RiverFront Investment Group LLC Has $21.70 Million Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

RiverFront Investment Group LLC grew its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 127.6% during the second quarter, Holdings Channel.com reports. The firm owned 215,832 shares of the insurance provider’s stock after buying an additional 121,019 shares during the period. RiverFront Investment Group LLC’s holdings in The Hartford Financial Services Group were worth $21,700,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group during the first quarter valued at about $26,000. Quest Partners LLC lifted its stake 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 valued at $29,000 after buying an additional 275 shares during the period. Bank & Trust Co acquired a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $30,000. Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group in the 2nd quarter valued at $31,000. Finally, Benjamin Edwards Inc. bought a new position in The Hartford Financial Services Group during the first quarter worth about $35,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HIG shares. The Goldman Sachs Group boosted their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Morgan Stanley lowered their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Royal Bank of Canada upped their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Bank of America decreased their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods boosted 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 note on Thursday, August 1st. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.22.

The Hartford Financial Services Group Price Performance

Shares of The Hartford Financial Services Group stock opened at $117.96 on Wednesday. The Hartford Financial Services Group, Inc. has a 52-week low of $68.82 and a 52-week high of $118.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The company has a fifty day moving average of $112.58 and a 200-day moving average of $104.85. The stock has a market capitalization of $34.89 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. 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 $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the previous year, the firm earned $1.88 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has initiated a stock buyback 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 buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

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.