Allspring Global Investments Holdings LLC Purchases 2,279 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Allspring Global Investments Holdings LLC raised its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 3.0% during the third quarter, Holdings Channel reports. The fund owned 77,515 shares of the insurance provider’s stock after buying an additional 2,279 shares during the period. Allspring Global Investments Holdings LLC’s holdings in The Hartford Financial Services Group were worth $9,117,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. New Covenant Trust Company N.A. bought a new position in shares of The Hartford Financial Services Group during the 1st quarter valued at $26,000. Clean Yield Group purchased a new stake in The Hartford Financial Services Group during the third quarter valued at about $33,000. Quest Partners LLC increased its holdings in shares of The Hartford Financial Services Group by 2,750.0% in 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 period. Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group in the second quarter worth about $30,000. Finally, Family Firm Inc. bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at about $31,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on HIG shares. Piper Sandler raised 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 report on Monday, July 29th. Barclays started coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Keefe, Bruyette & Woods upped their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Morgan Stanley cut their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Bank of America upped their target price on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, The Hartford Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $120.76.

The Hartford Financial Services Group Stock Down 6.8 %

Shares of The Hartford Financial Services Group stock opened at $112.26 on Friday. The Hartford Financial Services Group, Inc. has a 1 year low of $68.92 and a 1 year high of $123.23. The firm has a market cap of $32.89 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 0.99 and a beta of 0.93. The company has a 50-day moving average of $116.31 and a 200 day moving average of $106.87. 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 (NYSE:HIG) last announced its earnings results 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 net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.62 billion. As a group, sell-side analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.02 earnings per share for the current fiscal year.

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

The Hartford Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a 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 dividend payout ratio (DPR) is 19.77%.

The Hartford Financial Services Group 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.