RiverFront Investment Group LLC Raises Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

RiverFront Investment Group LLC raised its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 127.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 215,832 shares of the insurance provider’s stock after acquiring an additional 121,019 shares during the period. RiverFront Investment Group LLC owned about 0.07% of The Hartford Financial Services Group worth $21,700,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group in the first quarter worth about $26,000. Quest Partners LLC increased its position in shares of The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 275 shares during the last quarter. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group during the 2nd quarter valued at $30,000. Family Firm Inc. bought a new stake in The Hartford Financial Services Group during the second quarter valued at about $31,000. Finally, Benjamin Edwards Inc. purchased a new stake in The Hartford Financial Services Group in the 1st quarter worth approximately $35,000. Institutional investors own 93.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on HIG. Wells Fargo & Company boosted their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Bank of America dropped their target price on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Piper Sandler upped their target price 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. Morgan Stanley cut their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Trading Up 0.3 %

Shares of The Hartford Financial Services Group stock opened at $117.96 on Wednesday. The business’s fifty day moving average is $112.58 and its two-hundred day moving average is $104.85. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a fifty-two week low of $68.82 and a fifty-two week high of $118.50. The firm has a market cap of $34.89 billion, a PE ratio of 13.40, a P/E/G ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.88 EPS. 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 Announces Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.59%. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are 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.