The Hartford Financial Services Group, Inc. (NYSE:HIG) Sees Significant Increase in Short Interest

The Hartford Financial Services Group, Inc. (NYSE:HIG) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 4,200,000 shares, an increase of 17.6% from the March 15th total of 3,570,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average trading volume of 1,820,000 shares, the short-interest ratio is presently 2.3 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on HIG shares. Evercore ISI increased their target price on The Hartford Financial Services Group from $96.00 to $104.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Piper Sandler reiterated an “overweight” rating and set a $115.00 target price on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Keefe, Bruyette & Woods increased their target price on The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Raymond James reiterated an “outperform” rating and set a $120.00 target price (up from $100.00) on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Finally, Morgan Stanley increased their target price on The Hartford Financial Services Group from $94.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Monday. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $103.82.

The Hartford Financial Services Group Price Performance

HIG stock opened at $97.31 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group has a 1 year low of $67.05 and a 1 year high of $103.64. The firm has a market cap of $28.93 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. The stock has a 50-day simple moving average of $97.21 and a 200-day simple moving average of $84.71.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Friday, February 2nd. The insurance provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.62. The Hartford Financial Services Group had a return on equity of 19.82% and a net margin of 10.21%. The business had revenue of $6.40 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter last year, the firm earned $2.31 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts predict that The Hartford Financial Services Group will post 10.12 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Monday, March 4th were paid a dividend of $0.47 per share. The ex-dividend date was Friday, March 1st. This represents a $1.88 dividend on an annualized basis and a yield of 1.93%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 23.53%.

Insider Activity at The Hartford Financial Services Group

In related news, CEO Christopher Swift sold 94,807 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $86.65, for a total transaction of $8,215,026.55. Following the sale, the chief executive officer now owns 170,180 shares of the company’s stock, valued at $14,746,097. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Christopher Swift sold 94,807 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $86.65, for a total transaction of $8,215,026.55. Following the sale, the chief executive officer now owns 170,180 shares of the company’s stock, valued at $14,746,097. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael R. Fisher sold 27,004 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $98.90, for a total value of $2,670,695.60. Following the sale, the executive vice president now directly owns 18,906 shares in the company, valued at approximately $1,869,803.40. The disclosure for this sale can be found here. Insiders have sold a total of 253,715 shares of company stock valued at $22,789,138 over the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of The Hartford Financial Services Group by 7.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,704 shares of the insurance provider’s stock worth $1,271,000 after purchasing an additional 1,185 shares during the last quarter. D.A. Davidson & CO. grew its holdings in shares of The Hartford Financial Services Group by 9.1% in the 1st quarter. D.A. Davidson & CO. now owns 3,952 shares of the insurance provider’s stock worth $284,000 after acquiring an additional 330 shares during the last quarter. Prudential PLC acquired a new position in shares of The Hartford Financial Services Group in the 1st quarter worth $674,000. Cetera Investment Advisers grew its holdings in shares of The Hartford Financial Services Group by 88.6% in the 1st quarter. Cetera Investment Advisers now owns 11,238 shares of the insurance provider’s stock worth $807,000 after acquiring an additional 5,278 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its holdings in shares of The Hartford Financial Services Group by 235.4% during the first quarter. Zions Bancorporation N.A. now owns 1,070 shares of the insurance provider’s stock valued at $77,000 after buying an additional 751 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

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.