The Hartford Financial Services Group (NYSE:HIG) Now Covered by Analysts at Barclays

Equities researchers at Barclays initiated coverage on shares of The Hartford Financial Services Group (NYSE:HIG) in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm set an “equal weight” rating and a $130.00 price target on the insurance provider’s stock. Barclays‘s price objective would indicate a potential upside of 12.07% from the stock’s current price.

Other analysts have also issued research reports about the company. The Goldman Sachs Group boosted their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. JPMorgan Chase & Co. boosted their price objective on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Bank of America reduced their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Piper Sandler upped their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, Citigroup lowered The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $116.00 to $114.00 in a research note on Friday, June 28th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $111.94.

The Hartford Financial Services Group Stock Performance

HIG opened at $116.00 on Wednesday. The stock’s 50 day simple moving average is $106.88 and its 200-day simple moving average is $102.12. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The stock has a market cap of $34.31 billion, a PE ratio of 13.18, a P/E/G ratio of 0.93 and a beta of 0.92. The Hartford Financial Services Group has a 1 year low of $68.82 and a 1 year high of $117.46.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 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 analyst estimates 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 Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.88 EPS. Sell-side analysts forecast that The Hartford Financial Services Group will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the sale, the executive vice president now owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Los Angeles Capital Management LLC raised its holdings in The Hartford Financial Services Group by 316.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 16,274 shares of the insurance provider’s stock valued at $1,308,000 after buying an additional 12,366 shares during the last quarter. National Bank of Canada FI raised its stake in shares of The Hartford Financial Services Group by 4.4% during the fourth quarter. National Bank of Canada FI now owns 78,654 shares of the insurance provider’s stock valued at $6,402,000 after acquiring an additional 3,297 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of The Hartford Financial Services Group by 11.0% during the fourth quarter. Spire Wealth Management now owns 2,266 shares of the insurance provider’s stock worth $193,000 after purchasing an additional 224 shares during the period. Private Advisor Group LLC lifted its holdings in shares of The Hartford Financial Services Group by 11.4% during the fourth quarter. Private Advisor Group LLC now owns 16,592 shares of the insurance provider’s stock worth $1,334,000 after purchasing an additional 1,699 shares during the period. Finally, Apollon Wealth Management LLC lifted its holdings in shares of The Hartford Financial Services Group by 33.6% during the fourth quarter. Apollon Wealth Management LLC now owns 4,893 shares of the insurance provider’s stock worth $393,000 after purchasing an additional 1,230 shares during the period. Institutional investors own 93.42% of the company’s stock.

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.