Strategy Asset Managers LLC Acquires New Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Strategy Asset Managers LLC purchased a new position in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,023 shares of the insurance provider's stock, valued at approximately $708,000.

Other institutional investors have also added to or reduced their stakes in the company. New Covenant Trust Company N.A. bought a new stake in shares of The Hartford Financial Services Group during the first quarter valued at approximately $26,000. DT Investment Partners LLC bought a new stake in shares of The Hartford Financial Services Group in the 3rd quarter worth $26,000. Quest Partners LLC raised its stake 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 purchasing an additional 275 shares during the last quarter. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group during the second quarter valued at $30,000. Finally, Family Firm Inc. bought a new position in shares of The Hartford Financial Services Group during the second quarter valued at $31,000. Institutional investors own 93.42% of the company's stock.

The Hartford Financial Services Group Price Performance

HIG stock opened at $118.19 on Thursday. The firm has a 50 day moving average of $116.62 and a 200-day moving average of $109.10. The company has a market cap of $34.26 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.96 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 Hartford Financial Services Group, Inc. has a 12-month low of $76.25 and a 12-month high of $123.23.

The Hartford Financial Services Group declared that its board has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently declared 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 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 positive change from The Hartford Financial Services Group's previous quarterly dividend of $0.47. The Hartford Financial Services Group's dividend payout ratio is currently 18.84%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. 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. UBS Group boosted their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a "buy" rating in a research note on Tuesday, October 15th. Bank of America raised 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 note on Thursday, October 10th. Jefferies Financial Group upped their price objective on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Finally, Barclays initiated coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $130.00 target price on the stock. Nine 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.88.

Insider Transactions at The Hartford Financial Services Group

In related news, EVP Adin M. Tooker sold 6,865 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $117.04, for a total value of $803,479.60. Following the transaction, the executive vice president now owns 25,820 shares in the company, valued at approximately $3,021,972.80. This trade represents a 21.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

The Hartford Financial Services Group 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.