The Hartford Financial Services Group, Inc. (NYSE:HIG) Short Interest Down 9.5% in September

The Hartford Financial Services Group, Inc. (NYSE:HIG) was the recipient of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 3,330,000 shares, a decrease of 9.5% from the September 15th total of 3,680,000 shares. Based on an average daily volume of 1,460,000 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.1% of the shares of the company are sold short.

Institutional Investors Weigh In On The Hartford Financial Services Group

Several institutional investors and hedge funds have 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 1st quarter worth approximately $26,000. Clean Yield Group acquired a new position in shares of The Hartford Financial Services Group during the third quarter worth approximately $33,000. Quest Partners LLC grew its stake in shares of The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 275 shares during the last quarter. Bank & Trust Co acquired a new stake in shares of The Hartford Financial Services Group in the second quarter valued at approximately $30,000. Finally, Family Firm Inc. bought a new position in The Hartford Financial Services Group in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

NYSE:HIG traded up $2.27 during mid-day trading on Thursday, hitting $121.89. The company’s stock had a trading volume of 1,163,492 shares, compared to its average volume of 1,596,861. The company has a market capitalization of $36.05 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 0.96 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group has a fifty-two week low of $68.92 and a fifty-two week high of $123.23. The stock has a fifty day moving average of $114.76 and a 200-day moving average of $106.06.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion during 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.88 EPS. As a group, equities analysts forecast that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on HIG shares. Piper Sandler raised their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. UBS Group boosted their price objective on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday. Royal Bank of Canada increased their target price on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $120.59.

About The Hartford Financial Services Group

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.