Nicholas Hoffman & Company LLC. Cuts Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Nicholas Hoffman & Company LLC. lessened its stake in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 41.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 5,880 shares of the insurance provider’s stock after selling 4,103 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in The Hartford Financial Services Group were worth $691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of HIG. Trust Co. of Vermont raised its position in The Hartford Financial Services Group by 27.9% in the third quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock worth $47,000 after acquiring an additional 88 shares in the last quarter. Bailard Inc. lifted its holdings 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 valued at $1,948,000 after acquiring an additional 101 shares during the period. Dorsey & Whitney Trust CO LLC lifted its holdings in The Hartford Financial Services Group by 3.1% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after acquiring an additional 114 shares during the period. Tectonic Advisors LLC lifted its holdings in The Hartford Financial Services Group by 2.6% in the third quarter. Tectonic Advisors LLC now owns 4,566 shares of the insurance provider’s stock valued at $537,000 after acquiring an additional 114 shares during the period. Finally, Covestor Ltd lifted its holdings in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 116 shares during the period. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Up 0.5 %

HIG opened at $112.72 on Thursday. 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 stock has a market capitalization of $32.68 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.93. The business has a 50-day moving average of $116.41 and a two-hundred day moving average of $107.24. The Hartford Financial Services Group, Inc. has a 12 month low of $72.46 and a 12 month high of $123.23.

The Hartford Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be issued a $0.52 dividend. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. This represents a $2.08 annualized dividend and a yield of 1.85%. The Hartford Financial Services Group’s payout ratio is 20.84%.

The Hartford Financial Services Group announced that its board has approved a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have commented on HIG. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday. Bank of America raised their target price 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. Wells Fargo & Company raised their price target on 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. Morgan Stanley dropped their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Finally, Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $120.88.

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.