Zions Bancorporation N.A. Increases Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Zions Bancorporation N.A. boosted its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 35.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,782 shares of the insurance provider’s stock after acquiring an additional 2,552 shares during the quarter. Zions Bancorporation N.A.’s holdings in The Hartford Financial Services Group were worth $1,150,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. New Covenant Trust Company N.A. purchased a new position in The Hartford Financial Services Group during the 1st quarter valued at $26,000. DT Investment Partners LLC bought a new stake in The Hartford Financial Services Group during the 3rd quarter valued at $26,000. Quest Partners LLC raised its position in 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 valued at $29,000 after purchasing an additional 275 shares in the last quarter. Bank & Trust Co bought a new stake in The Hartford Financial Services Group during the 2nd quarter valued at $30,000. Finally, Family Firm Inc. bought a new stake in The Hartford Financial Services Group during the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on HIG shares. JPMorgan Chase & Co. boosted their price target 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. Jefferies Financial Group boosted 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 report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price target 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. Royal Bank of Canada upped their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Finally, Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price on the stock. Ten analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $120.88.

The Hartford Financial Services Group Stock Down 1.1 %

Shares of HIG opened at $116.40 on Friday. The Hartford Financial Services Group, Inc. has a 52 week low of $74.69 and a 52 week high of $123.23. 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 $33.74 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 0.97 and a beta of 0.94. The stock’s 50-day moving average price is $116.41 and its 200-day moving average price is $108.39.

The Hartford Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders 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. The ex-dividend date is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.79%. The Hartford Financial Services Group’s dividend payout ratio is presently 18.84%.

The Hartford Financial Services Group declared that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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.