The Hartford Financial Services Group (NYSE:HIG) Sets New 12-Month High on Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s share price reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $122.00 to $134.00. Wells Fargo & Company currently has an overweight rating on the stock. The Hartford Financial Services Group traded as high as $117.76 and last traded at $116.96, with a volume of 415226 shares. The stock had previously closed at $117.07.

A number of other brokerages have also weighed in on HIG. Bank of America dropped their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Piper Sandler increased their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. The Goldman Sachs Group raised their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Morgan Stanley lowered their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.22.

Insider Buying and Selling

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HIG. Bailard Inc. grew its position in shares of The Hartford Financial Services Group by 0.5% in the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after purchasing an additional 101 shares during the period. Dorsey & Whitney Trust CO LLC grew its holdings in The Hartford Financial Services Group by 3.1% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock valued at $385,000 after buying an additional 114 shares during the period. Covestor Ltd increased its stake in shares of The Hartford Financial Services Group by 28.8% during the 1st quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 116 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of The Hartford Financial Services Group by 34.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 473 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 121 shares during the period. Finally, Avantax Advisory Services Inc. boosted its position in shares of The Hartford Financial Services Group by 2.8% in the first quarter. Avantax Advisory Services Inc. now owns 4,543 shares of the insurance provider’s stock worth $468,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Trading Down 0.1 %

The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average is $109.71 and its 200-day moving average is $103.50. The stock has a market capitalization of $34.59 billion, a PE ratio of 13.30, a P/E/G ratio of 0.91 and a beta of 0.93.

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 (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.88 EPS. As a group, analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share buyback program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.