Short Interest in The Hartford Financial Services Group, Inc. (NYSE:HIG) Drops By 13.8%

The Hartford Financial Services Group, Inc. (NYSE:HIG) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 2,800,000 shares, a decrease of 13.8% from the October 15th total of 3,250,000 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average daily volume of 1,460,000 shares, the short-interest ratio is presently 1.9 days.

The Hartford Financial Services Group Trading Up 0.2 %

The Hartford Financial Services Group stock traded up $0.19 during trading hours on Monday, reaching $118.14. The stock had a trading volume of 875,825 shares, compared to its average volume of 1,595,614. The stock has a market cap of $34.25 billion, a PE ratio of 11.84, a PEG ratio of 0.97 and a beta of 0.94. The company has a fifty day simple moving average of $116.53 and a 200-day simple moving average of $108.90. 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 has a 52 week low of $75.83 and a 52 week 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 given 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. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 1.76%. The Hartford Financial Services Group’s dividend payout ratio is presently 18.84%.

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

Analysts Set New Price Targets

HIG has been the subject of a number of research reports. Jefferies Financial Group boosted their price target on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods upped their target price on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Barclays began coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target on the stock. StockNews.com upgraded The Hartford Financial Services Group from a “hold” rating to a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $120.88.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. DT Investment Partners LLC bought a new stake in shares of The Hartford Financial Services Group during the 3rd quarter valued at about $26,000. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group during the 1st quarter valued at approximately $26,000. Clean Yield Group purchased a new position in shares of The Hartford Financial Services Group during the 3rd quarter worth approximately $33,000. Quest Partners LLC raised its position in shares of The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 275 shares in the last quarter. Finally, Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group in the 2nd quarter valued at approximately $30,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

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.