abrdn plc Has $18.82 Million Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

abrdn plc boosted its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 13.1% in the third quarter, Holdings Channel reports. The firm owned 161,133 shares of the insurance provider’s stock after purchasing an additional 18,663 shares during the period. abrdn plc’s holdings in The Hartford Financial Services Group were worth $18,819,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. DT Investment Partners LLC acquired a new position in The Hartford Financial Services Group during the third quarter valued at approximately $26,000. New Covenant Trust Company N.A. acquired a new position in The Hartford Financial Services Group during the first quarter valued at approximately $26,000. Clean Yield Group acquired a new position in The Hartford Financial Services Group during the third quarter valued at approximately $33,000. Quest Partners LLC grew its holdings in The Hartford Financial Services Group by 2,750.0% during the second 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. Finally, Bank & Trust Co acquired a new position in The Hartford Financial Services Group during the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

NYSE HIG opened at $110.46 on Friday. 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 firm’s fifty day moving average price is $116.38 and its two-hundred day moving average price is $107.26. The Hartford Financial Services Group, Inc. has a 1 year low of $72.46 and a 1 year high of $123.23. The firm has a market capitalization of $32.02 billion, a P/E ratio of 11.07, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93.

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

The Hartford Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio is 20.84%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. UBS Group boosted their price objective on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Jefferies Financial Group upped 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 report on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday. Royal Bank of Canada upped their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Finally, Piper Sandler upped their price target 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

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.