The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Acquired by Asset Dedication LLC

Asset Dedication LLC boosted its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 22.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,240 shares of the insurance provider’s stock after purchasing an additional 411 shares during the quarter. Asset Dedication LLC’s holdings in The Hartford Financial Services Group were worth $263,000 at the end of the most recent reporting period.

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

The Hartford Financial Services Group Price Performance

Shares of NYSE:HIG opened at $122.33 on Friday. The company has a market cap of $36.18 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The company’s fifty day moving average is $115.06 and its two-hundred day moving average is $106.17. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a 12-month low of $68.92 and a 12-month high of $123.23.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 EPS. Equities analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its board has initiated a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on HIG shares. Wells Fargo & Company increased their target price on shares of 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. UBS Group boosted their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday. Piper Sandler increased their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, Morgan Stanley decreased their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $120.59.

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.