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

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) have earned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $120.88.

A number of equities research analysts have recently commented on the company. Bank of America lifted their target price on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Jefferies Financial Group lifted their price objective on shares of 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. Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Royal Bank of Canada lifted their price target on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. increased their price objective on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, October 25th.

The Hartford Financial Services Group Stock Performance

Shares of HIG opened at $116.40 on Tuesday. The stock has a 50 day moving average of $116.41 and a 200 day moving average of $108.39. The company has a market capitalization of $33.74 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 0.97 and a beta of 0.94. The Hartford Financial Services Group has a 12 month low of $74.69 and a 12 month high of $123.23. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

The Hartford Financial Services Group announced that its board has authorized a share buyback program on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HIG. Trust Co. of Vermont increased its position in shares of The Hartford Financial Services Group by 27.9% in the third quarter. Trust Co. of Vermont now owns 403 shares of the insurance provider’s stock worth $47,000 after purchasing an additional 88 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of The Hartford Financial Services Group by 4.0% in the 3rd quarter. Brooklyn Investment Group now owns 2,444 shares of the insurance provider’s stock worth $287,000 after buying an additional 94 shares during the last quarter. Bailard Inc. raised its position in shares of The Hartford Financial Services Group by 0.5% during the 2nd quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after buying an additional 101 shares in the last quarter. Catalina Capital Group LLC lifted its holdings in shares of The Hartford Financial Services Group by 4.3% during the 3rd quarter. Catalina Capital Group LLC now owns 2,488 shares of the insurance provider’s stock worth $293,000 after acquiring an additional 102 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its position in The Hartford Financial Services Group by 1.9% in the third quarter. Meeder Advisory Services Inc. now owns 5,621 shares of the insurance provider’s stock worth $661,000 after acquiring an additional 104 shares in the last quarter. 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.