Sunpointe LLC Purchases New Shares in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Sunpointe LLC purchased a new stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,801 shares of the insurance provider’s stock, valued at approximately $213,000.

Several other institutional investors and hedge funds have also modified their holdings of HIG. Griffin Asset Management Inc. grew its stake in The Hartford Financial Services Group by 3.3% during the third quarter. Griffin Asset Management Inc. now owns 6,820 shares of the insurance provider’s stock worth $802,000 after buying an additional 220 shares in the last quarter. Asset Dedication LLC grew its stake in The Hartford Financial Services Group by 22.5% during the third quarter. Asset Dedication LLC now owns 2,240 shares of the insurance provider’s stock worth $263,000 after buying an additional 411 shares in the last quarter. Swedbank AB grew its stake in The Hartford Financial Services Group by 7.5% during the third quarter. Swedbank AB now owns 562,882 shares of the insurance provider’s stock worth $66,201,000 after buying an additional 39,035 shares in the last quarter. NBC Securities Inc. grew its stake in The Hartford Financial Services Group by 1,327.4% during the third quarter. NBC Securities Inc. now owns 22,595 shares of the insurance provider’s stock worth $2,657,000 after buying an additional 21,012 shares in the last quarter. Finally, Creative Planning grew its stake in The Hartford Financial Services Group by 2.9% during the third quarter. Creative Planning now owns 79,105 shares of the insurance provider’s stock worth $9,304,000 after buying an additional 2,237 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HIG has been the topic of a number of analyst reports. Barclays initiated coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price objective on the stock. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $116.00 to $114.00 in a research note on Friday, June 28th. Royal Bank of Canada increased their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Piper Sandler increased their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $120.59.

The Hartford Financial Services Group Trading Up 0.6 %

NYSE HIG traded up $0.66 during trading hours on Wednesday, reaching $119.25. The company’s stock had a trading volume of 85,233 shares, compared to its average volume of 1,593,341. The firm has a fifty day simple moving average of $114.48 and a 200-day simple moving average of $105.96. The stock has a market cap of $35.27 billion, a P/E ratio of 13.47, a P/E/G ratio of 0.96 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 52 week low of $68.92 and a 52 week high of $120.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32.

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

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

The Hartford Financial Services Group Company Profile

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.