New Wave Wealth Advisors LLC Buys Shares of 2,905 The Hartford Financial Services Group, Inc. (NYSE:HIG)

New Wave Wealth Advisors LLC purchased a new position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,905 shares of the insurance provider’s stock, valued at approximately $292,000.

Several other institutional investors have also modified their holdings of HIG. Bailard Inc. boosted its holdings in shares of The Hartford Financial Services Group by 0.5% in the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after buying an additional 101 shares during the period. Dorsey & Whitney Trust CO LLC raised its stake in shares of The Hartford Financial Services Group by 3.1% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after purchasing an additional 114 shares during the period. Covestor Ltd raised its stake in shares of The Hartford Financial Services Group by 28.8% in the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 116 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of 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 valued at $46,000 after purchasing an additional 121 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its position 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 buying an additional 122 shares during the period. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG opened at $117.61 on Tuesday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $34.78 billion, a P/E ratio of 13.36, a P/E/G ratio of 0.94 and a beta of 0.93. The Hartford Financial Services Group, Inc. has a 12 month low of $68.82 and a 12 month high of $117.84. The stock has a 50 day moving average of $112.26 and a 200-day moving average of $104.72.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.88 earnings per share. As a group, equities research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to buy 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.

The Hartford Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.60%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on HIG shares. Barclays initiated coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $116.00 to $114.00 in a report on Friday, June 28th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Bank of America decreased their target price 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. Finally, 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 research report on Wednesday, July 10th. Nine equities research 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 company. According to data from MarketBeat, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $113.22.

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.