Los Angeles Capital Management LLC Sells 22,845 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Los Angeles Capital Management LLC cut its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 21.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,088 shares of the insurance provider’s stock after selling 22,845 shares during the period. Los Angeles Capital Management LLC’s holdings in The Hartford Financial Services Group were worth $10,007,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. International Assets Investment Management LLC grew its position in The Hartford Financial Services Group by 31,680.4% in the 3rd quarter. International Assets Investment Management LLC now owns 694,084 shares of the insurance provider’s stock worth $816,310,000 after purchasing an additional 691,900 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in The Hartford Financial Services Group by 72.0% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after purchasing an additional 559,019 shares in the last quarter. Swedbank AB purchased a new stake in The Hartford Financial Services Group in the 1st quarter worth approximately $53,980,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of The Hartford Financial Services Group by 301.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 333,000 shares of the insurance provider’s stock worth $34,316,000 after buying an additional 250,000 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of The Hartford Financial Services Group by 22.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,199,542 shares of the insurance provider’s stock worth $141,078,000 after buying an additional 221,778 shares during the last quarter. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $117.70 on Tuesday. The firm has a fifty day moving average of $116.31 and a 200 day moving average of $108.03. 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 firm has a market cap of $34.12 billion, a PE ratio of 11.79, a PEG ratio of 0.96 and a beta of 0.94. The Hartford Financial Services Group, Inc. has a one year low of $73.92 and a one year high of $123.23.

The Hartford Financial Services Group announced that its board has authorized a share buyback program on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.52 per share. The ex-dividend date is Monday, December 2nd. 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 Hartford Financial Services Group’s dividend payout ratio is 20.84%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on HIG shares. Piper Sandler boosted their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research report 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 stock a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. StockNews.com cut shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Barclays started coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, The Hartford Financial Services Group currently has an average rating of “Hold” and an average target price of $120.88.

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.