Mount Lucas Management LP Sells 40,050 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Mount Lucas Management LP cut its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 51.0% during the third quarter, Holdings Channel reports. The fund owned 38,431 shares of the insurance provider’s stock after selling 40,050 shares during the period. The Hartford Financial Services Group makes up about 1.5% of Mount Lucas Management LP’s portfolio, making the stock its 7th biggest position. Mount Lucas Management LP’s holdings in The Hartford Financial Services Group were worth $4,520,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of HIG. Concurrent Investment Advisors LLC acquired a new stake in shares of The Hartford Financial Services Group in the second quarter valued at $213,000. Skandinaviska Enskilda Banken AB publ grew its stake in shares of The Hartford Financial Services Group by 27.6% during the second 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 last quarter. Atria Investments Inc bought a new position in The Hartford Financial Services Group in the 1st quarter worth approximately $1,328,000. Lecap Asset Management Ltd. acquired a new position in The Hartford Financial Services Group during the 3rd quarter worth $633,000. Finally, Canada Pension Plan Investment Board boosted its position in The Hartford Financial Services Group by 94.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 195,017 shares of the insurance provider’s stock valued at $20,097,000 after buying an additional 94,717 shares during the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. 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 report on Tuesday, October 29th. Bank of America raised their target price on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, StockNews.com upgraded The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research report on Friday. 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.88.

The Hartford Financial Services Group Stock Up 1.3 %

Shares of The Hartford Financial Services Group stock opened at $117.95 on Friday. The Hartford Financial Services Group, Inc. has a 1 year low of $75.36 and a 1 year high of $123.23. 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 company has a market capitalization of $34.19 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The business has a 50-day moving average of $116.51 and a two-hundred day moving average of $108.67.

The Hartford Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.52 per share. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 1.76%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 18.84%.

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

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.