Jefferies Financial Group Boosts The Hartford Financial Services Group (NYSE:HIG) Price Target to $127.00

The Hartford Financial Services Group (NYSE:HIG) had its price objective upped by equities researchers at Jefferies Financial Group from $113.00 to $127.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the insurance provider’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 8.83% from the stock’s current price.

A number of other equities analysts have also recently weighed in on HIG. Piper Sandler lifted their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Wells Fargo & Company raised their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 17th. Bank of America reissued a “neutral” rating and set a $121.00 target price (up from $113.00) on shares of The Hartford Financial Services Group in a research note on Friday, October 4th. Royal Bank of Canada upped their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Finally, Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $118.41.

The Hartford Financial Services Group Price Performance

Shares of NYSE:HIG traded up $1.08 on Wednesday, hitting $116.70. The stock had a trading volume of 889,159 shares, compared to its average volume of 1,604,771. The company has a market capitalization of $34.51 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The firm’s 50 day moving average price is $113.52 and its 200-day moving average price is $105.42. The Hartford Financial Services Group has a twelve month low of $68.92 and a twelve month high of $119.06.

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

The Hartford Financial Services Group declared that its board has initiated a share buyback program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Fund Management S.A. acquired a new position in The Hartford Financial Services Group in the 4th quarter worth about $5,077,000. Elo Mutual Pension Insurance Co raised its stake in The Hartford Financial Services Group by 2.3% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 26,700 shares of the insurance provider’s stock worth $2,146,000 after buying an additional 613 shares during the last quarter. Power Corp of Canada bought a new stake in The Hartford Financial Services Group during the fourth quarter valued at $266,000. Continuum Advisory LLC grew its holdings in The Hartford Financial Services Group by 12.3% during the 4th quarter. Continuum Advisory LLC now owns 27,840 shares of the insurance provider’s stock worth $2,238,000 after acquiring an additional 3,055 shares during the period. Finally, V Square Quantitative Management LLC raised its position in shares of The Hartford Financial Services Group by 24.9% in the 4th quarter. V Square Quantitative Management LLC now owns 6,971 shares of the insurance provider’s stock worth $560,000 after acquiring an additional 1,388 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

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.