The Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $124.00 at Bank of America

The Hartford Financial Services Group (NYSE:HIG) had its price target raised by Bank of America from $121.00 to $124.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. Bank of America‘s price objective indicates a potential upside of 6.90% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Jefferies Financial Group boosted their price objective on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Wells Fargo & Company lifted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. The Goldman Sachs Group increased their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and an average price target of $118.59.

The Hartford Financial Services Group Price Performance

Shares of NYSE:HIG traded down $0.29 during midday trading on Thursday, reaching $116.00. 348,140 shares of the company were exchanged, compared to its average volume of 1,603,213. 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 stock has a market cap of $34.31 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93. The business’s fifty day moving average is $113.62 and its two-hundred day moving average is $105.49. The Hartford Financial Services Group has a one year low of $68.92 and a one year high of $119.06.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results 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 company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.88 earnings per share. As a group, analysts predict that The Hartford Financial Services Group will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group announced that its Board of Directors has authorized a share buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to reacquire 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 Investors Weigh In On The Hartford Financial Services Group

Several hedge funds have recently made changes to their positions in the business. New Covenant Trust Company N.A. acquired a new stake in The Hartford Financial Services Group in the first quarter valued at $26,000. Clean Yield Group purchased a new position in The Hartford Financial Services Group during the 3rd quarter valued at about $33,000. Quest Partners LLC raised its position in 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 acquiring an additional 275 shares during the last quarter. Bank & Trust Co purchased a new stake in shares of The Hartford Financial Services Group in the second quarter valued at about $30,000. Finally, Family Firm Inc. acquired a new stake in The Hartford Financial Services Group during the 2nd quarter valued at $31,000. 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.