Equity Investment Corp Sells 445,666 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Equity Investment Corp trimmed its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 43.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 579,382 shares of the insurance provider’s stock after selling 445,666 shares during the period. Equity Investment Corp owned approximately 0.20% of The Hartford Financial Services Group worth $68,141,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Trust Co. of Vermont lifted its stake in The Hartford Financial Services Group by 27.9% in the third quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock worth $47,000 after acquiring an additional 88 shares during the period. Bailard Inc. raised its holdings in 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 purchasing an additional 101 shares in the last quarter. Catalina Capital Group LLC raised its holdings in The Hartford Financial Services Group by 4.3% in the third quarter. Catalina Capital Group LLC now owns 2,488 shares of the insurance provider’s stock worth $293,000 after purchasing an additional 102 shares in the last quarter. Tectonic Advisors LLC raised its holdings in The Hartford Financial Services Group by 2.6% in the third quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock worth $537,000 after purchasing an additional 114 shares in the last quarter. Finally, Covestor Ltd raised its holdings in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 116 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group Stock Performance

NYSE HIG opened at $117.95 on Monday. The company has a market cap of $34.19 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.97 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The business’s 50 day moving average price is $116.51 and its 200-day moving average price is $108.75. The Hartford Financial Services Group, Inc. has a fifty-two week low of $75.36 and a fifty-two week high of $123.23.

The Hartford Financial Services Group declared that its board has authorized a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board 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. Stockholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. 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%. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s payout ratio is currently 18.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank of Canada increased their price objective on 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. Piper Sandler increased their price objective on 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. 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 objective for the company. StockNews.com upgraded The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Nine equities 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $120.88.

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.