Peapack Gladstone Financial Corp Makes New $420,000 Investment in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Peapack Gladstone Financial Corp acquired a new stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,572 shares of the insurance provider’s stock, valued at approximately $420,000.

A number of other institutional investors also recently modified their holdings of HIG. Trust Co. of Vermont increased its position in The Hartford Financial Services Group by 27.9% during the 3rd quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock valued at $47,000 after purchasing an additional 88 shares during the period. Brooklyn Investment Group increased its position in shares of The Hartford Financial Services Group by 4.0% during the third quarter. Brooklyn Investment Group now owns 2,444 shares of the insurance provider’s stock valued at $287,000 after buying an additional 94 shares during the period. Bailard Inc. raised its stake 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 buying an additional 101 shares in the last quarter. Catalina Capital Group LLC lifted 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 buying an additional 102 shares during the period. Finally, Meeder Advisory Services Inc. boosted its position in The Hartford Financial Services Group by 1.9% during the 3rd quarter. Meeder Advisory Services Inc. now owns 5,621 shares of the insurance provider’s stock valued at $661,000 after acquiring an additional 104 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other The Hartford Financial Services Group news, EVP Adin M. Tooker sold 6,865 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $117.04, for a total value of $803,479.60. Following the completion of the transaction, the executive vice president now owns 25,820 shares of the company’s stock, valued at approximately $3,021,972.80. The trade was a 21.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HIG. Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price for the company. Keefe, Bruyette & Woods increased 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. Jefferies Financial Group boosted their target price on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. BMO Capital Markets upped their target price on shares of The Hartford Financial Services Group from $100.00 to $141.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company lifted their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, September 17th. Ten analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.00.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $110.73 on Tuesday. The company has a 50 day moving average of $117.33 and a 200 day moving average of $111.37. 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 $78.33 and a twelve month high of $124.90. The firm has a market cap of $32.10 billion, a P/E ratio of 11.10, a PEG ratio of 0.93 and a beta of 0.95.

The Hartford Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.88%. 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 Company 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.