Strategic Advisors LLC Acquires Shares of 1,809 The Hartford Financial Services Group, Inc. (NYSE:HIG)

by · The Cerbat Gem

Strategic Advisors LLC purchased a new position in The Hartford Financial Services Group, Inc. (NYSE:HIG – Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,809 shares of the insurance provider’s stock, valued at approximately $213,000.

A number of other large investors have also recently made changes to their positions in HIG. Dimensional Fund Advisors LP raised its position in The Hartford Financial Services Group by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock valued at $584,177,000 after purchasing an additional 69,007 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of The Hartford Financial Services Group by 7.9% in the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after acquiring an additional 233,742 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of The Hartford Financial Services Group by 4.9% in the second quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock worth $150,605,000 after acquiring an additional 70,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of The Hartford Financial Services Group by 2.4% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock valued at $137,478,000 after buying an additional 31,806 shares during the last quarter. Finally, Bahl & Gaynor Inc. boosted its position in shares of The Hartford Financial Services Group by 3.4% during the second quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock valued at $123,577,000 after buying an additional 40,400 shares during the last quarter. 93.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on HIG. Bank of America raised their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday. Barclays assumed coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price for the company. Piper Sandler boosted their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Morgan Stanley decreased their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Finally, The Goldman Sachs Group boosted their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Ten equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.59.

Read Our Latest Analysis on HIG

The Hartford Financial Services Group Stock Down 0.3 %

Shares of The Hartford Financial Services Group stock traded down $0.30 during trading hours on Thursday, hitting $115.99. 473,576 shares of the company’s stock traded hands, compared to its average volume of 1,603,853. The company has a market cap of $34.30 billion, a PE ratio of 13.18, a PEG ratio of 0.94 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a twelve month low of $68.92 and a twelve month high of $119.06. The stock has a 50 day simple moving average of $113.62 and a 200-day simple moving average of $105.49. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group (NYSE:HIG – Get Free Report) last issued its 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 firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter last year, the company posted $1.88 earnings per share. The Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. Equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group declared that its board has authorized a share buyback 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 generally an indication that the company’s board of directors 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.

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