The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Acquired by Summit Place Financial Advisors LLC

Summit Place Financial Advisors LLC boosted its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 4.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,910 shares of the insurance provider’s stock after acquiring an additional 1,150 shares during the quarter. The Hartford Financial Services Group accounts for about 1.7% of Summit Place Financial Advisors LLC’s holdings, making the stock its 25th biggest holding. Summit Place Financial Advisors LLC’s holdings in The Hartford Financial Services Group were worth $3,047,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. DT Investment Partners LLC acquired a new stake in shares of The Hartford Financial Services Group in the 3rd quarter valued at $26,000. New Covenant Trust Company N.A. acquired a new stake in The Hartford Financial Services Group in the first quarter valued at $26,000. Clean Yield Group purchased a new stake in The Hartford Financial Services Group during the 3rd quarter worth about $33,000. Quest Partners LLC boosted its position 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 acquiring an additional 275 shares in the last quarter. Finally, Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group in the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $113.75 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The company has a market cap of $33.64 billion, a PE ratio of 12.76, a P/E/G ratio of 0.99 and a beta of 0.93. The stock has a fifty day moving average price of $116.31 and a 200 day moving average price of $106.98. The Hartford Financial Services Group, Inc. has a 1-year low of $71.16 and a 1-year high of $123.23.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the previous year, the business posted $1.88 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that The Hartford Financial Services Group, Inc. will post 10.02 EPS for the current year.

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 paid a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase 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 1.83%. The Hartford Financial Services Group’s payout ratio is 23.64%.

The Hartford Financial Services Group declared that its board has authorized a share buyback program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

HIG has been the subject of a number of research analyst reports. Bank of America upped their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Morgan Stanley lowered their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Piper Sandler lifted their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods boosted their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.76.

The Hartford Financial Services Group Company 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.