The Hartford Financial Services Group, Inc. (NYSE:HIG) Short Interest Down 15.1% in August

The Hartford Financial Services Group, Inc. (NYSE:HIG) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 3,610,000 shares, a decrease of 15.1% from the August 15th total of 4,250,000 shares. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is currently 2.5 days. Approximately 1.2% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HIG. Keefe, Bruyette & Woods boosted their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. The Goldman Sachs Group boosted 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. Morgan Stanley cut their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Bank of America cut 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, Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Nine research analysts have rated the stock with a hold rating, nine have issued 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 presently has an average rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Price Performance

NYSE HIG traded down $0.37 on Wednesday, reaching $116.70. The company’s stock had a trading volume of 976,820 shares, compared to its average volume of 1,615,335. The firm has a market cap of $34.51 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The business has a 50-day moving average price of $110.04 and a 200 day moving average price of $103.60. The Hartford Financial Services Group has a 52 week low of $68.82 and a 52 week high of $117.84. 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 (NYSE:HIG) last posted 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 business had revenue of $6.49 billion for 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 firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Sell-side analysts expect that The Hartford Financial Services Group will post 10.09 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.61%. 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 buyback program on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits 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 management believes its shares are undervalued.

Insider Buying and Selling

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

Institutional Trading of The Hartford Financial Services Group

Large investors have recently added to or reduced their stakes in the company. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group during the first quarter worth about $26,000. Quest Partners LLC grew its stake in The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after buying an additional 275 shares during the last quarter. Cape Investment Advisory Inc. grew its stake in shares of The Hartford Financial Services Group by 189.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 245 shares during the last quarter. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group during the second quarter valued at approximately $30,000. Finally, Family Firm Inc. bought a new stake in shares of The Hartford Financial Services Group during the second quarter valued at approximately $31,000. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Company Profile

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.