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

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 4,250,000 shares, an increase of 11.3% from the July 31st total of 3,820,000 shares. Approximately 1.5% of the company's stock are sold short. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is currently 3.0 days.

Insider Transactions at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the sale, the executive vice president now directly owns 14,818 shares of the company's stock, valued at approximately $1,503,582.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of hedge funds have recently made changes to their positions in the company. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group during the first quarter valued at $26,000. Quest Partners LLC grew its position in 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 acquiring an additional 275 shares in the last quarter. Cape Investment Advisory Inc. increased its stake in The Hartford Financial Services Group by 189.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider's stock worth $30,000 after acquiring an additional 245 shares during the last quarter. Bank & Trust Co purchased a new stake in The Hartford Financial Services Group during the second quarter valued at approximately $30,000. Finally, First United Bank & Trust bought a new stake in shares of The Hartford Financial Services Group in the 4th quarter valued at approximately $31,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG traded down $0.05 during midday trading on Friday, reaching $116.10. The stock had a trading volume of 2,096,765 shares, compared to its average volume of 1,303,975. The company has a market capitalization of $34.34 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 0.93 and a beta of 0.92. The Hartford Financial Services Group has a 12-month low of $68.82 and a 12-month high of $116.51. The stock has a 50-day moving average of $106.11 and a 200-day moving average of $101.63. 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 Hartford Financial Services Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analysts' expectations of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business's quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $1.88 earnings per share. As a group, research analysts anticipate that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.62%. The Hartford Financial Services Group's dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HIG. Morgan Stanley lowered their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 10th. Keefe, Bruyette & Woods raised their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an "outperform" rating in a report on Thursday, August 1st. Royal Bank of Canada boosted their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a "sector perform" rating in a report on Monday, July 29th. Bank of America lowered their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a "buy" rating on the stock in a research report on Thursday, July 11th. Finally, The Goldman Sachs Group lifted their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a "buy" rating in a research report on Thursday, June 13th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $110.88.

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.