Equity Investment Corp Reduces Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Equity Investment Corp lowered its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 43.5% in the third quarter, Holdings Channel.com reports. The fund owned 579,382 shares of the insurance provider’s stock after selling 445,666 shares during the quarter. Equity Investment Corp’s holdings in The Hartford Financial Services Group were worth $68,141,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of HIG. DT Investment Partners LLC purchased a new stake in shares of The Hartford Financial Services Group in the 3rd quarter worth $26,000. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the 1st quarter worth $26,000. Clean Yield Group purchased a new stake in shares of The Hartford Financial Services Group in the 3rd quarter worth $33,000. Quest Partners LLC lifted its holdings in shares of The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after buying an additional 275 shares during the period. Finally, Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group in the 2nd quarter worth $30,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on HIG. Bank of America boosted their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Royal Bank of Canada boosted their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price on the stock. Jefferies Financial Group upped their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, UBS Group upped their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $120.88.

The Hartford Financial Services Group Price Performance

HIG stock opened at $117.95 on Monday. The Hartford Financial Services Group, Inc. has a 12-month low of $75.36 and a 12-month high of $123.23. The company 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 company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $116.51 and its 200 day moving average price is $108.75.

The Hartford Financial Services Group declared that its board has approved a stock buyback program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The business 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 dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.76%. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is presently 18.84%.

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.