Keefe, Bruyette & Woods Raises The Hartford Financial Services Group (NYSE:HIG) Price Target to $135.00

The Hartford Financial Services Group (NYSE:HIG) had its price target increased by Keefe, Bruyette & Woods from $133.00 to $135.00 in a research report released on Tuesday, Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

HIG has been the topic of several other research reports. Barclays initiated coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Jefferies Financial Group boosted their price objective on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Royal Bank of Canada raised their target price 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 note on Monday, July 29th. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Finally, Wells Fargo & Company raised their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 17th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $120.88.

The Hartford Financial Services Group Stock Down 1.1 %

Shares of NYSE HIG opened at $112.14 on Tuesday. The Hartford Financial Services Group has a 12-month low of $71.16 and a 12-month high of $123.23. The stock’s fifty day simple moving average is $116.37 and its two-hundred day simple moving average is $107.20. The stock has a market capitalization of $33.17 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93. 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 Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 23.64%.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock 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 repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of institutional investors have recently modified their holdings of the stock. DT Investment Partners LLC acquired a new stake in The Hartford Financial Services Group during the third quarter worth about $26,000. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group during the 1st quarter worth approximately $26,000. Clean Yield Group acquired a new stake in shares of The Hartford Financial Services Group during the 3rd quarter worth approximately $33,000. Quest Partners LLC lifted its stake in shares of The Hartford Financial Services Group by 2,750.0% in 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 period. Finally, Bank & Trust Co purchased a new stake in The Hartford Financial Services Group during the second quarter worth $30,000. Hedge funds and other institutional investors own 93.42% 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.