The Hartford Financial Services Group (NYSE:HIG) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of The Hartford Financial Services Group (NYSE:HIG) from a buy rating to a hold rating in a report released on Thursday morning.

HIG has been the topic of several other research reports. Keefe, Bruyette & Woods boosted their price objective 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. Jefferies Financial Group increased their price target on shares of 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. Royal Bank of Canada raised their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Bank of America raised their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, UBS Group raised their price objective on shares of 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. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $120.88.

The Hartford Financial Services Group Stock Up 2.1 %

HIG traded up $2.38 during midday trading on Thursday, reaching $117.57. 552,354 shares of the company were exchanged, compared to its average volume of 1,602,675. 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 company’s fifty day moving average price is $116.31 and its 200 day moving average price is $107.75. The company has a market cap of $34.08 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.91 and a beta of 0.94. The Hartford Financial Services Group has a one year low of $73.12 and a one year high of $123.23.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.77%. 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 payout ratio is presently 20.84%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Concurrent Investment Advisors LLC purchased a new position in The Hartford Financial Services Group during the 2nd quarter valued at $213,000. Sei Investments Co. increased its position in The Hartford Financial Services Group by 5.6% during the 1st quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock valued at $23,629,000 after purchasing an additional 12,067 shares during the period. Skandinaviska Enskilda Banken AB publ increased its position in The Hartford Financial Services Group by 27.6% during 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 purchasing an additional 48,004 shares during the period. Twin Tree Management LP purchased a new position in The Hartford Financial Services Group during the 1st quarter valued at $3,133,000. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of The Hartford Financial Services Group by 6.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 421,431 shares of the insurance provider’s stock valued at $43,428,000 after buying an additional 24,326 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

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.