Sumitomo Mitsui Trust Group Inc. Sells 4,649 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Sumitomo Mitsui Trust Group Inc. decreased its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 791,054 shares of the insurance provider’s stock after selling 4,649 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of The Hartford Financial Services Group worth $93,036,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. DT Investment Partners LLC purchased a new stake in The Hartford Financial Services Group during the third quarter valued at about $26,000. New Covenant Trust Company N.A. bought a new position in shares of The Hartford Financial Services Group in the first quarter worth approximately $26,000. Clean Yield Group bought a new position in shares of The Hartford Financial Services Group in the third quarter worth approximately $33,000. Quest Partners LLC increased its position in shares of The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares during the last quarter. Finally, Bank & Trust Co bought a new position in The Hartford Financial Services Group during the second quarter valued at approximately $30,000. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Trading Down 0.2 %

Shares of The Hartford Financial Services Group stock opened at $117.64 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a fifty day moving average price of $116.38 and a 200 day moving average price of $108.32. The Hartford Financial Services Group, Inc. has a 1 year low of $73.94 and a 1 year high of $123.23. The stock has a market cap of $34.10 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94.

The Hartford Financial Services Group declared that its board has authorized 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 buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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 issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Monday, December 2nd. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 18.84%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on HIG. Jefferies Financial Group increased their price objective 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. Piper Sandler raised their price objective 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. Wells Fargo & Company increased their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Bank of America increased their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Eleven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price 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.