The Hartford Financial Services Group (NYSE:HIG) Hits New 12-Month High After Dividend Announcement

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s share price reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $105.23 and last traded at $104.90, with a volume of 219761 shares. The stock had previously closed at $102.99.

The newly announced dividend which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.86%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

Analysts Set New Price Targets

Several research analysts have commented on HIG shares. Raymond James reaffirmed an “outperform” rating and set a $120.00 price target (up previously from $100.00) on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Roth Mkm lifted their price target on The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Keefe, Bruyette & Woods lifted their price target on The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Morgan Stanley cut their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lifted their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a research report on Thursday, July 11th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

The Hartford Financial Services Group Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $29.90 billion, a PE ratio of 11.71, a P/E/G ratio of 0.87 and a beta of 0.93. The stock has a 50 day moving average of $101.36 and a two-hundred day moving average of $96.48.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The Hartford Financial Services Group had a net margin of 10.87% and a return on equity of 20.64%. The business had revenue of $6.42 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter last year, the firm earned $1.68 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Research analysts expect that The Hartford Financial Services Group, Inc. will post 9.83 EPS for the current fiscal year.

Insider Activity at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the completion of the sale, the chief financial officer now directly owns 69,169 shares in the company, valued at approximately $6,896,840.99. The disclosure for this sale can be found here. Insiders have sold a total of 94,499 shares of company stock worth $9,449,309 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of The Hartford Financial Services Group

Large investors have recently made changes to their positions in the stock. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group during the first quarter valued at $26,000. Bank & Trust Co purchased a new position in The Hartford Financial Services Group during the second quarter worth about $30,000. Turtle Creek Wealth Advisors LLC purchased a new position in The Hartford Financial Services Group during the fourth quarter worth about $26,000. CVA Family Office LLC purchased a new position in The Hartford Financial Services Group during the fourth quarter worth about $27,000. Finally, Benjamin Edwards Inc. purchased 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.

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.