Kentucky Retirement Systems Insurance Trust Fund Has $1.02 Million Stake in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 9.1% in the third quarter, HoldingsChannel.com reports. The fund owned 8,675 shares of the insurance provider’s stock after selling 864 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in The Hartford Financial Services Group were worth $1,020,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. DT Investment Partners LLC bought a new position in The Hartford Financial Services Group in the 3rd quarter valued at $26,000. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group in the first quarter valued at $26,000. Clean Yield Group bought a new position in shares of The Hartford Financial Services Group in the third quarter valued at about $33,000. Quest Partners LLC lifted its position in The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after buying an additional 275 shares in the last quarter. Finally, Bank & Trust Co bought a new stake in The Hartford Financial Services Group during the 2nd quarter worth about $30,000. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Up 1.3 %

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

The Hartford Financial Services Group announced that its board has approved a share buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.76%. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is presently 18.84%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HIG. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods upped their price objective on The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Bank of America increased their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. boosted their target price 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. Finally, UBS Group raised their price target on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and an average target price 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.