JB Capital LLC Invests $704,000 in The Hartford Financial Services Group, Inc. (NYSE:HIG)

JB Capital LLC acquired a new position in The Hartford Financial Services Group, Inc. (NYSE:HIG) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 5,990 shares of the insurance provider’s stock, valued at approximately $704,000.

A number of other hedge funds have also bought and sold shares of HIG. Principal Financial Group Inc. increased its position in shares of The Hartford Financial Services Group by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 353,873 shares of the insurance provider’s stock valued at $41,619,000 after purchasing an additional 6,605 shares during the last quarter. Advisor Resource Council bought a new stake in The Hartford Financial Services Group during the third quarter valued at approximately $681,000. Graypoint LLC increased its holdings in The Hartford Financial Services Group by 6.5% during the third quarter. Graypoint LLC now owns 4,172 shares of the insurance provider’s stock valued at $491,000 after buying an additional 254 shares during the last quarter. Radnor Capital Management LLC bought a new position in The Hartford Financial Services Group in the third quarter worth approximately $3,812,000. Finally, Catalina Capital Group LLC boosted its stake in shares of The Hartford Financial Services Group by 4.3% during the 3rd quarter. Catalina Capital Group LLC now owns 2,488 shares of the insurance provider’s stock worth $293,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Down 0.7 %

Shares of NYSE:HIG traded down $0.77 during trading on Thursday, reaching $115.95. The stock had a trading volume of 88,929 shares, compared to its average volume of 1,602,605. 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 market capitalization of $33.61 billion, a P/E ratio of 11.70, a PEG ratio of 0.91 and a beta of 0.94. The firm’s 50-day simple moving average is $116.31 and its 200 day simple moving average is $107.75. The Hartford Financial Services Group, Inc. has a one year low of $72.87 and a one year 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. Stockholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. The ex-dividend date of this dividend 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 1.79%. The Hartford Financial Services Group’s dividend payout ratio is presently 18.84%.

The Hartford Financial Services Group declared that its Board of Directors 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 purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

HIG has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their target price 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. Piper Sandler lifted their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped 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 report on Tuesday, September 17th. Finally, Jefferies Financial Group boosted their price objective on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. 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.

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.