Truist Financial Corp Purchases 780 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Truist Financial Corp boosted its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.6% in the second quarter, Holdings Channel reports. The institutional investor owned 127,531 shares of the insurance provider’s stock after buying an additional 780 shares during the period. Truist Financial Corp’s holdings in The Hartford Financial Services Group were worth $12,822,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in HIG. Concurrent Investment Advisors LLC acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth $213,000. BNP Paribas Financial Markets grew its position in shares of The Hartford Financial Services Group by 27.1% in the 1st quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after buying an additional 97,465 shares during the last quarter. Banque Cantonale Vaudoise increased its stake in shares of The Hartford Financial Services Group by 378.8% in the first quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock valued at $1,724,000 after buying an additional 13,232 shares during the period. Sei Investments Co. raised its position in shares of The Hartford Financial Services Group by 5.6% during the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock worth $23,629,000 after acquiring an additional 12,067 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in shares of The Hartford Financial Services Group by 27.6% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock worth $22,309,000 after acquiring an additional 48,004 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Up 1.2 %

NYSE HIG opened at $118.09 on Friday. The stock has a market capitalization of $34.93 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 0.94 and a beta of 0.93. The business’s fifty day moving average is $113.35 and its 200-day moving average is $105.15. 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 one year low of $68.92 and a one year high of $119.06.

The Hartford Financial Services Group (NYSE:HIG) last released 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 firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same period in the prior year, the firm earned $1.88 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. 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 declared that its board has authorized a stock repurchase program on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 21.36%.

Wall Street Analysts Forecast Growth

HIG has been the topic of a number of recent analyst reports. Piper Sandler boosted their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Barclays started coverage on shares of The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Citigroup cut 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 research report on Friday, June 28th. Finally, The Goldman Sachs Group upped their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $115.47.

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.