Swiss National Bank Reduces Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Swiss National Bank cut its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 878,800 shares of the insurance provider’s stock after selling 1,600 shares during the quarter. Swiss National Bank owned approximately 0.30% of The Hartford Financial Services Group worth $103,356,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. New Covenant Trust Company N.A. acquired a new position in The Hartford Financial Services Group in the first quarter valued at approximately $26,000. DT Investment Partners LLC acquired a new position in shares of The Hartford Financial Services Group during the 3rd quarter worth approximately $26,000. Quest Partners LLC raised its stake 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 worth $29,000 after buying an additional 275 shares during the period. Bank & Trust Co acquired a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $30,000. Finally, Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $31,000. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Up 0.2 %

Shares of HIG stock opened at $118.14 on Tuesday. The business’s 50 day moving average is $116.53 and its two-hundred day moving average is $108.90. The Hartford Financial Services Group, Inc. has a twelve month low of $75.83 and a twelve month high of $123.23. The company has a market capitalization of $34.25 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

The Hartford Financial Services Group announced that its board has authorized a share 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 repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors 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. Investors of record on Monday, December 2nd will be paid a $0.52 dividend. The ex-dividend date is Monday, December 2nd. This is an increase 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 dividend yield of 1.76%. The Hartford Financial Services Group’s payout ratio is 18.84%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Barclays initiated coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective for the company. Bank of America upped their target price on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. StockNews.com upgraded The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a report on Friday. Royal Bank of Canada increased their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Finally, UBS Group raised their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $120.88.

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.