The Hartford Financial Services Group, Inc. (NYSE:HIG) Receives $110.88 Consensus Price Target from Brokerages

The Hartford Financial Services Group, Inc. (NYSE:HIG) has received a consensus rating of “Moderate Buy” from the seventeen research firms that are currently covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $110.88.

Several equities research analysts recently commented on HIG shares. Morgan Stanley reduced their price target on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. JPMorgan Chase & Co. upped their price target 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 objective on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd.

Insider Activity at The Hartford Financial Services Group

In other news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On The Hartford Financial Services Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its stake in The Hartford Financial Services Group by 7.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 561,488 shares of the insurance provider’s stock valued at $56,452,000 after purchasing an additional 40,778 shares during the period. Thoroughbred Financial Services LLC boosted its position in shares of The Hartford Financial Services Group by 62.0% in the second quarter. Thoroughbred Financial Services LLC now owns 13,883 shares of the insurance provider’s stock valued at $1,395,000 after acquiring an additional 5,314 shares during the period. Parallel Advisors LLC grew its stake in shares of The Hartford Financial Services Group by 4.4% in the second quarter. Parallel Advisors LLC now owns 16,657 shares of the insurance provider’s stock worth $1,675,000 after acquiring an additional 709 shares during the last quarter. Dai ichi Life Insurance Company Ltd increased its position in The Hartford Financial Services Group by 733.8% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 133,057 shares of the insurance provider’s stock worth $13,378,000 after acquiring an additional 117,100 shares during the period. Finally, Westover Capital Advisors LLC raised its stake in The Hartford Financial Services Group by 15.5% during the 2nd quarter. Westover Capital Advisors LLC now owns 4,561 shares of the insurance provider’s stock valued at $459,000 after purchasing an additional 611 shares during the last quarter. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Stock Performance

HIG opened at $107.40 on Friday. The Hartford Financial Services Group has a fifty-two week low of $68.82 and a fifty-two week high of $112.65. The firm has a market cap of $31.76 billion, a PE ratio of 12.20, a P/E/G ratio of 0.89 and a beta of 0.92. 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 business has a fifty day simple moving average of $102.80 and a 200-day simple moving average of $98.97.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly 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 firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter last year, the business posted $1.88 EPS. The Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. As a group, equities 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 of Directors has approved a share buyback plan on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

The Hartford Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is presently 21.36%.

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.