The Hartford Financial Services Group (NYSE:HIG) Shares Gap Down – What’s Next?

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) gapped down before the market opened on Friday . The stock had previously closed at $120.46, but opened at $113.73. The Hartford Financial Services Group shares last traded at $112.91, with a volume of 419,853 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently commented on HIG. Royal Bank of Canada raised their price objective on 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. Morgan Stanley cut their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Jefferies Financial Group lifted their price target on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their price objective 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. Finally, Piper Sandler lifted their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $120.76.

The Hartford Financial Services Group Stock Down 6.8 %

The company has a market capitalization of $32.89 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 0.99 and a beta of 0.93. 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 firm has a 50 day moving average price of $116.31 and a two-hundred day moving average price of $106.87.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, October 24th. The insurance provider reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.04. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.62 billion. As a group, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 10.02 earnings per share for the current year.

The Hartford Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s payout ratio is 19.77%.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in shares of The Hartford Financial Services Group by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock valued at $584,177,000 after purchasing an additional 69,007 shares in the last quarter. Nordea Investment Management AB lifted its holdings in The Hartford Financial Services Group by 7.9% during the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after buying an additional 233,742 shares during the last quarter. AQR Capital Management LLC grew its position in shares of The Hartford Financial Services Group by 4.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock worth $150,605,000 after acquiring an additional 70,018 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of The Hartford Financial Services Group by 2.4% in the 2nd 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. raised its position in shares of The Hartford Financial Services Group by 3.4% during the 2nd 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 in the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

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.