The Hartford Financial Services Group, Inc. (NYSE:HIG) Short Interest Update

The Hartford Financial Services Group, Inc. (NYSE:HIG) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 3,610,000 shares, a drop of 15.1% from the August 15th total of 4,250,000 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average daily trading volume, of 1,470,000 shares, the short-interest ratio is currently 2.5 days.

Analysts Set New Price Targets

Several research analysts recently commented on HIG shares. JPMorgan Chase & Co. lifted their target price on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Barclays started 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 target price on the stock. Keefe, Bruyette & Woods lifted their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada lifted their target price on shares of 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. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $111.94.

Insider Buying and Selling at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On The Hartford Financial Services Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Securities Inc. acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth approximately $180,000. Quadrant Capital Group LLC lifted its position in shares of The Hartford Financial Services Group by 4.5% during the fourth quarter. Quadrant Capital Group LLC now owns 3,505 shares of the insurance provider’s stock worth $282,000 after purchasing an additional 151 shares in the last quarter. Kingsview Wealth Management LLC acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth approximately $1,457,000. ING Groep NV acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth approximately $1,340,000. Finally, Norges Bank acquired a new position in shares of The Hartford Financial Services Group during the fourth quarter worth approximately $278,704,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Price Performance

Shares of The Hartford Financial Services Group stock traded up $1.27 during trading on Monday, hitting $116.63. 1,289,402 shares of the company’s stock traded hands, compared to its average volume of 1,620,947. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The firm’s fifty day moving average price is $109.01 and its 200 day moving average price is $103.20. The Hartford Financial Services Group has a twelve month low of $68.82 and a twelve month high of $117.68. The company has a market cap of $34.49 billion, a PE ratio of 13.24, a PEG ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.88 EPS. Analysts forecast that The Hartford Financial Services Group will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

The Hartford Financial Services Group declared that its board has approved a share buyback plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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.