Gulf International Bank UK Ltd Sells 1,010 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Gulf International Bank UK Ltd lessened its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 4.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,518 shares of the insurance provider’s stock after selling 1,010 shares during the quarter. Gulf International Bank UK Ltd’s holdings in The Hartford Financial Services Group were worth $2,883,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group in the first quarter valued at approximately $26,000. DT Investment Partners LLC bought a new position in shares of The Hartford Financial Services Group in the 3rd quarter worth $26,000. Quest Partners LLC grew its stake in shares of The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co bought a new stake in The Hartford Financial Services Group in the second quarter valued at about $30,000. Finally, Family Firm Inc. acquired a new position in The Hartford Financial Services Group in the second quarter valued at about $31,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on HIG shares. Jefferies Financial Group upped their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. UBS Group increased their target price 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. Royal Bank of Canada boosted their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. boosted their target price on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.88.

The Hartford Financial Services Group Stock Up 4.6 %

Shares of HIG stock opened at $116.72 on Thursday. The firm’s fifty day moving average price is $116.31 and its two-hundred day moving average price is $107.75. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The Hartford Financial Services Group, Inc. has a 1 year low of $72.87 and a 1 year high of $123.23. The firm has a market capitalization of $33.84 billion, a P/E ratio of 11.70, a PEG ratio of 0.91 and a beta of 0.94.

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

The Hartford Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Monday, December 2nd. 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 is presently 18.84%.

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.