The Hartford Financial Services Group, Inc. (HIG) To Go Ex-Dividend on September 3rd

The Hartford Financial Services Group, Inc. (NYSE:HIG) declared a quarterly dividend on Wednesday, July 17th, RTT News reports. Investors of record on Tuesday, September 3rd will be paid a dividend of 0.47 per share by the insurance provider on Wednesday, October 2nd. This represents a $1.88 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Tuesday, September 3rd.

The Hartford Financial Services Group has raised its dividend by an average of 10.3% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. The Hartford Financial Services Group has a payout ratio of 16.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect The Hartford Financial Services Group to earn $11.51 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 16.3%.

The Hartford Financial Services Group Stock Down 0.0 %

Shares of NYSE HIG opened at $116.10 on Friday. The firm has a market cap of $34.02 billion, a PE ratio of 13.19, a P/E/G ratio of 0.93 and a beta of 0.92. The Hartford Financial Services Group has a 12-month low of $68.82 and a 12-month high of $116.51. The company’s fifty day simple moving average is $106.11 and its 200 day simple moving average is $101.55. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the prior year, the firm earned $1.88 earnings per share. The Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts forecast that The Hartford Financial Services Group will post 10.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HIG. Morgan Stanley dropped their price objective on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Citigroup lowered shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $116.00 to $114.00 in a research report on Friday, June 28th. JPMorgan Chase & Co. raised their price target on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Bank of America dropped their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Finally, Royal Bank of Canada raised their price target on shares of 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. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $110.88.

The Hartford Financial Services Group declared that its board has authorized a share repurchase plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by company 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.