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

The Hartford Financial Services Group, Inc. (NYSE:HIG) shares reached a new 52-week high during mid-day trading on Wednesday after Piper Sandler raised their price target on the stock from $130.00 to $145.00. Piper Sandler currently has an overweight rating on the stock. The Hartford Financial Services Group traded as high as $125.08 and last traded at $124.98, with a volume of 1345988 shares. The stock had previously closed at $124.39.

Other analysts also recently issued reports about the stock. Raymond James raised their target price on shares of The Hartford Financial Services Group from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $139.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 5th. Barclays upgraded The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $130.00 to $135.00 in a report on Monday, January 6th. StockNews.com downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $125.00 price target on shares of The Hartford Financial Services Group in a report on Monday, February 3rd. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.61.

Insider Buying and Selling

In related news, EVP Robert W. Paiano sold 13,138 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the completion of the sale, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher Swift sold 98,061 shares of The Hartford Financial Services Group stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $120.39, for a total transaction of $11,805,563.79. Following the completion of the transaction, the chief executive officer now directly owns 211,082 shares in the company, valued at approximately $25,412,161.98. The trade was a 31.72 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. lifted its position in The Hartford Financial Services Group by 3,342.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 241 shares of the insurance provider’s stock worth $26,000 after buying an additional 234 shares in the last quarter. Barrett & Company Inc. increased its position in shares of The Hartford Financial Services Group by 46.5% during the 4th quarter. Barrett & Company Inc. now owns 293 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 93 shares during the last quarter. Spurstone Advisory Services LLC bought a new stake in shares of The Hartford Financial Services Group during the 4th quarter worth approximately $33,000. Itau Unibanco Holding S.A. bought a new position in shares of The Hartford Financial Services Group in the fourth quarter valued at $35,000. Finally, DT Investment Partners LLC increased its holdings in The Hartford Financial Services Group by 49.8% during the fourth quarter. DT Investment Partners LLC now owns 331 shares of the insurance provider’s stock worth $36,000 after buying an additional 110 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Up 0.5 %

The stock has a market cap of $35.67 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.12 and a beta of 0.91. The business’s 50 day simple moving average is $116.27 and its 200 day simple moving average is $115.46. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.27.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, January 30th. The insurance provider reported $2.94 EPS for the quarter, beating the consensus estimate of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. On average, research analysts expect that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Monday, March 3rd were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Monday, March 3rd. The Hartford Financial Services Group’s payout ratio is currently 20.10%.

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.