Concurrent Investment Advisors LLC Invests $213,000 in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Concurrent Investment Advisors LLC purchased a new stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 2,122 shares of the insurance provider’s stock, valued at approximately $213,000.

Other large investors have also added to or reduced their stakes in the company. New Covenant Trust Company N.A. purchased a new position in The Hartford Financial Services Group in the first quarter valued at about $26,000. Bank & Trust Co purchased a new position in The Hartford Financial Services Group in the second quarter valued at approximately $30,000. Family Firm Inc. bought a new position in The Hartford Financial Services Group during the second quarter valued at $31,000. Benjamin Edwards Inc. purchased a new stake in The Hartford Financial Services Group in the first quarter worth $35,000. Finally, Cape Investment Advisory Inc. raised its stake in shares of The Hartford Financial Services Group by 189.9% in the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after buying an additional 245 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on HIG shares. Morgan Stanley cut their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. The Goldman Sachs Group increased their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Royal Bank of Canada boosted their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Finally, Piper Sandler boosted their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $110.88.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $116.00 on Thursday. The firm has a market capitalization of $34.31 billion, a P/E ratio of 13.18, a P/E/G ratio of 0.93 and a beta of 0.92. 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 stock’s 50-day simple moving average is $106.88 and its two-hundred day simple moving average is $102.12. The Hartford Financial Services Group, Inc. has a twelve month low of $68.82 and a twelve month high of $117.46.

The Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $6.02 billion. During the same period last year, the firm posted $1.88 earnings per share. The Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

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

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

Insiders Place Their Bets

In other news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.

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.