CIBC Asset Management Inc Increases Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

CIBC Asset Management Inc grew its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 6.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,699 shares of the insurance provider’s stock after purchasing an additional 2,785 shares during the period. CIBC Asset Management Inc’s holdings in The Hartford Financial Services Group were worth $5,139,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in HIG. Trust Co. of Vermont boosted its position in shares of The Hartford Financial Services Group by 27.9% in the third quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock valued at $47,000 after acquiring an additional 88 shares during the period. Bailard Inc. boosted its position in shares of The Hartford Financial Services Group by 0.5% in the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after acquiring an additional 101 shares during the period. Catalina Capital Group LLC raised its stake in The Hartford Financial Services Group by 4.3% in the third quarter. Catalina Capital Group LLC now owns 2,488 shares of the insurance provider’s stock valued at $293,000 after purchasing an additional 102 shares in the last quarter. Tectonic Advisors LLC raised its stake in The Hartford Financial Services Group by 2.6% in the third quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock valued at $537,000 after purchasing an additional 114 shares in the last quarter. Finally, Covestor Ltd raised its stake in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Analysts Set New Price Targets

HIG has been the topic of a number of recent analyst reports. Barclays initiated coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Wells Fargo & Company raised their target price on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. Keefe, Bruyette & Woods lifted their price target on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.88.

The Hartford Financial Services Group Stock Performance

Shares of HIG stock opened at $117.95 on Monday. The Hartford Financial Services Group, Inc. has a 12 month low of $75.36 and a 12 month high of $123.23. The stock has a market cap of $34.19 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The company’s fifty day moving average price is $116.51 and its 200-day moving average price is $108.75.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.76%. 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 payout ratio is 18.84%.

The Hartford Financial Services Group declared that its Board of Directors has initiated a share buyback program on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.