Peapack Gladstone Financial Corp Acquires New Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Peapack Gladstone Financial Corp purchased a new stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,572 shares of the insurance provider’s stock, valued at approximately $420,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in The Hartford Financial Services Group by 1.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 87,606 shares of the insurance provider’s stock valued at $8,849,000 after acquiring an additional 1,180 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of The Hartford Financial Services Group by 17.0% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 120,991 shares of the insurance provider’s stock valued at $12,164,000 after purchasing an additional 17,584 shares during the period. Pallas Capital Advisors LLC raised its stake in shares of The Hartford Financial Services Group by 26.8% during the 2nd quarter. Pallas Capital Advisors LLC now owns 3,152 shares of the insurance provider’s stock valued at $331,000 after purchasing an additional 666 shares during the period. Fifth Third Bancorp lifted its holdings in The Hartford Financial Services Group by 6.3% during the 2nd quarter. Fifth Third Bancorp now owns 35,535 shares of the insurance provider’s stock worth $3,573,000 after purchasing an additional 2,091 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in The Hartford Financial Services Group in the 2nd quarter worth about $385,000. Institutional investors own 93.42% of the company’s stock.

Wall Street Analysts Forecast Growth

HIG has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price target on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. UBS Group increased their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets boosted their price target on shares of The Hartford Financial Services Group from $100.00 to $141.00 and gave the company a “market perform” rating in a research report on Wednesday, November 27th. Wells Fargo & Company upped their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lifted their price objective on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.00.

Insider Activity

In related news, EVP Adin M. Tooker sold 6,865 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $117.04, for a total transaction of $803,479.60. Following the completion of the sale, the executive vice president now directly owns 25,820 shares in the company, valued at $3,021,972.80. This represents a 21.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is owned by corporate insiders.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $110.73 on Tuesday. The company has a market capitalization of $32.10 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 0.93 and a beta of 0.95. The business has a 50 day moving average of $117.33 and a 200 day moving average of $111.37. 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 Hartford Financial Services Group, Inc. has a 1-year low of $78.33 and a 1-year high of $124.90.

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 issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.88%. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is presently 20.84%.

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.