Quest Partners LLC Boosts Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Quest Partners LLC grew its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 2,750.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 285 shares of the insurance provider’s stock after acquiring an additional 275 shares during the quarter. Quest Partners LLC’s holdings in The Hartford Financial Services Group were worth $29,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Bailard Inc. lifted its holdings in shares of The Hartford Financial Services Group by 0.5% during the 2nd quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after purchasing an additional 101 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its position in The Hartford Financial Services Group by 3.1% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after buying an additional 114 shares in the last quarter. Covestor Ltd raised its stake in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after buying an additional 116 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in The Hartford Financial Services Group by 34.4% in the first quarter. EverSource Wealth Advisors LLC now owns 473 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 121 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in shares of The Hartford Financial Services Group by 2.8% during the first quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider’s stock worth $468,000 after acquiring an additional 122 shares during the last quarter. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Stock Performance

HIG opened at $116.32 on Friday. The stock has a market cap of $34.40 billion, a P/E ratio of 13.22, a P/E/G ratio of 0.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a fifty day moving average price of $110.62 and a 200 day moving average price of $103.83. The Hartford Financial Services Group, Inc. has a 1 year low of $68.82 and a 1 year high of $117.84.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the prior year, the company posted $1.88 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group announced that its board has initiated a stock buyback 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

Insider Activity

In related news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on HIG. Bank of America decreased their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. JPMorgan Chase & Co. boosted their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Piper Sandler boosted their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, The Goldman Sachs Group increased their price objective on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $113.22.

The Hartford Financial Services Group 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.