The Hartford Financial Services Group (NYSE:HIG) Upgraded to Strong-Buy by Argus

Argus upgraded shares of The Hartford Financial Services Group (NYSE:HIG) to a strong-buy rating in a research report sent to investors on Friday, Zacks.com reports.

HIG has been the subject of a number of other research reports. Royal Bank of Canada boosted their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a sector perform rating in a research report on Monday, July 29th. Wells Fargo & Company reduced their price target on The Hartford Financial Services Group from $117.00 to $111.00 and set an overweight rating on the stock in a research note on Monday, April 29th. JPMorgan Chase & Co. lifted their price objective on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a neutral rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an outperform rating in a research note on Thursday, August 1st. Finally, Roth Mkm raised their target price on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued 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 an average price target of $110.88.

The Hartford Financial Services Group Price Performance

Shares of HIG traded up $0.25 during mid-day trading on Friday, reaching $105.11. 1,596,970 shares of the company’s stock were exchanged, compared to its average volume of 1,674,335. 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 Hartford Financial Services Group has a 52-week low of $68.82 and a 52-week high of $112.65. The company has a market cap of $31.09 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 0.89 and a beta of 0.92. The company has a 50-day simple moving average of $102.47 and a two-hundred day simple moving average of $98.72.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The business 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 business’s revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 earnings per share. On average, sell-side analysts predict that The Hartford Financial Services Group will post 10.07 EPS for the current fiscal year.

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

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be given a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.79%. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, CFO Beth Ann Costello sold 72,076 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total value of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other The Hartford Financial Services Group news, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the sale, the chief financial officer now directly owns 69,169 shares in the company, valued at approximately $6,896,840.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan R. Bennett sold 18,335 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the completion of the transaction, the executive vice president now owns 25,643 shares of the company’s stock, valued at $2,584,301.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 94,499 shares of company stock worth $9,449,309. 1.60% of the stock is owned by company insiders.

Institutional Trading of The Hartford Financial Services Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Certuity LLC acquired a new position in The Hartford Financial Services Group in the second quarter worth approximately $222,000. Custom Index Systems LLC acquired a new position in shares of The Hartford Financial Services Group in the 2nd quarter worth $417,000. Los Angeles Capital Management LLC grew its holdings in shares of The Hartford Financial Services Group by 386.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 107,933 shares of the insurance provider’s stock worth $10,852,000 after acquiring an additional 85,746 shares during the last quarter. Savant Capital LLC raised its holdings in The Hartford Financial Services Group by 0.7% during the 2nd quarter. Savant Capital LLC now owns 25,140 shares of the insurance provider’s stock worth $2,528,000 after buying an additional 166 shares during the period. Finally, Sustainable Insight Capital Management LLC lifted its stake in The Hartford Financial Services Group by 21.8% during the second quarter. Sustainable Insight Capital Management LLC now owns 34,100 shares of the insurance provider’s stock valued at $3,428,000 after buying an additional 6,100 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors.

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.