Concurrent Investment Advisors LLC Acquires New Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Concurrent Investment Advisors LLC bought a new position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 2,122 shares of the insurance provider’s stock, valued at approximately $213,000.

Other institutional investors have also recently made changes to their positions in the company. New Covenant Trust Company N.A. acquired a new position in shares of The Hartford Financial Services Group in the first quarter worth approximately $26,000. Cape Investment Advisory Inc. lifted its position in shares of The Hartford Financial Services Group by 189.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 245 shares during the period. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at $30,000. First United Bank & Trust acquired a new stake in shares of The Hartford Financial Services Group during the fourth quarter worth $31,000. Finally, Family Firm Inc. bought a new position in The Hartford Financial Services Group during the second quarter worth $31,000. Institutional investors own 93.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HIG. Bank of America decreased their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada raised 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 research report on Monday, July 29th. Morgan Stanley dropped their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Piper Sandler raised their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $110.88.

Insider Activity at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the sale, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

The Hartford Financial Services Group Price Performance

HIG stock opened at $116.00 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The business has a 50-day simple moving average of $106.88 and a two-hundred day simple moving average of $102.12. The company has a market capitalization of $34.31 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 0.93 and a beta of 0.92. The Hartford Financial Services Group, Inc. has a 52-week low of $68.82 and a 52-week high of $117.46.

The Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.88 earnings per share. Research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.62%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has approved 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 typically a sign that the company’s management believes its stock is undervalued.

The Hartford Financial Services Group 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.