Verdence Capital Advisors LLC Has $1.99 Million Stock Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Verdence Capital Advisors LLC trimmed its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,945 shares of the insurance provider’s stock after selling 1,042 shares during the quarter. Verdence Capital Advisors LLC’s holdings in The Hartford Financial Services Group were worth $1,993,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of HIG. Verus Financial Partners Inc. acquired a new position in The Hartford Financial Services Group during the 3rd quarter worth $205,000. Applied Finance Capital Management LLC increased its stake in shares of The Hartford Financial Services Group by 414.2% in the third quarter. Applied Finance Capital Management LLC now owns 32,114 shares of the insurance provider’s stock worth $3,777,000 after purchasing an additional 25,868 shares during the period. Source Financial Advisors LLC acquired a new position in shares of The Hartford Financial Services Group during the 3rd quarter worth about $223,000. JB Capital LLC bought a new stake in The Hartford Financial Services Group during the 3rd quarter valued at approximately $704,000. Finally, Principal Financial Group Inc. grew its holdings in The Hartford Financial Services Group by 1.9% in the 3rd quarter. Principal Financial Group Inc. now owns 353,873 shares of the insurance provider’s stock valued at $41,619,000 after buying an additional 6,605 shares during the last quarter. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Trading Up 1.9 %

Shares of HIG stock opened at $117.43 on Friday. The company has a market capitalization of $34.04 billion, a P/E ratio of 11.77, a P/E/G ratio of 0.96 and a beta of 0.94. The Hartford Financial Services Group, Inc. has a 12-month low of $73.12 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 0.26. The firm has a 50-day moving average price of $116.31 and a 200 day moving average price of $107.92.

The Hartford Financial Services Group announced that its board has authorized a share buyback plan on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders 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 1.77%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is presently 18.84%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HIG. Piper Sandler increased their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. UBS Group increased their price target 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. 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 stock a “sector perform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Eleven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $120.88.

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.