The Hartford Financial Services Group, Inc. (NYSE:HIG) Sees Large Growth in Short Interest

The Hartford Financial Services Group, Inc. (NYSE:HIG) was the recipient of a significant increase in short interest in November. As of November 30th, there was short interest totalling 3,180,000 shares, an increase of 10.8% from the November 15th total of 2,870,000 shares. Approximately 1.1% of the company’s stock are short sold. Based on an average trading volume of 1,490,000 shares, the days-to-cover ratio is presently 2.1 days.

Analysts Set New Price Targets

Several brokerages recently weighed in on HIG. BMO Capital Markets increased their price target on shares of The Hartford Financial Services Group from $100.00 to $141.00 and gave the stock a “market perform” rating in a report on Wednesday, November 27th. Barclays began coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price target on the stock. Bank of America upped their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. upped their price objective on The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods upped their price objective on The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $122.00.

The Hartford Financial Services Group Trading Up 1.0 %

Shares of NYSE:HIG opened at $112.08 on Friday. The Hartford Financial Services Group has a 1 year low of $78.33 and a 1 year high of $124.90. The firm has a market capitalization of $32.49 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 0.93 and a beta of 0.95. 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 business’s 50 day moving average price is $117.41 and its 200-day moving average price is $111.23.

The Hartford Financial Services Group Increases Dividend

The company also recently disclosed 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. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio is currently 20.84%.

Insider Activity

In related news, EVP Adin M. Tooker sold 6,865 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $117.04, for a total value of $803,479.60. Following the transaction, the executive vice president now owns 25,820 shares in the company, valued at approximately $3,021,972.80. This represents a 21.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC acquired a new position in The Hartford Financial Services Group in the 2nd quarter valued at $213,000. Skandinaviska Enskilda Banken AB publ raised its stake in The Hartford Financial Services Group by 27.6% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after purchasing an additional 48,004 shares during the last quarter. HighTower Advisors LLC raised its stake in The Hartford Financial Services Group by 7.1% in the 3rd quarter. HighTower Advisors LLC now owns 111,134 shares of the insurance provider’s stock valued at $13,063,000 after purchasing an additional 7,350 shares during the last quarter. Dai ichi Life Insurance Company Ltd raised its stake in The Hartford Financial Services Group by 3.3% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 137,506 shares of the insurance provider’s stock valued at $16,172,000 after purchasing an additional 4,449 shares during the last quarter. Finally, Lecap Asset Management Ltd. acquired a new position in The Hartford Financial Services Group in the 3rd quarter valued at $633,000. 93.42% of the stock is owned by institutional investors and hedge funds.

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.