Stephens Inc. AR Sells 2,371 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Stephens Inc. AR lessened its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 12.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 16,658 shares of the insurance provider’s stock after selling 2,371 shares during the period. Stephens Inc. AR’s holdings in The Hartford Financial Services Group were worth $1,959,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. AustralianSuper Pty Ltd boosted its stake in shares of The Hartford Financial Services Group by 28.7% in the third quarter. AustralianSuper Pty Ltd now owns 331,850 shares of the insurance provider’s stock worth $39,029,000 after acquiring an additional 74,083 shares during the period. First Trust Direct Indexing L.P. boosted its stake in shares of The Hartford Financial Services Group by 19.1% in the third quarter. First Trust Direct Indexing L.P. now owns 10,665 shares of the insurance provider’s stock worth $1,254,000 after acquiring an additional 1,714 shares during the period. GSB Wealth Management LLC boosted its stake in shares of The Hartford Financial Services Group by 4.4% in the third quarter. GSB Wealth Management LLC now owns 3,572 shares of the insurance provider’s stock worth $420,000 after acquiring an additional 150 shares during the period. MONECO Advisors LLC bought a new position in shares of The Hartford Financial Services Group in the third quarter worth about $342,000. Finally, abrdn plc boosted its stake in shares of The Hartford Financial Services Group by 13.1% in the third quarter. abrdn plc now owns 161,133 shares of the insurance provider’s stock worth $18,819,000 after acquiring an additional 18,663 shares during the period. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Trading Down 0.3 %

HIG opened at $110.09 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a market cap of $31.91 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 0.91 and a beta of 0.94. The stock’s 50 day moving average price is $116.33 and its 200-day moving average price is $107.50. The Hartford Financial Services Group, Inc. has a one year low of $72.87 and a one year high of $123.23.

The Hartford Financial Services Group announced that its Board of Directors 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 buy up to 10.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently announced 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 represents a $2.08 annualized dividend and a yield of 1.89%. The ex-dividend date is Monday, December 2nd. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 20.84%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Piper Sandler upped their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. UBS Group boosted their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Barclays initiated coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Ten investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.