MONECO Advisors LLC Makes New Investment in The Hartford Financial Services Group, Inc. (NYSE:HIG)

MONECO Advisors LLC purchased a new position in The Hartford Financial Services Group, Inc. (NYSE:HIG) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,905 shares of the insurance provider’s stock, valued at approximately $342,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in shares of The Hartford Financial Services Group by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after acquiring an additional 69,007 shares during the period. Nordea Investment Management AB lifted its stake in shares of The Hartford Financial Services Group by 7.9% in the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock valued at $328,320,000 after purchasing an additional 233,742 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of The Hartford Financial Services Group by 4.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock valued at $150,605,000 after purchasing an additional 70,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of The Hartford Financial Services Group by 2.4% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock valued at $137,478,000 after purchasing an additional 31,806 shares during the last quarter. Finally, Bahl & Gaynor Inc. raised its holdings in shares of The Hartford Financial Services Group by 3.4% in the second quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock worth $123,577,000 after buying an additional 40,400 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Royal Bank of Canada raised their price objective 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. Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective for the company. Bank of America lifted their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Jefferies Financial Group lifted their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Ten 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.88.

The Hartford Financial Services Group Price Performance

Shares of The Hartford Financial Services Group stock opened at $112.72 on Thursday. The Hartford Financial Services Group, Inc. has a twelve month low of $72.46 and a twelve month high of $123.23. The business has a 50-day moving average price of $116.41 and a 200 day moving average price of $107.24. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The firm has a market cap of $32.68 billion, a PE ratio of 11.29, a P/E/G ratio of 0.99 and a beta of 0.93.

The Hartford Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.52 per share. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 1.85%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is 20.84%.

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

The Hartford Financial Services Group Company 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.