Diamond Hill Capital Management Inc. Sells 135,151 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Diamond Hill Capital Management Inc. trimmed its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 4.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,999,369 shares of the insurance provider’s stock after selling 135,151 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in The Hartford Financial Services Group were worth $352,756,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. DT Investment Partners LLC acquired a new position in shares of The Hartford Financial Services Group during the third quarter worth approximately $26,000. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group in the 1st quarter worth approximately $26,000. Clean Yield Group acquired a new position in The Hartford Financial Services Group during the 3rd quarter worth $33,000. Quest Partners LLC boosted its position in The Hartford Financial Services Group by 2,750.0% in the 2nd 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 last quarter. Finally, Bank & Trust Co acquired a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

Analyst Upgrades and Downgrades

HIG has been the topic of several research reports. Keefe, Bruyette & Woods upped their price target on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. UBS Group raised their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Bank of America boosted their price target on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. StockNews.com lowered shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Eleven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $120.88.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG opened at $117.43 on Monday. The Hartford Financial Services Group, Inc. has a 52 week low of $73.12 and a 52 week high of $123.23. The stock has a market capitalization of $34.04 billion, a PE ratio of 11.77, a price-to-earnings-growth 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 stock has a 50 day moving average price of $116.31 and a 200 day moving average price of $107.98.

The Hartford Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio is 18.84%.

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

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.