State of Alaska Department of Revenue Has $5.81 Million Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

State of Alaska Department of Revenue trimmed its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG - Free Report) by 24.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,367 shares of the insurance provider's stock after selling 15,805 shares during the period. State of Alaska Department of Revenue's holdings in The Hartford Financial Services Group were worth $5,805,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in HIG. Wealthcare Advisory Partners LLC acquired a new position in shares of The Hartford Financial Services Group in the first quarter valued at $274,000. Denali Advisors LLC acquired a new position in shares of The Hartford Financial Services Group in the 1st quarter valued at $52,000. Norden Group LLC bought a new position in shares of The Hartford Financial Services Group during the 1st quarter worth about $786,000. First Trust Direct Indexing L.P. boosted its position in shares of The Hartford Financial Services Group by 8.8% during the 1st quarter. First Trust Direct Indexing L.P. now owns 6,043 shares of the insurance provider's stock valued at $623,000 after acquiring an additional 487 shares in the last quarter. Finally, FCG Investment Co increased its stake in The Hartford Financial Services Group by 41.9% in the first quarter. FCG Investment Co now owns 8,470 shares of the insurance provider's stock valued at $873,000 after acquiring an additional 2,501 shares during the period. Institutional investors own 93.42% of the company's stock.

The Hartford Financial Services Group Trading Down 1.1 %

HIG stock traded down $1.25 during trading on Tuesday, hitting $112.14. The company had a trading volume of 1,970,856 shares, compared to its average volume of 1,603,480. The firm has a 50-day moving average price of $116.37 and a 200-day moving average price of $107.20. The Hartford Financial Services Group, Inc. has a 12 month low of $71.16 and a 12 month high of $123.23. 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 stock has a market cap of $33.17 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 0.99 and a beta of 0.93.

The Hartford Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.85%. This is an increase from The Hartford Financial Services Group's previous quarterly dividend of $0.47. The Hartford Financial Services Group's payout ratio is presently 23.64%.

The Hartford Financial Services Group announced that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have weighed in on HIG. UBS Group lifted their price objective on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a "buy" rating in a report on Tuesday, October 15th. Argus raised The Hartford Financial Services Group to a "strong-buy" rating in a research note on Friday, August 2nd. Bank of America upped their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a "neutral" rating in a research report on Thursday, October 10th. Wells Fargo & Company lifted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an "overweight" rating in a report on Tuesday, September 17th. Finally, Royal Bank of Canada upped their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a "sector perform" rating in a report on Monday, July 29th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, The Hartford Financial Services Group currently has a consensus rating of "Moderate Buy" and a consensus target price 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.