Verdence Capital Advisors LLC Has $1.99 Million Holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Verdence Capital Advisors LLC cut its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,945 shares of the insurance provider’s stock after selling 1,042 shares during the period. Verdence Capital Advisors LLC’s holdings in The Hartford Financial Services Group were worth $1,993,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of HIG. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group during the 1st quarter worth about $26,000. DT Investment Partners LLC bought a new stake in shares of The Hartford Financial Services Group during the third quarter worth approximately $26,000. Quest Partners LLC lifted its holdings in The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after buying an additional 275 shares during the period. Bank & Trust Co bought a new position in The Hartford Financial Services Group in the second quarter valued at approximately $30,000. Finally, Family Firm Inc. acquired a new stake in The Hartford Financial Services Group during the 2nd quarter worth $31,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Stock Up 1.9 %

NYSE:HIG opened at $117.43 on Friday. The stock has a 50-day simple moving average of $116.31 and a 200 day simple moving average of $107.92. The Hartford Financial Services Group, Inc. has a 52-week low of $73.12 and a 52-week high of $123.23. The company has a market cap of $34.04 billion, a PE ratio of 11.77, a PEG ratio of 0.96 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 Hartford Financial Services Group declared that its board has authorized a share repurchase plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.77%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 18.84%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on HIG shares. JPMorgan Chase & Co. raised their price target on The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Royal Bank of Canada raised their target price 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. Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price for the company. Jefferies Financial Group increased their price target on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, StockNews.com cut shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Thursday. Eleven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $120.88.

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.