Axecap Investments LLC Buys Shares of 9,759 The Hartford Financial Services Group, Inc. (NYSE:HIG)

Axecap Investments LLC bought a new stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,759 shares of the insurance provider’s stock, valued at approximately $1,148,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. New Covenant Trust Company N.A. acquired a new position in shares of The Hartford Financial Services Group during the first quarter worth $26,000. Clean Yield Group acquired a new position in shares of The Hartford Financial Services Group during the third quarter worth $33,000. Quest Partners LLC lifted its holdings in shares of The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth $30,000. Finally, Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth $31,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $119.85 on Thursday. The firm’s 50-day moving average price is $116.06 and its 200-day moving average price is $106.71. The Hartford Financial Services Group, Inc. has a 1-year low of $68.92 and a 1-year high of $123.23. The firm has a market capitalization of $35.45 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.96 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its board has authorized a share buyback program on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are generally 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. Royal Bank of Canada lifted their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of The Hartford Financial Services Group from $117.00 to $122.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Jefferies Financial Group boosted 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. Keefe, Bruyette & Woods boosted their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Finally, Citigroup lowered shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their target price for the company from $116.00 to $114.00 in a report on Friday, June 28th. Ten research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $120.59.

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.