The Hartford Financial Services Group (NYSE:HIG) Cut to “Hold” at StockNews.com

StockNews.com cut shares of The Hartford Financial Services Group (NYSE:HIG) from a buy rating to a hold rating in a report released on Thursday.

Other research analysts also recently issued research reports about the stock. UBS Group increased their price objective on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Jefferies Financial Group raised their price target on 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 price objective on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Wells Fargo & Company raised their target price on 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, Barclays initiated coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $120.88.

The Hartford Financial Services Group Stock Up 1.9 %

Shares of The Hartford Financial Services Group stock traded up $2.24 on Thursday, reaching $117.43. The company’s stock had a trading volume of 1,615,147 shares, compared to its average volume of 1,609,636. The Hartford Financial Services Group has a 52 week low of $73.12 and a 52 week high of $123.23. The firm’s fifty day simple moving average is $116.31 and its two-hundred day simple moving average is $107.92. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $34.04 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 0.96 and a beta of 0.94.

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 issued a $0.52 dividend. The ex-dividend date is Monday, December 2nd. This is a boost 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 payout ratio is currently 18.84%.

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

Hedge Funds Weigh In On The Hartford Financial Services Group

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in shares of The Hartford Financial Services Group by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock valued at $584,177,000 after purchasing an additional 69,007 shares in the last quarter. AQR Capital Management LLC grew its holdings in The Hartford Financial Services Group by 4.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock valued at $150,605,000 after buying an additional 70,018 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in The Hartford Financial Services Group by 2.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock worth $137,478,000 after acquiring an additional 31,806 shares during the last quarter. Bahl & Gaynor Inc. boosted its position in shares of The Hartford Financial Services Group by 3.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock valued at $123,577,000 after acquiring an additional 40,400 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of The Hartford Financial Services Group by 22.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,199,542 shares of the insurance provider’s stock valued at $141,078,000 after acquiring an additional 221,778 shares during the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

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.