The Hartford Financial Services Group (NYSE:HIG) Cut to Hold at StockNews.com

StockNews.com cut shares of The Hartford Financial Services Group (NYSE:HIG) from a buy rating to a hold rating in a research note issued to investors on Thursday.

Several other equities analysts have also issued reports on the company. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their target price on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Piper Sandler lifted their target price 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 increased their price target on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, UBS Group raised their price target on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Eleven investment 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.com, the stock has a consensus rating of “Hold” and an average target price of $120.88.

The Hartford Financial Services Group Trading Up 1.9 %

NYSE HIG traded up $2.24 during trading on Thursday, hitting $117.43. 1,615,147 shares of the company’s stock traded hands, compared to its average volume of 1,609,636. The stock has a fifty day moving average of $116.31 and a two-hundred day moving average of $107.92. The Hartford Financial Services Group has a 12-month low of $73.12 and a 12-month high of $123.23. The firm has a market cap of $34.04 billion, a P/E ratio of 11.77, a PEG ratio of 0.96 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.08 annualized dividend and a yield of 1.77%. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 18.84%.

The Hartford Financial Services Group announced that its board has authorized a share buyback program on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Trustmark National Bank Trust Department increased its stake in shares of The Hartford Financial Services Group by 4.7% during the third quarter. Trustmark National Bank Trust Department now owns 42,118 shares of the insurance provider’s stock valued at $4,953,000 after purchasing an additional 1,893 shares in the last quarter. Intech Investment Management LLC increased its position in The Hartford Financial Services Group by 5.0% during the 3rd quarter. Intech Investment Management LLC now owns 110,270 shares of the insurance provider’s stock valued at $12,969,000 after buying an additional 5,254 shares in the last quarter. Moors & Cabot Inc. raised its stake in The Hartford Financial Services Group by 3.2% during the third quarter. Moors & Cabot Inc. now owns 9,999 shares of the insurance provider’s stock valued at $1,176,000 after buying an additional 309 shares during the last quarter. Strategy Asset Managers LLC bought a new stake in The Hartford Financial Services Group in the third quarter worth $708,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of The Hartford Financial Services Group in the third quarter worth $1,717,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

About The Hartford Financial Services Group

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.