The Hartford Financial Services Group, Inc. (NYSE:HIG) Increases Dividend to $0.52 Per Share

The Hartford Financial Services Group, Inc. (NYSE:HIG) declared a quarterly dividend on Thursday, October 24th,Zacks Dividends reports. Stockholders of record on Monday, December 2nd will be given a dividend of 0.52 per share by the insurance provider on Friday, January 3rd. This represents a $2.08 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend 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 has raised its dividend by an average of 10.3% per year over the last three years and has increased its dividend every year for the last 12 years. The Hartford Financial Services Group has a dividend payout ratio of 17.9% meaning its dividend is sufficiently covered by earnings. Analysts expect The Hartford Financial Services Group to earn $11.55 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 18.0%.

The Hartford Financial Services Group Stock Down 0.3 %

HIG stock opened at $123.31 on Friday. The Hartford Financial Services Group has a 1-year low of $76.65 and a 1-year high of $124.90. The stock has a market cap of $35.75 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.01 and a beta of 0.94. The stock’s fifty day simple moving average is $117.46 and its two-hundred day simple moving average is $110.16. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

Insiders Place Their Bets

In related news, EVP Adin M. Tooker sold 6,865 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $117.04, for a total value of $803,479.60. Following the transaction, the executive vice president now directly owns 25,820 shares of the company’s stock, valued at approximately $3,021,972.80. The trade was a 21.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on HIG. Wells Fargo & Company raised their price objective on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. BMO Capital Markets raised their price target on The Hartford Financial Services Group from $100.00 to $141.00 and gave the stock a “market perform” rating in a report on Wednesday. Jefferies Financial Group raised their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Bank of America raised their price target on shares of 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. Finally, Keefe, Bruyette & Woods boosted their target price on The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

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.