Lecap Asset Management Ltd. Makes New $633,000 Investment in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Lecap Asset Management Ltd. purchased a new stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,379 shares of the insurance provider’s stock, valued at approximately $633,000.

Several other institutional investors have also made changes to their positions in HIG. New Covenant Trust Company N.A. acquired a new position in The Hartford Financial Services Group in the 1st quarter valued at $26,000. Quest Partners LLC lifted its position 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 worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co acquired a new stake in The Hartford Financial Services Group during the second quarter worth about $30,000. Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group in the 2nd quarter valued at approximately $31,000. Finally, Clean Yield Group bought a new stake in shares of The Hartford Financial Services Group during the 3rd quarter worth approximately $33,000. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group Price Performance

The Hartford Financial Services Group stock opened at $120.47 on Friday. The firm has a market cap of $35.63 billion, a P/E ratio of 13.69, a P/E/G ratio of 0.96 and a beta of 0.93. The stock’s 50 day moving average is $116.06 and its 200 day moving average is $106.71. 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, Inc. has a one year low of $68.92 and a one year high of $123.23.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the prior year, the firm posted $1.88 EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group announced that its Board of Directors has approved a share buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank of Canada boosted their price objective 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 report on Monday, July 29th. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Morgan Stanley reduced 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 note on Wednesday, July 10th. UBS Group raised their price target on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Piper Sandler upped their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Ten research 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $120.59.

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.