MONECO Advisors LLC Invests $342,000 in The Hartford Financial Services Group, Inc. (NYSE:HIG)

MONECO Advisors LLC bought a new position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) during the 3rd quarter, HoldingsChannel reports. The fund bought 2,905 shares of the insurance provider’s stock, valued at approximately $342,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of The Hartford Financial Services Group by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after purchasing an additional 69,007 shares during the last quarter. Nordea Investment Management AB lifted its holdings in The Hartford Financial Services Group by 7.9% in the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock valued at $328,320,000 after acquiring an additional 233,742 shares during the last quarter. AQR Capital Management LLC lifted its holdings in The Hartford Financial Services Group by 4.9% in the second quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock valued at $150,605,000 after acquiring an additional 70,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in The Hartford Financial Services Group by 2.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock valued at $137,478,000 after acquiring an additional 31,806 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its holdings in The Hartford Financial Services Group by 3.4% in the second quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock valued at $123,577,000 after acquiring an additional 40,400 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $112.72 on Thursday. The firm has a market capitalization of $32.68 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93. The business’s fifty day moving average price is $116.41 and its 200 day moving average price is $107.24. 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 Hartford Financial Services Group, Inc. has a 12 month low of $72.46 and a 12 month high of $123.23.

The Hartford Financial Services Group declared that its board has initiated a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.85%. The ex-dividend date is Monday, December 2nd. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio is currently 20.84%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on HIG shares. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Piper Sandler boosted 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 report on Monday, July 29th. Wells Fargo & Company boosted their target price on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, September 17th. Royal Bank of Canada boosted their target price on 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. Finally, UBS Group boosted their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $120.88.

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.