The Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $145.00 at Piper Sandler

The Hartford Financial Services Group (NYSE:HIG) had its price objective boosted by Piper Sandler from $130.00 to $145.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the insurance provider’s stock.

HIG has been the topic of several other research reports. Wells Fargo & Company cut their target price on The Hartford Financial Services Group from $130.00 to $126.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $125.00 price objective on shares of The Hartford Financial Services Group in a research report on Monday, February 3rd. Barclays raised shares of The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $130.00 to $135.00 in a research report on Monday, January 6th. Raymond James raised their target price on shares of The Hartford Financial Services Group from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday. Finally, StockNews.com downgraded The Hartford Financial Services Group from a “buy” rating to a “hold” rating in a research report on Tuesday, March 18th. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $124.61.

The Hartford Financial Services Group Price Performance

NYSE HIG opened at $124.34 on Tuesday. The company has a market cap of $35.48 billion, a PE ratio of 12.01, a P/E/G ratio of 1.12 and a beta of 0.91. The firm’s 50 day moving average price is $116.00 and its 200-day moving average price is $115.39. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group has a 52-week low of $94.47 and a 52-week high of $124.90.

The Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. Sell-side analysts forecast that The Hartford Financial Services Group will post 11.11 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Monday, March 3rd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, March 3rd. The Hartford Financial Services Group’s dividend payout ratio is presently 20.10%.

Insider Transactions at The Hartford Financial Services Group

In related news, CEO Christopher Swift sold 98,061 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $120.39, for a total value of $11,805,563.79. Following the transaction, the chief executive officer now owns 211,082 shares in the company, valued at approximately $25,412,161.98. This represents a 31.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert W. Paiano sold 13,138 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the transaction, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at $3,712,661.60. This represents a 29.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

Several hedge funds have recently added to or reduced their stakes in HIG. Geode Capital Management LLC raised its stake in shares of The Hartford Financial Services Group by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 7,251,389 shares of the insurance provider’s stock valued at $792,796,000 after buying an additional 81,495 shares during the last quarter. Victory Capital Management Inc. grew its holdings in The Hartford Financial Services Group by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 4,701,675 shares of the insurance provider’s stock worth $514,363,000 after acquiring an additional 202,487 shares during the period. Nordea Investment Management AB raised its position in The Hartford Financial Services Group by 17.3% during the fourth quarter. Nordea Investment Management AB now owns 3,938,421 shares of the insurance provider’s stock valued at $430,272,000 after acquiring an additional 581,103 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in The Hartford Financial Services Group by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,830,462 shares of the insurance provider’s stock worth $419,053,000 after purchasing an additional 234,320 shares in the last quarter. Finally, Norges Bank purchased a new stake in The Hartford Financial Services Group in the 4th quarter worth approximately $416,340,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

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.