The Hartford Financial Services Group (NYSE:HIG) Hits New 1-Year High Following Analyst Upgrade

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) hit a new 52-week high during trading on Tuesday after UBS Group raised their price target on the stock from $134.00 to $135.00. UBS Group currently has a buy rating on the stock. The Hartford Financial Services Group traded as high as $120.36 and last traded at $119.85, with a volume of 236748 shares. The stock had previously closed at $118.49.

A number of other analysts also recently issued reports on the stock. Piper Sandler lifted their price objective 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. Citigroup downgraded shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $116.00 to $114.00 in a report on Friday, June 28th. Bank of America lifted their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Wells Fargo & Company lifted their price objective on shares of 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. Finally, Jefferies Financial Group lifted 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 report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.59.

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HIG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in The Hartford Financial Services Group by 72.0% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after purchasing an additional 559,019 shares during the period. Swedbank AB acquired a new stake in shares of The Hartford Financial Services Group during the first quarter worth $53,980,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of The Hartford Financial Services Group by 301.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 333,000 shares of the insurance provider’s stock worth $34,316,000 after buying an additional 250,000 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of The Hartford Financial Services Group by 7.9% during the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after buying an additional 233,742 shares in the last quarter. Finally, M&G Plc acquired a new stake in shares of The Hartford Financial Services Group during the first quarter worth $21,709,000. 93.42% of the stock is owned by institutional investors.

The Hartford Financial Services Group Stock Up 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 company has a market cap of $35.07 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 0.96 and a beta of 0.93. The stock has a fifty day moving average price of $114.48 and a two-hundred day moving average price of $105.96.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share 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 company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its board has approved a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.