The Hartford Financial Services Group, Inc. (NYSE:HIG) Announces Quarterly Dividend of $0.52

The Hartford Financial Services Group, Inc. (NYSE:HIG) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Monday, December 2nd will be paid a dividend of 0.52 per share by the insurance provider on Friday, January 3rd. This represents a $2.08 annualized dividend and a yield of 1.85%. The ex-dividend date is Monday, December 2nd. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47.

The Hartford Financial Services Group has raised its dividend payment by an average of 10.3% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. The Hartford Financial Services Group has a dividend payout ratio of 16.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect The Hartford Financial Services Group to earn $11.45 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 16.4%.

The Hartford Financial Services Group Stock Performance

Shares of The Hartford Financial Services Group stock traded down $8.20 during trading on Friday, hitting $112.26. 2,956,001 shares of the company’s stock traded hands, compared to its average volume of 1,382,046. The stock has a market capitalization of $32.89 billion, a P/E ratio of 11.80, a PEG ratio of 0.99 and a beta of 0.93. The business has a 50-day simple moving average of $116.27 and a 200-day simple moving average of $106.81. The Hartford Financial Services Group has a 1 year low of $68.92 and a 1 year high of $123.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, October 24th. The insurance provider reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.04. The company had revenue of $4.67 billion for the quarter, compared to the consensus estimate of $4.62 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. As a group, analysts forecast that The Hartford Financial Services Group will post 10.02 EPS for the current year.

Analyst Ratings Changes

HIG has been the subject of a number of research reports. Citigroup lowered The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $116.00 to $114.00 in a report on Friday, June 28th. Jefferies Financial Group raised their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Morgan Stanley decreased their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Barclays initiated coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price objective on the stock. Finally, Royal Bank of Canada upped their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $120.76.

The Hartford Financial Services Group announced that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are 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.