Cornercap Investment Counsel Inc. Cuts Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Cornercap Investment Counsel Inc. trimmed its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 54.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,686 shares of the insurance provider’s stock after selling 18,822 shares during the period. The Hartford Financial Services Group comprises about 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 19th biggest position. Cornercap Investment Counsel Inc.’s holdings in The Hartford Financial Services Group were worth $1,845,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Concurrent Investment Advisors LLC acquired a new position in The Hartford Financial Services Group in the second quarter valued at approximately $213,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in The Hartford Financial Services Group by 27.6% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after purchasing an additional 48,004 shares in the last quarter. Twin Tree Management LP acquired a new position in The Hartford Financial Services Group in the first quarter valued at approximately $3,133,000. Atria Investments Inc acquired a new position in The Hartford Financial Services Group in the first quarter valued at approximately $1,328,000. Finally, Lecap Asset Management Ltd. acquired a new position in The Hartford Financial Services Group in the third quarter valued at approximately $633,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on HIG shares. Wells Fargo & Company upped their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. 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 report on Thursday, October 10th. Piper Sandler increased 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. Jefferies Financial Group increased their price objective on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods increased their price objective on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Ten analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $120.88.

The Hartford Financial Services Group Trading Down 1.1 %

NYSE:HIG opened at $116.40 on Friday. The stock has a fifty day moving average price of $116.41 and a two-hundred day moving average price of $108.39. The stock has a market capitalization 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 company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current 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 Hartford Financial Services Group declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be given a $0.52 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.79%. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 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.