Huntington National Bank Grows Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Huntington National Bank lifted its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 4.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,441 shares of the insurance provider’s stock after acquiring an additional 460 shares during the period. Huntington National Bank’s holdings in The Hartford Financial Services Group were worth $1,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group during the first quarter worth $26,000. DT Investment Partners LLC purchased a new stake in The Hartford Financial Services Group during the 3rd quarter valued at about $26,000. Quest Partners LLC raised its holdings 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 valued at $29,000 after acquiring an additional 275 shares during the last quarter. Bank & Trust Co purchased a new position in The Hartford Financial Services Group in the 2nd quarter worth approximately $30,000. Finally, Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $31,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HIG has been the subject of several recent research reports. Barclays assumed coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price target for the company. JPMorgan Chase & Co. lifted their price target on 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. Bank of America upped their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods lifted their target price 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. Finally, Wells Fargo & Company increased their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday, September 17th. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $120.88.

The Hartford Financial Services Group Stock Performance

Shares of The Hartford Financial Services Group stock opened at $117.95 on Friday. The stock has a market capitalization of $34.19 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The business has a 50-day moving average of $116.44 and a 200 day moving average of $108.45. The Hartford Financial Services Group, Inc. has a 12 month low of $75.36 and a 12 month high of $123.23.

The Hartford Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be paid a $0.52 dividend. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.76%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 20.84%.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are 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.