Hartford Financial Services Group Inc (HIG) Announces $0.30 Quarterly Dividend
Hartford Financial Services Group Inc (NYSE:HIG) announced a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Investors of record on Monday, June 3rd will be paid a dividend of 0.30 per share by the insurance provider on Monday, July 1st. This represents a $1.20 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, May 31st.
Hartford Financial Services Group has raised its dividend payment by an average of 22.6% annually over the last three years and has raised its dividend every year for the last 6 years. Hartford Financial Services Group has a payout ratio of 25.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Hartford Financial Services Group to earn $5.46 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 22.0%.
Shares of NYSE HIG opened at $53.24 on Friday. Hartford Financial Services Group has a 12-month low of $40.54 and a 12-month high of $54.28. The firm has a market capitalization of $19.25 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32.
In other news, insider Martha Gervasi sold 5,039 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $52.87, for a total transaction of $266,411.93. Following the completion of the sale, the insider now directly owns 15,210 shares in the company, valued at $804,152.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert W. Paiano sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $50.00, for a total value of $250,000.00. Following the sale, the executive vice president now owns 33,342 shares of the company’s stock, valued at $1,667,100. The disclosure for this sale can be found here. Insiders have sold 15,039 shares of company stock valued at $778,412 over the last 90 days. Insiders own 1.70% of the company’s stock.
Several analysts recently issued reports on HIG shares. TheStreet upgraded Hartford Financial Services Group from a “c+” rating to a “b-” rating in a report on Thursday, March 14th. Zacks Investment Research upgraded Hartford Financial Services Group from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, May 7th. ValuEngine upgraded Hartford Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. Wells Fargo & Co restated a “hold” rating and set a $56.00 target price on shares of Hartford Financial Services Group in a research note on Thursday, May 2nd. Finally, Barclays raised their target price on Hartford Financial Services Group from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $57.67.
Hartford Financial Services Group announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 4th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Hartford Financial Services Group Company Profile
The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. Its Commercial Lines segment offers workers' compensation, property, automobile, marine, livestock, liability, and umbrella coverages; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages.
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