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

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 3,330,000 shares, a decline of 9.5% from the September 15th total of 3,680,000 shares. Based on an average daily trading volume, of 1,460,000 shares, the short-interest ratio is presently 2.3 days. Approximately 1.1% of the company's shares are sold short.

Analyst Ratings Changes

A number of brokerages have recently commented on HIG. Piper Sandler raised their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 29th. Royal Bank of Canada increased their price target on 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. Wells Fargo & Company boosted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 17th. UBS Group increased their target price on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Barclays began coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an "equal weight" rating and a $130.00 target price on the stock. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $120.59.

Hedge Funds Weigh In On The Hartford Financial Services Group

Several hedge funds have recently modified their holdings of the company. Concurrent Investment Advisors LLC bought a new stake in The Hartford Financial Services Group in the second quarter worth about $213,000. BNP Paribas Financial Markets lifted its stake in The Hartford Financial Services Group by 27.1% during the first quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider's stock valued at $47,073,000 after purchasing an additional 97,465 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in The Hartford Financial Services Group by 378.8% during the first quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider's stock worth $1,724,000 after buying an additional 13,232 shares in the last quarter. Sei Investments Co. grew its position in The Hartford Financial Services Group by 5.6% in the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider's stock worth $23,629,000 after buying an additional 12,067 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of The Hartford Financial Services Group by 27.6% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider's stock valued at $22,309,000 after buying an additional 48,004 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded up $2.71 on Thursday, reaching $122.33. 2,373,163 shares of the company's stock were exchanged, compared to its average volume of 1,602,880. The business's 50-day moving average is $114.76 and its two-hundred day moving average is $106.06. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group has a fifty-two week low of $68.92 and a fifty-two week high of $123.23. The firm has a market capitalization of $36.18 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 0.96 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last issued its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates 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 firm's revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. As a group, equities research analysts forecast that The Hartford Financial Services Group will post 10.09 EPS for the current year.

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

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.