Exchange Traded Concepts LLC Makes New Investment in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Exchange Traded Concepts LLC purchased a new stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) during the third quarter, Holdings Channel reports. The institutional investor purchased 1,512 shares of the insurance provider’s stock, valued at approximately $178,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter worth about $26,000. Quest Partners LLC boosted its holdings in 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. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group in the second quarter worth $30,000. Family Firm Inc. purchased a new stake in shares of The Hartford Financial Services Group in the second quarter worth $31,000. Finally, Clean Yield Group bought a new stake in The Hartford Financial Services Group during the third quarter valued at $33,000. 93.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on HIG. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Royal Bank of Canada increased their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Wells Fargo & Company upped their target price on shares of 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. Citigroup downgraded The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Finally, Keefe, Bruyette & Woods raised their price objective on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Ten investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $120.59.

The Hartford Financial Services Group Trading Down 0.9 %

Shares of HIG stock opened at $120.94 on Tuesday. The firm’s 50 day moving average is $115.62 and its 200 day moving average is $106.50. The stock has a market capitalization of $35.77 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.96 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, 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 earnings results 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $1.88 earnings per share. Research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group announced that its board has initiated a stock buyback program on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

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.