Advisor Resource Council Takes $681,000 Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Advisor Resource Council bought a new position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,794 shares of the insurance provider’s stock, valued at approximately $681,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Concurrent Investment Advisors LLC acquired a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth $213,000. Sei Investments Co. raised its holdings in shares of The Hartford Financial Services Group by 5.6% during the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock worth $23,629,000 after purchasing an additional 12,067 shares during the period. Skandinaviska Enskilda Banken AB publ grew its stake 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 worth $22,309,000 after buying an additional 48,004 shares during the last quarter. Twin Tree Management LP bought a new stake in shares of The Hartford Financial Services Group during the first quarter valued at approximately $3,133,000. Finally, State Board of Administration of Florida Retirement System grew its position in The Hartford Financial Services Group by 6.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 421,431 shares of the insurance provider’s stock valued at $43,428,000 after buying an additional 24,326 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Bank of America raised their target price on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Morgan Stanley cut their target price on shares of 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. Wells Fargo & Company lifted their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 17th. Finally, Piper Sandler upped their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Ten analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $120.88.

The Hartford Financial Services Group Price Performance

NYSE HIG opened at $116.72 on Thursday. The firm has a market capitalization of $33.84 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 0.91 and a beta of 0.94. 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, Inc. has a 52-week low of $72.87 and a 52-week high of $123.23. The company has a 50 day simple moving average of $116.31 and a 200-day simple moving average of $107.75.

The Hartford Financial Services Group Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.78%. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio is presently 18.84%.

The Hartford Financial Services Group announced that its Board of Directors has initiated a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.