Swiss National Bank Decreases Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Swiss National Bank cut its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 878,800 shares of the insurance provider’s stock after selling 1,600 shares during the quarter. Swiss National Bank’s holdings in The Hartford Financial Services Group were worth $103,356,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DT Investment Partners LLC acquired a new position in The Hartford Financial Services Group during the third quarter worth $26,000. New Covenant Trust Company N.A. acquired a new position in shares of The Hartford Financial Services Group in the first quarter worth $26,000. Clean Yield Group acquired a new position in shares of The Hartford Financial Services Group in the third quarter worth $33,000. Quest Partners LLC raised its holdings 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 worth $29,000 after acquiring an additional 275 shares during the last quarter. Finally, Bank & Trust Co acquired a new position in shares of The Hartford Financial Services Group in the second quarter worth $30,000. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $118.14 on Tuesday. The Hartford Financial Services Group, Inc. has a 1-year low of $75.83 and a 1-year high of $123.23. The business has a 50-day moving average of $116.53 and a 200-day moving average of $108.90. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The company has a market capitalization of $34.25 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.97 and a beta of 0.94.

The Hartford Financial Services Group declared that its board has approved a stock buyback program on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board 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. Stockholders of record on Monday, December 2nd will be given a $0.52 dividend. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.76%. The Hartford Financial Services Group’s dividend payout ratio is presently 18.84%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HIG. Royal Bank of Canada boosted their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. UBS Group boosted their price target on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. StockNews.com upgraded The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research note on Friday. Jefferies Financial Group upped their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their target price on 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. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and a consensus 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.