The Hartford Financial Services Group, Inc. (NYSE:HIG) Position Trimmed by SteelPeak Wealth LLC

SteelPeak Wealth LLC lessened its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 50.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,205 shares of the insurance provider’s stock after selling 17,868 shares during the quarter. SteelPeak Wealth LLC’s holdings in The Hartford Financial Services Group were worth $2,032,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Concurrent Investment Advisors LLC purchased a new position in The Hartford Financial Services Group during the 2nd quarter valued at about $213,000. BNP Paribas Financial Markets grew its stake in shares of The Hartford Financial Services Group by 27.1% in the 1st quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after buying an additional 97,465 shares in the last quarter. Sei Investments Co. grew its stake in shares of The Hartford Financial Services Group by 5.6% in the 1st quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock valued at $23,629,000 after buying an additional 12,067 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of The Hartford Financial Services Group by 27.6% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after buying an additional 48,004 shares in the last quarter. Finally, Twin Tree Management LP bought a new stake in shares of The Hartford Financial Services Group in the 1st quarter valued at approximately $3,133,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Up 0.5 %

Shares of HIG stock opened at $112.72 on Thursday. The Hartford Financial Services Group, Inc. has a 12 month low of $72.46 and a 12 month high of $123.23. The firm has a market cap of $32.68 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93. The stock has a 50 day moving average of $116.41 and a 200-day moving average of $107.24. 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 Increases Dividend

The company also recently announced 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 represents a $2.08 dividend on an annualized basis and a dividend yield of 1.85%. 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. The Hartford Financial Services Group’s dividend payout ratio is presently 20.84%.

The Hartford Financial Services Group declared that its Board of Directors has approved a share repurchase plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on HIG. Wells Fargo & Company boosted their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. Jefferies Financial Group boosted their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Royal Bank of Canada boosted 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 note on Monday, July 29th. Barclays started coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price for the company. Finally, Piper Sandler boosted their target price on 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

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.