United Asset Strategies Inc. Lowers Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

United Asset Strategies Inc. reduced its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,751 shares of the insurance provider’s stock after selling 148 shares during the period. United Asset Strategies Inc.’s holdings in The Hartford Financial Services Group were worth $324,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Trust Co. of Vermont lifted its position in The Hartford Financial Services Group by 27.9% during the 3rd quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock valued at $47,000 after acquiring an additional 88 shares during the period. Bailard Inc. raised its holdings in The Hartford Financial Services Group by 0.5% in the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock worth $1,948,000 after buying an additional 101 shares during the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in The Hartford Financial Services Group by 3.1% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock worth $385,000 after buying an additional 114 shares during the last quarter. Tectonic Advisors LLC raised its holdings in The Hartford Financial Services Group by 2.6% in the third quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock worth $537,000 after buying an additional 114 shares during the last quarter. Finally, Covestor Ltd raised its holdings in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after buying an additional 116 shares during the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Performance

HIG opened at $110.46 on Friday. The firm has a market cap of $32.02 billion, a P/E ratio of 11.07, a PEG ratio of 0.93 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 1-year low of $72.46 and a 1-year high of $123.23. The company has a 50 day simple moving average of $116.38 and a two-hundred day simple moving average of $107.26. 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 declared that its board has approved a stock repurchase 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 buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.88%. 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. The Hartford Financial Services Group’s payout ratio is 18.84%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. 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 report on Monday, July 29th. Jefferies Financial Group lifted their target price on shares of 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. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Royal Bank of Canada lifted their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Ten 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $120.88.

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.