StockNews.com Upgrades The Hartford Financial Services Group (NYSE:HIG) to Buy

StockNews.com upgraded shares of The Hartford Financial Services Group (NYSE:HIG) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

HIG has been the topic of a number of other reports. Barclays initiated coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price objective on the stock. Keefe, Bruyette & Woods boosted their price target on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. UBS Group increased their price objective on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their target price on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, Bank of America raised their price target on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

The Hartford Financial Services Group Price Performance

Shares of HIG opened at $117.95 on Friday. The stock has a 50 day simple moving average of $116.51 and a 200 day simple moving average of $108.75. The Hartford Financial Services Group has a 52-week low of $75.36 and a 52-week high of $123.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market capitalization of $34.19 billion, a PE ratio of 11.82, a P/E/G ratio of 0.97 and a beta of 0.94.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.52 per share. 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. This represents a $2.08 annualized dividend and a dividend yield of 1.76%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 18.84%.

Hedge Funds Weigh In On The Hartford Financial Services Group

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in shares of The Hartford Financial Services Group by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after acquiring an additional 69,007 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of The Hartford Financial Services Group by 4.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock valued at $150,605,000 after purchasing an additional 70,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in The Hartford Financial Services Group by 2.4% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock worth $137,478,000 after purchasing an additional 31,806 shares in the last quarter. Bahl & Gaynor Inc. lifted its stake in The Hartford Financial Services Group by 3.4% in the 2nd quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock valued at $123,577,000 after purchasing an additional 40,400 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of The Hartford Financial Services Group by 22.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,199,542 shares of the insurance provider’s stock worth $141,078,000 after buying an additional 221,778 shares in the last quarter. 93.42% of the stock is owned by institutional investors.

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.