Verition Fund Management LLC grew its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG – Free Report) by 7,564.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 248,648 shares of the insurance provider’s stock after buying an additional 245,404 shares during the period. Verition Fund Management LLC owned approximately 0.09% of The Hartford Financial Services Group worth $29,243,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently modified their holdings of HIG. DT Investment Partners LLC bought a new position in The Hartford Financial Services Group during the 3rd quarter worth approximately $26,000. Quest Partners LLC boosted its stake in The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co bought a new position in The Hartford Financial Services Group during the 2nd quarter worth about $30,000. Family Firm Inc. acquired a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at about $31,000. Finally, Clean Yield Group bought a new stake in shares of The Hartford Financial Services Group in the third quarter valued at about $33,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on the company. Bank of America lifted their target price 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. UBS Group lifted their price objective on shares of 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. JPMorgan Chase & Co. increased 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. Jefferies Financial Group lifted their price target on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.
Insider Activity
In other news, EVP Adin M. Tooker sold 6,865 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $117.04, for a total value of $803,479.60. Following the transaction, the executive vice president now owns 25,820 shares of the company’s stock, valued at approximately $3,021,972.80. This represents a 21.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.60% of the company’s stock.
The Hartford Financial Services Group Stock Up 0.9 %
HIG stock opened at $123.74 on Friday. The Hartford Financial Services Group, Inc. has a 1-year low of $76.65 and a 1-year high of $124.90. The business’s 50 day simple moving average is $117.32 and its 200 day simple moving average is $109.94. 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 firm has a market capitalization of $35.87 billion, a PE ratio of 12.40, a PEG ratio of 1.02 and a beta of 0.94.
The Hartford Financial Services Group Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be issued a $0.52 dividend. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is currently 18.84%.
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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