Massachusetts Financial Services Co. MA Sells 605,520 Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG)

Massachusetts Financial Services Co. MA decreased its holdings in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 15.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,423,929 shares of the insurance provider’s stock after selling 605,520 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in The Hartford Financial Services Group were worth $402,688,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of HIG. Concurrent Investment Advisors LLC bought a new stake in shares of The Hartford Financial Services Group in the second quarter worth approximately $213,000. Skandinaviska Enskilda Banken AB publ grew its position in The Hartford Financial Services Group by 27.6% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock worth $22,309,000 after purchasing an additional 48,004 shares during the period. Atria Investments Inc bought a new stake in The Hartford Financial Services Group in the 1st quarter worth approximately $1,328,000. Lecap Asset Management Ltd. bought a new position in shares of The Hartford Financial Services Group during the 3rd quarter valued at $633,000. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of The Hartford Financial Services Group by 94.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 195,017 shares of the insurance provider’s stock valued at $20,097,000 after buying an additional 94,717 shares during the period. Institutional investors own 93.42% of the company’s stock.

Insider Activity

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

The Hartford Financial Services Group Stock Up 1.3 %

Shares of NYSE:HIG opened at $119.70 on Friday. The company has a market cap of $34.70 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.96 and a beta of 0.94. The Hartford Financial Services Group, Inc. has a 12 month low of $76.65 and a 12 month high of $123.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average price of $116.71 and a 200 day moving average price of $109.17.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often 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. Stockholders of record on Monday, December 2nd will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.74%. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 18.84%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HIG. StockNews.com raised The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research report on Friday, November 15th. UBS Group lifted their price target on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Barclays initiated coverage on shares of The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price target for the company. Keefe, Bruyette & Woods raised their price objective on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Royal Bank of Canada upped 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 analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and a consensus target price of $120.88.

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.