The Hartford Financial Services Group (NYSE:HIG) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of The Hartford Financial Services Group (NYSE:HIG) from a buy rating to a hold rating in a research note released on Thursday.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley lowered their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Piper Sandler upped their target price on shares of 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. Jefferies Financial Group upped their target price on shares of 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. Finally, Wells Fargo & Company upped their target price on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. Eleven equities research 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 company presently has a consensus rating of “Hold” and an average target price of $120.88.

The Hartford Financial Services Group Stock Up 2.1 %

The Hartford Financial Services Group stock traded up $2.38 during mid-day trading on Thursday, reaching $117.57. The stock had a trading volume of 552,354 shares, compared to its average volume of 1,602,675. The company has a market capitalization of $34.08 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.91 and a beta of 0.94. The company has a 50-day moving average price of $116.31 and a two-hundred day moving average price of $107.75. The Hartford Financial Services Group has a one year low of $73.12 and a one year high of $123.23. 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 announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that authorizes the company to buyback $3.30 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be issued 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. This represents a $2.08 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 20.84%.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of institutional investors have recently added to or reduced their stakes in HIG. New Covenant Trust Company N.A. purchased a new stake in The Hartford Financial Services Group during the 1st quarter valued at approximately $26,000. DT Investment Partners LLC bought a new position in shares of The Hartford Financial Services Group during the 3rd quarter valued at approximately $26,000. Quest Partners LLC boosted its position in shares of The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 275 shares during the last quarter. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group during the 2nd quarter valued at approximately $30,000. Finally, Family Firm Inc. bought a new position in shares of The Hartford Financial Services Group during the 2nd quarter valued at approximately $31,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

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.