Cornercap Investment Counsel Inc. Reduces Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Cornercap Investment Counsel Inc. lowered its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 54.5% during the third quarter, Holdings Channel reports. The fund owned 15,686 shares of the insurance provider’s stock after selling 18,822 shares during the quarter. The Hartford Financial Services Group comprises 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 19th biggest holding. Cornercap Investment Counsel Inc.’s holdings in The Hartford Financial Services Group were worth $1,845,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Concurrent Investment Advisors LLC acquired a new stake in shares of The Hartford Financial Services Group during the second quarter valued at $213,000. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of The Hartford Financial Services Group by 27.6% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after acquiring an additional 48,004 shares during the last quarter. Twin Tree Management LP acquired a new stake in shares of The Hartford Financial Services Group during the first quarter valued at $3,133,000. Atria Investments Inc acquired a new stake in shares of The Hartford Financial Services Group during the first quarter valued at $1,328,000. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of The Hartford Financial Services Group during the third quarter valued at $633,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Piper Sandler increased their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Barclays began 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 target on the stock. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Bank of America raised their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company raised their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 17th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.88.

The Hartford Financial Services Group Price Performance

HIG stock opened at $116.40 on Friday. 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 Hartford Financial Services Group, Inc. has a 52-week low of $74.69 and a 52-week high of $123.23. The stock’s 50 day moving average is $116.41 and its two-hundred day moving average is $108.39. The company has a market capitalization of $33.74 billion, a PE ratio of 11.66, a P/E/G ratio of 0.97 and a beta of 0.94.

The Hartford Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.52 per share. 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 annualized dividend and a yield of 1.79%. The Hartford Financial Services Group’s payout ratio is currently 18.84%.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management 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.