Brokerages Set The Hartford Financial Services Group, Inc. (NYSE:HIG) Target Price at $120.88

The Hartford Financial Services Group, Inc. (NYSE:HIG) has been assigned an average recommendation of “Moderate Buy” from the eighteen analysts that are covering the stock, Marketbeat reports. Ten research 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. The average 12-month target price among brokerages that have covered the stock in the last year is $120.88.

HIG has been the topic of several recent research reports. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Piper Sandler raised their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Jefferies Financial Group raised their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, Bank of America upped their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group during the 1st quarter worth approximately $26,000. DT Investment Partners LLC bought a new position in The Hartford Financial Services Group during the 3rd quarter valued at $26,000. Quest Partners LLC boosted its holdings in The Hartford Financial Services Group by 2,750.0% during the 2nd 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 bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter worth $30,000. Finally, Family Firm Inc. purchased a new stake in shares of The Hartford Financial Services Group in the second quarter valued at about $31,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

NYSE:HIG opened at $116.40 on Tuesday. The Hartford Financial Services Group has a 52 week low of $74.69 and a 52 week high of $123.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The firm’s 50-day simple moving average is $116.41 and its 200 day simple moving average is $108.39. The firm has a market cap of $33.74 billion, a price-to-earnings ratio of 11.70, a P/E/G ratio of 0.97 and a beta of 0.94.

The Hartford Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be issued a dividend of $0.52 per share. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.79%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 18.84%.

The Hartford Financial Services Group announced that its Board of Directors has approved a share buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is 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.