group, Inc. has a 52-week low of $72.46 and a 52-week high of $123.23.
The Hartford Financial Services Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be paid a $0.52 dividend. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio is currently 20.84%.
The Hartford Financial Services Group declared that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are 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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