Burns Matteson Capital Management LLC Makes New Investment in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Burns Matteson Capital Management LLC purchased a new position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) in the third quarter, according to its most recent filing with the SEC. The firm purchased 3,149 shares of the insurance provider’s stock, valued at approximately $370,000.

Other large investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC grew its stake in shares of The Hartford Financial Services Group by 24.9% in the 4th quarter. V Square Quantitative Management LLC now owns 6,971 shares of the insurance provider’s stock valued at $560,000 after buying an additional 1,388 shares during the period. Raleigh Capital Management Inc. boosted its stake in The Hartford Financial Services Group by 77.1% during the 4th quarter. Raleigh Capital Management Inc. now owns 1,050 shares of the insurance provider’s stock valued at $84,000 after purchasing an additional 457 shares during the last quarter. Syon Capital LLC acquired a new position in The Hartford Financial Services Group during the 4th quarter valued at about $209,000. Royal London Asset Management Ltd. boosted its stake in The Hartford Financial Services Group by 3.7% during the 4th quarter. Royal London Asset Management Ltd. now owns 128,145 shares of the insurance provider’s stock valued at $10,300,000 after purchasing an additional 4,574 shares during the last quarter. Finally, Richardson Financial Services Inc. acquired a new position in The Hartford Financial Services Group during the 4th quarter valued at about $177,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on HIG shares. Morgan Stanley cut their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Barclays started coverage on shares of The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of The Hartford Financial Services Group from $117.00 to $122.00 and gave the stock a “neutral” rating in a research report on Thursday. Bank of America lifted their target price on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, 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 research report on Monday, July 29th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.94.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded up $1.05 during trading on Friday, hitting $117.36. 1,224,440 shares of the company were exchanged, compared to its average volume of 1,606,750. The company has a market cap of $34.71 billion, a PE ratio of 13.34, a P/E/G ratio of 0.96 and a beta of 0.93. The stock has a 50 day moving average of $113.93 and a 200 day moving average of $105.68. The Hartford Financial Services Group, Inc. has a 52-week low of $68.92 and a 52-week high of $119.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.88 earnings per share. As a group, equities research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.60%. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

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

The Hartford Financial Services Group Company 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.