DLK Investment Management LLC Invests $253,000 in The Hartford Financial Services Group, Inc. (NYSE:HIG)

by · The Markets Daily

DLK Investment Management LLC bought a new stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,155 shares of the insurance provider’s stock, valued at approximately $253,000.

Other large investors also recently modified their holdings of the company. LVW Advisors LLC increased its position in shares of The Hartford Financial Services Group by 6.1% during the third quarter. LVW Advisors LLC now owns 4,668 shares of the insurance provider’s stock valued at $549,000 after buying an additional 268 shares during the period. Tobam lifted its stake in The Hartford Financial Services Group by 10.8% during the third quarter. Tobam now owns 1,431 shares of the insurance provider’s stock worth $168,000 after purchasing an additional 139 shares during the last quarter. Strategic Advisors LLC purchased a new stake in The Hartford Financial Services Group in the third quarter worth approximately $213,000. Financial Advisory Partners LLC purchased a new position in The Hartford Financial Services Group in the 3rd quarter worth $3,009,000. Finally, Wedmont Private Capital lifted its stake in shares of The Hartford Financial Services Group by 4.0% in the 3rd quarter. Wedmont Private Capital now owns 4,137 shares of the insurance provider’s stock valued at $473,000 after acquiring an additional 159 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on HIG. JPMorgan Chase & Co. raised their target price on The Hartford Financial Services Group from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Thursday. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $116.00 to $114.00 in a research note on Friday, June 28th. Jefferies Financial Group boosted their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on 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 investment 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $118.94.

Get Our Latest Research Report on The Hartford Financial Services Group

The Hartford Financial Services Group Stock Performance

The Hartford Financial Services Group stock traded up $0.76 during midday trading on Friday, reaching $117.07. 303,629 shares of the company traded hands, compared to its average volume of 1,602,076. 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 Hartford Financial Services Group, Inc. has a 12 month low of $68.92 and a 12 month high of $119.06. The firm has a market capitalization of $34.62 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The business has a 50 day moving average of $113.76 and a two-hundred day moving average of $105.57.

The Hartford Financial Services Group (NYSE:HIG – Get Free Report) last released 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 return on equity of 21.20% and a net margin of 11.44%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same period last year, the business posted $1.88 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.61%. The Hartford Financial Services Group’s payout ratio is presently 21.36%.

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

About The Hartford Financial Services Group

(Free Report)

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.

Featured Articles