Intech Investment Management LLC Acquires 5,254 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Intech Investment Management LLC grew its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 110,270 shares of the insurance provider’s stock after buying an additional 5,254 shares during the period. Intech Investment Management LLC’s holdings in The Hartford Financial Services Group were worth $12,969,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. New Covenant Trust Company N.A. acquired a new position in shares of The Hartford Financial Services Group in the 1st quarter worth approximately $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 increased its stake 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 shares of The Hartford Financial Services Group in the 2nd quarter worth $31,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $119.70 on Friday. The firm has a market cap of $34.70 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 0.96 and a beta of 0.94. The Hartford Financial Services Group, Inc. has a fifty-two week low of $76.65 and a fifty-two week high of $123.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The business has a 50 day moving average price of $116.71 and a 200-day moving average price of $109.17.

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 paid a $0.52 dividend. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.74%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 18.84%.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on HIG shares. Wells Fargo & Company upped their target price on shares of 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. Royal Bank of Canada upped their price target 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. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Piper Sandler upped their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, UBS Group upped their price target on 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. Nine equities research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $120.88.

Insider Buying and Selling

In other news, EVP Adin M. Tooker sold 6,865 shares of The Hartford Financial Services Group stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $117.04, for a total value of $803,479.60. Following the completion of the transaction, the executive vice president now owns 25,820 shares of the company’s stock, valued at $3,021,972.80. The trade was a 21.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by insiders.

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.