New York State Common Retirement Fund reduced its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 12.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 245,139 shares of the insurance provider's stock after selling 34,900 shares during the period. New York State Common Retirement Fund owned about 0.08% of The Hartford Financial Services Group worth $28,831,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of HIG. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group in the first quarter valued at about $26,000. DT Investment Partners LLC acquired a new position in The Hartford Financial Services Group in the third quarter valued at approximately $26,000. Quest Partners LLC grew its holdings in shares of 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 last quarter. Bank & Trust Co acquired a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $30,000. Finally, Family Firm Inc. bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 93.42% of the company's stock.
Several equities research analysts have weighed in on HIG shares. JPMorgan Chase & Co. increased their target price on The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Royal Bank of Canada increased their price objective 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. Argus raised shares of The Hartford Financial Services Group to a "strong-buy" rating in a research note on Friday, August 2nd. Piper Sandler raised 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 research note on Monday, July 29th. Finally, Morgan Stanley reduced their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 10th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, The Hartford Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $120.88.
Get Our Latest Analysis on The Hartford Financial Services Group
Shares of HIG stock opened at $110.09 on Monday. The stock has a 50-day simple moving average of $116.33 and a 200 day simple moving average of $107.50. The stock has a market capitalization of $31.91 billion, a P/E ratio of 11.03, a P/E/G ratio of 0.91 and a beta of 0.94. The Hartford Financial Services Group, Inc. has a fifty-two week low of $72.87 and a fifty-two week high of $123.23. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders 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. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.89%. The Hartford Financial Services Group's dividend payout ratio (DPR) is 20.84%.
The Hartford Financial Services Group announced that its board has approved a stock repurchase plan on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.
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.
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