1620 Investment Advisors Inc. Sells 100 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

1620 Investment Advisors Inc. reduced its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 13.7% in the third quarter, HoldingsChannel reports. The firm owned 630 shares of the insurance provider’s stock after selling 100 shares during the period. 1620 Investment Advisors Inc.’s holdings in The Hartford Financial Services Group were worth $74,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. DT Investment Partners LLC bought a new stake in shares of The Hartford Financial Services Group in the 3rd quarter valued at $26,000. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group in the first quarter valued at $26,000. Clean Yield Group acquired a new position in shares of The Hartford Financial Services Group during the third quarter valued at about $33,000. Quest Partners LLC boosted its position in shares of 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 purchasing an additional 275 shares in the last quarter. Finally, Bank & Trust Co acquired a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at about $30,000. 93.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HIG has been the topic of several recent research reports. Wells Fargo & Company increased their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Barclays assumed coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target for the company. Morgan Stanley dropped their price objective 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 note on Wednesday, July 10th. Finally, Bank of America boosted their target price on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given 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 $120.88.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $112.72 on Thursday. The company has a market capitalization of $32.68 billion, a PE ratio of 11.29, a PEG ratio of 0.99 and a beta of 0.93. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average price is $116.41 and its 200-day moving average price is $107.24. The Hartford Financial Services Group, Inc. has a twelve month low of $72.46 and a twelve month high of $123.23.

The Hartford Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be given a $0.52 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.08 annualized dividend and a yield of 1.85%. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s payout ratio is currently 20.84%.

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 purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.