Vest Financial LLC Boosts Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Vest Financial LLC raised its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 8.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,660 shares of the insurance provider’s stock after buying an additional 18,429 shares during the quarter. Vest Financial LLC’s holdings in The Hartford Financial Services Group were worth $27,246,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. New Covenant Trust Company N.A. purchased a new position in shares of The Hartford Financial Services Group in the 1st quarter worth about $26,000. Quest Partners LLC boosted its holdings in shares of The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares in the last quarter. Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group in the 2nd quarter worth about $30,000. Family Firm Inc. purchased a new position in shares of The Hartford Financial Services Group in the 2nd quarter worth about $31,000. Finally, Clean Yield Group purchased a new position in shares of The Hartford Financial Services Group in the 3rd quarter worth about $33,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Down 0.3 %

Shares of NYSE:HIG traded down $0.33 during trading on Friday, hitting $122.00. The stock had a trading volume of 1,299,026 shares, compared to its average volume of 1,601,375. The Hartford Financial Services Group, Inc. has a 12 month low of $68.92 and a 12 month high of $123.23. The company has a market capitalization of $36.08 billion, a PE ratio of 13.86, a PEG ratio of 0.96 and a beta of 0.93. The firm’s fifty day moving average is $115.34 and its 200 day moving average is $106.34. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.26. The company 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 firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.88 EPS. Analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its board has authorized a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in outstanding 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 often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

HIG has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Morgan Stanley lowered their target price 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. Jefferies Financial Group boosted their target price 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 boosted their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Piper Sandler boosted their target price on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Ten investment 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.59.

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.