Cornercap Investment Counsel Inc. Decreases Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Cornercap Investment Counsel Inc. decreased its holdings in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 54.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,686 shares of the insurance provider's stock after selling 18,822 shares during the period. The Hartford Financial Services Group comprises approximately 0.5% of Cornercap Investment Counsel Inc.'s holdings, making the stock its 19th largest position. Cornercap Investment Counsel Inc.'s holdings in The Hartford Financial Services Group were worth $1,845,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avantax Advisory Services Inc. boosted its holdings in The Hartford Financial Services Group by 2.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider's stock worth $468,000 after buying an additional 122 shares during the period. Koshinski Asset Management Inc. purchased a new stake in shares of The Hartford Financial Services Group during the first quarter worth about $249,000. Kingsview Wealth Management LLC lifted its holdings in The Hartford Financial Services Group by 16.6% in the 1st quarter. Kingsview Wealth Management LLC now owns 21,124 shares of the insurance provider's stock worth $2,177,000 after purchasing an additional 3,000 shares in the last quarter. Blair William & Co. IL boosted its stake in The Hartford Financial Services Group by 6.4% in the 1st quarter. Blair William & Co. IL now owns 6,216 shares of the insurance provider's stock worth $641,000 after purchasing an additional 374 shares during the period. Finally, Trillium Asset Management LLC purchased a new stake in The Hartford Financial Services Group during the 1st quarter valued at approximately $223,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG traded up $1.52 during midday trading on Friday, reaching $117.95. 1,258,753 shares of the company were exchanged, compared to its average volume of 1,598,851. The Hartford Financial Services Group, Inc. has a 1 year low of $75.36 and a 1 year high of $123.23. The stock has a fifty day simple moving average of $116.44 and a 200 day simple moving average of $108.45. 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 stock has a market cap of $34.19 billion, a P/E ratio of 11.80, a PEG ratio of 0.97 and a beta of 0.94.

The Hartford Financial Services Group announced that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

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 $0.52 dividend. This is a boost from The Hartford Financial Services Group's previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 1.76%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group's payout ratio is currently 18.84%.

Analyst Ratings Changes

Several research firms have recently weighed in on HIG. StockNews.com raised shares of The Hartford Financial Services Group from a "hold" rating to a "buy" rating in a research note on Friday. JPMorgan Chase & Co. boosted their target price on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, October 25th. Barclays assumed coverage on shares of 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 on the stock. Royal Bank of Canada raised their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a "sector perform" rating in a research note on Monday, July 29th. Finally, Jefferies Financial Group raised their price objective 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. Ten analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $120.88.

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.