abrdn plc Has $18.82 Million Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

abrdn plc grew its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 13.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,133 shares of the insurance provider’s stock after purchasing an additional 18,663 shares during the period. abrdn plc owned about 0.05% of The Hartford Financial Services Group worth $18,819,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in The Hartford Financial Services Group by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after purchasing an additional 69,007 shares during the last quarter. Nordea Investment Management AB grew its position in 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 worth $328,320,000 after purchasing an additional 233,742 shares during the last quarter. AQR Capital Management LLC grew its position in 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 worth $150,605,000 after purchasing an additional 70,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in 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 worth $137,478,000 after purchasing an additional 31,806 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its holdings in shares of The Hartford Financial Services Group by 3.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock worth $123,577,000 after acquiring an additional 40,400 shares during the period. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Down 2.0 %

Shares of NYSE HIG opened at $110.46 on Friday. The Hartford Financial Services Group, Inc. has a 1-year low of $72.46 and a 1-year high of $123.23. The company has a market cap of $32.02 billion, a PE ratio of 11.07, a P/E/G ratio of 0.99 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $116.38 and a two-hundred day moving average of $107.26.

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

The Hartford Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.88%. The Hartford Financial Services Group’s payout ratio is currently 20.84%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HIG. UBS Group raised their price objective on shares of 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. Bank of America raised their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Wells Fargo & Company raised their price objective on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Royal Bank of Canada raised their price objective on shares of 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. Finally, Morgan Stanley cut their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

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.