The Hartford Financial Services Group, Inc. (NYSE:HIG) Sees Large Growth in Short Interest

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 3,820,000 shares, an increase of 5.8% from the July 15th total of 3,610,000 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 1,510,000 shares, the days-to-cover ratio is presently 2.5 days.

The Hartford Financial Services Group Trading Up 0.3 %

Shares of HIG stock traded up $0.33 on Friday, hitting $110.46. The company had a trading volume of 1,510,723 shares, compared to its average volume of 1,654,159. The Hartford Financial Services Group has a twelve month low of $68.82 and a twelve month high of $112.65. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market cap of $32.67 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.89 and a beta of 0.92. The stock's 50-day moving average is $103.74 and its two-hundred day moving average is $100.08.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the prior year, the firm posted $1.88 EPS. The company's revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts anticipate that The Hartford Financial Services Group will post 10.07 earnings per share for the current fiscal year.

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

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.70%. The Hartford Financial Services Group's dividend payout ratio (DPR) is currently 21.36%.

Insiders Place Their Bets

In other news, EVP Michael R. Fisher sold 4,088 shares of the business's stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

Several institutional investors and hedge funds have recently made changes to their positions in HIG. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group during the 1st quarter worth approximately $26,000. Quest Partners LLC boosted its stake in The Hartford Financial Services Group by 2,750.0% during 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 in the last quarter. Bank & Trust Co acquired a new stake in The Hartford Financial Services Group in the second quarter worth $30,000. Family Firm Inc. bought a new stake in The Hartford Financial Services Group in the second quarter valued at $31,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of The Hartford Financial Services Group during the first quarter valued at about $35,000. Institutional investors own 93.42% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Wells Fargo & Company cut their price objective on shares of The Hartford Financial Services Group from $117.00 to $111.00 and set an "overweight" rating for the company in a report on Monday, April 29th. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a "neutral" rating in a research report on Thursday, July 11th. Morgan Stanley cut their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 10th. Piper Sandler raised their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an "overweight" rating in a research report on Monday, July 29th. Finally, Citigroup cut shares of The Hartford Financial Services Group from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $110.88.

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.

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