Kentucky Retirement Systems Insurance Trust Fund Sells 864 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 9.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,675 shares of the insurance provider’s stock after selling 864 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in The Hartford Financial Services Group were worth $1,020,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Trust Co. of Vermont lifted its holdings in The Hartford Financial Services Group by 27.9% in the 3rd quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock worth $47,000 after purchasing an additional 88 shares during the last quarter. Bailard Inc. lifted its stake in shares of The Hartford Financial Services Group by 0.5% in the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock worth $1,948,000 after buying an additional 101 shares during the last quarter. Catalina Capital Group LLC boosted its holdings in shares of The Hartford Financial Services Group by 4.3% during the 3rd quarter. Catalina Capital Group LLC now owns 2,488 shares of the insurance provider’s stock worth $293,000 after buying an additional 102 shares during the period. Tectonic Advisors LLC grew its stake in The Hartford Financial Services Group by 2.6% in the 3rd quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock valued at $537,000 after buying an additional 114 shares during the last quarter. Finally, Covestor Ltd raised its holdings in The Hartford Financial Services Group by 28.8% in the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 116 shares during the period. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $117.95 on Monday. 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 $116.51 and a 200 day moving average price of $108.75. The firm has a market capitalization of $34.19 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. 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 announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Monday, December 2nd. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 18.84%.

Analysts Set New Price Targets

A number of research firms have issued reports on HIG. Bank of America upped their price target 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. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Wells Fargo & Company lifted their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 17th. UBS Group increased their price objective on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, Piper Sandler boosted their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Nine analysts have rated the stock with a hold rating, eight have assigned 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 presently has an average rating of “Moderate Buy” and a consensus 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.