Massachusetts Financial Services Co. MA Trims Stock Position in The Hartford Financial Services Group, Inc. (NYSE:HIG)

Massachusetts Financial Services Co. MA lessened its position in shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) by 15.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,423,929 shares of the insurance provider’s stock after selling 605,520 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.18% of The Hartford Financial Services Group worth $402,688,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Concurrent Investment Advisors LLC purchased a new position in shares of The Hartford Financial Services Group during the second quarter worth about $213,000. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of 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 buying an additional 48,004 shares during the last quarter. Atria Investments Inc purchased a new stake in shares of The Hartford Financial Services Group during the 1st quarter valued at $1,328,000. Lecap Asset Management Ltd. purchased a new position in The Hartford Financial Services Group in the third quarter worth $633,000. Finally, Canada Pension Plan Investment Board increased its stake in The Hartford Financial Services Group by 94.4% in the first quarter. Canada Pension Plan Investment Board now owns 195,017 shares of the insurance provider’s stock valued at $20,097,000 after acquiring an additional 94,717 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on HIG shares. Royal Bank of Canada raised their price objective on 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. StockNews.com upgraded shares of The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Jefferies Financial Group increased their target price on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company boosted their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and an average target price of $120.88.

The Hartford Financial Services Group Trading Up 1.3 %

HIG opened at $119.70 on Friday. The stock has a market cap of $34.70 billion, a PE ratio of 11.99, a PEG ratio of 0.96 and a beta of 0.94. The business has a 50 day moving average of $116.71 and a 200-day moving average of $109.17. The Hartford Financial Services Group, Inc. has a 52 week low of $76.65 and a 52 week high of $123.23. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be given a $0.52 dividend. The ex-dividend date is Monday, December 2nd. This is an increase 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 dividend yield of 1.74%. The Hartford Financial Services Group’s dividend payout ratio is currently 18.84%.

The Hartford Financial Services Group announced that its board has approved a share buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Adin M. Tooker sold 6,865 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $117.04, for a total transaction of $803,479.60. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is owned by company insiders.

The Hartford Financial Services Group 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.