The Hartford Financial Services Group, Inc. (NYSE:HIG) Sees Large Drop in Short Interest

The Hartford Financial Services Group, Inc. (NYSE:HIG) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 2,800,000 shares, a drop of 13.8% from the October 15th total of 3,250,000 shares. Currently, 1.0% of the company’s stock are short sold. Based on an average trading volume of 1,460,000 shares, the days-to-cover ratio is presently 1.9 days.

The Hartford Financial Services Group Price Performance

Shares of NYSE:HIG traded up $0.19 during trading on Monday, hitting $118.14. 875,825 shares of the company’s stock were exchanged, compared to its average volume of 1,595,614. The business’s 50-day simple moving average is $116.53 and its 200 day simple moving average is $108.90. The company has a market cap of $34.25 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.97 and a beta of 0.94. The Hartford Financial Services Group has a 52-week low of $75.83 and a 52-week high of $123.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group declared that its board has approved a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be issued 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 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 18.84%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on HIG shares. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Piper Sandler boosted their target price on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Bank of America raised their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. StockNews.com raised shares of The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Royal Bank of Canada lifted their target price on shares of 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. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.88.

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently modified their holdings of HIG. Dimensional Fund Advisors LP lifted its stake in The Hartford Financial Services Group by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after purchasing an additional 69,007 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of The Hartford Financial Services Group by 4.9% in the second quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock worth $150,605,000 after purchasing an additional 70,018 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of The Hartford Financial Services Group by 2.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,367,400 shares of the insurance provider’s stock worth $137,478,000 after buying an additional 31,806 shares in the last quarter. Bahl & Gaynor Inc. grew its holdings in The Hartford Financial Services Group by 3.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 1,229,133 shares of the insurance provider’s stock valued at $123,577,000 after buying an additional 40,400 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in The Hartford Financial Services Group by 22.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,199,542 shares of the insurance provider’s stock valued at $141,078,000 after buying an additional 221,778 shares in the last quarter. Institutional investors own 93.42% of the company’s stock.

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.