Zions Bancorporation N.A. Purchases 2,552 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Zions Bancorporation N.A. boosted its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 35.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,782 shares of the insurance provider’s stock after purchasing an additional 2,552 shares during the quarter. Zions Bancorporation N.A.’s holdings in The Hartford Financial Services Group were worth $1,150,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. DT Investment Partners LLC bought a new position in The Hartford Financial Services Group in the third quarter worth $26,000. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter worth $26,000. Clean Yield Group purchased a new stake in shares of The Hartford Financial Services Group in the third quarter worth $33,000. Quest Partners LLC grew its stake in shares of The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 275 shares during the last quarter. Finally, Bank & Trust Co purchased a new stake in shares of The Hartford Financial Services Group in the second quarter worth $30,000. Institutional investors own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Barclays started coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Bank of America increased their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Argus raised 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 The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 17th. Finally, Jefferies Financial Group raised their target price 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, October 9th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $116.40 on Friday. 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, Inc. has a 1 year low of $74.69 and a 1 year high of $123.23. The stock’s 50 day simple moving average is $116.41 and its two-hundred day simple moving average is $108.39. The company has a market cap of $33.74 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 0.97 and a beta of 0.94.

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 paid a $0.52 dividend. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.79%. The Hartford Financial Services Group’s payout ratio is presently 18.84%.

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 shares. This repurchase authorization authorizes the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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.