StockNews.com Upgrades The Hartford Financial Services Group (NYSE:HIG) to Buy

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

Other equities analysts have also issued research reports about the company. Piper Sandler raised their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. UBS Group upped their price objective on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Barclays began 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. Jefferies Financial Group increased their price target on shares of 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. Finally, Wells Fargo & Company upped 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 note on Tuesday, September 17th. Ten investment 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 company’s stock. Based on data from MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded up $1.52 on Friday, reaching $117.95. 1,260,025 shares of the company’s stock were exchanged, compared to its average volume of 1,598,856. The Hartford Financial Services Group has a twelve month low of $75.36 and a twelve month high of $123.23. The company has a fifty day moving average of $116.51 and a 200-day moving average of $108.59. The company has a market capitalization of $34.19 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 0.97 and a beta of 0.94. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend 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 1.76%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 20.84%.

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

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of hedge funds have recently modified their holdings of HIG. Avantax Advisory Services Inc. grew its position in shares of The Hartford Financial Services Group by 2.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider’s stock valued at $468,000 after buying an additional 122 shares during the last quarter. Koshinski Asset Management Inc. bought a new stake in The Hartford Financial Services Group in the first quarter valued at approximately $249,000. Blair William & Co. IL increased its position in The Hartford Financial Services Group by 6.4% during the 1st quarter. Blair William & Co. IL now owns 6,216 shares of the insurance provider’s stock valued at $641,000 after purchasing an additional 374 shares during the period. Dorsey & Whitney Trust CO LLC raised its holdings in The Hartford Financial Services Group by 3.1% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock worth $385,000 after purchasing an additional 114 shares during the last quarter. Finally, Twin Tree Management LP acquired a new position in shares of The Hartford Financial Services Group in the 1st quarter worth approximately $3,133,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

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.