The Hartford Financial Services Group (NYSE:HIG) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of The Hartford Financial Services Group (NYSE:HIG) from a hold rating to a buy rating in a report released on Friday.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company increased their target price on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. lifted their target price on The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods boosted their target price on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Piper Sandler raised their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Barclays assumed coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective for the company. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. 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 Trading Up 1.3 %

NYSE:HIG traded up $1.52 during mid-day trading on Friday, hitting $117.95. The company had a trading volume of 1,260,025 shares, compared to its average volume of 1,598,856. 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 has a fifty-two week low of $75.36 and a fifty-two week high of $123.23. The firm has a market cap of $34.19 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.97 and a beta of 0.94. The business’s fifty day moving average is $116.51 and its two-hundred day moving average is $108.59.

The Hartford Financial Services Group declared that its board has authorized a stock 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 repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. This is a positive change 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 annualized dividend and a dividend yield of 1.76%. The Hartford Financial Services Group’s payout ratio is 20.84%.

Hedge Funds Weigh In On The Hartford Financial Services Group

Institutional investors have recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC acquired a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth about $213,000. Skandinaviska Enskilda Banken AB publ lifted its holdings in The Hartford Financial Services Group by 27.6% during the 2nd 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 during the last quarter. Twin Tree Management LP bought a new position in The Hartford Financial Services Group during the first quarter worth $3,133,000. Atria Investments Inc acquired a new position in shares of The Hartford Financial Services Group in the first quarter valued at $1,328,000. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of The Hartford Financial Services Group during the 3rd quarter worth about $633,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

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.