Hartford Financial Services Group, Inc. (NYSE:HIG) Sees Strong Short-Term Interest Growth

The Hartford Financial Services Group, Inc. (NYSE:HIG – Get Rating) saw a surge in short-term interest in August. As of August 31, there was short interest totaling 3,050,000 shares, an increase of 6.6% from the total of 2,860,000 shares as of August 15. Based on an average daily volume of 1,810,000 shares, the short interest rate is currently 1.7 days. Currently, 1.0% of the stock’s shares are sold short.

Insider activity

In other news from The Hartford Financial Services Group, SVP Scott R. Lewis sold 2,558 shares of the company in a trade dated Tuesday, August 9. The shares were sold at an average price of $65.04, for a total value of $166,372.32. Following completion of the transaction, the Senior Vice President now directly owns 18,396 shares of the company, valued at $1,196,475.84. The sale was disclosed in a filing with the SEC, accessible via this link. Insiders own 1.80% of the shares of the company.

Hedge funds weigh on financial services group Hartford

Institutional investors have recently changed their stake in the company. SouthState Corp increased its position in shares of Hartford Financial Services Group by 1,369.2% in the second quarter. SouthState Corp now owns 382 shares of the insurance provider valued at $25,000 after buying an additional 356 shares during the period. Core Alternative Capital increased its position in shares of The Hartford Financial Services Group by 706.1% in the second quarter. Core Alternative Capital now owns 395 shares of the insurance provider valued at $26,000 after buying an additional 346 shares during the period. Covestor Ltd bought a new position in shares of The Hartford Financial Services Group in the fourth quarter worth approximately $27,000. Parkside Investments LLC bought a new stock position in The Hartford Financial Services Group in the first quarter worth about $30,000. Finally, Trustcore Financial Services LLC bought a new position in shares of The Hartford Financial Services Group in the second quarter worth about $30,000. Institutional investors hold 90.14% of the company’s shares.

Hartford Financial Services Group Price Performance

Shares of HIG opened at $65.82 on Tuesday. The company has a market capitalization of $21.27 billion, a PE ratio of 10.83, a PEG ratio of 1.30 and a beta of 0.91. The company’s 50-day moving average price is $65.46 and its 200-day moving average price is $68.27. The company has a debt ratio of 0.31, a quick ratio of 0.30 and a current ratio of 0.30. The Hartford Financial Services Group has a 12-month low of $61.59 and a 12-month high of $78.17.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last released its quarterly earnings data on Thursday, July 28. The insurance provider reported earnings per share of $2.15 for the quarter, beating the consensus estimate of $1.52 by $0.63. The company posted revenue of $3.77 billion for the quarter, versus analyst estimates of $5.53 billion. The Hartford Financial Services Group achieved a net margin of 9.42% and a return on equity of 15.03%. In the same quarter last year, the company earned earnings per share of $2.33. As a group, research analysts expect Hartford Financial Services Group to post EPS of 7.21 for the current fiscal year.

Hartford financial services group announces dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 4. Shareholders of record on Thursday, September 1 will receive a dividend of $0.385. This represents a dividend of $1.54 on an annualized basis and a dividend yield of 2.34%. The ex-date of this dividend is Wednesday, August 31. Hartford Financial Services Group’s dividend payout ratio is 25.33%.

Analysts set new price targets

HIG has been the subject of several recent analyst reports. Royal Bank of Canada lowered its price target on shares of Hartford Financial Services Group from $77.00 to $71.00 and set an “industry performance” rating for the company in a report released Monday, May 1. august. Barclays cut its price target on shares of Hartford Financial Services Group to $78.00 in a Tuesday, August 9 research report. Citigroup launched a hedge on shares of Hartford Financial Services Group in a Monday, May 23 research report. They issued a “buy” rating and a price target of $81.00 for the company. Jefferies Financial Group cut its price target on shares of The Hartford Financial Services Group from $77.00 to $72.00 and set a “holding” rating for the company in a Tuesday, July 12 research report. Finally, Credit Suisse Group raised its price target on shares of Hartford Financial Services Group from $93.00 to $104.00 and gave the stock an “outperform” rating in a Friday research report. June 3. Three analysts have rated the stock with a hold rating and seven have issued a buy rating for the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.20.

About Hartford Financial Services Group

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The Hartford Financial Services Group, Inc provides insurance and financial services to individuals and businesses in the United States, United Kingdom and internationally. Its Commercial Lines segment offers workers’ compensation, property, automobile, liability, umbrella insurance, bond, marine, livestock and reinsurance; and customized insurance products and risk management services, including professional liability, surety bond, surety and specialist damage coverage through regional offices, branches, sales and service centers policyholders, independent retail agents and brokers, wholesale agents and reinsurance brokers.

Further reading

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