The Hartford Financial Services Group, Inc. (NYSE:HIG) Receives $120.59 Average Price Target from Brokerages

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) have been assigned an average recommendation of “Moderate Buy” from the eighteen brokerages that are currently covering the company, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $120.59.

HIG has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. UBS Group boosted their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Piper Sandler boosted their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Finally, Morgan Stanley cut their price objective on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th.

Hedge Funds Weigh In On The Hartford Financial Services Group

Several hedge funds and other institutional investors have recently bought and sold shares of HIG. Allspring Global Investments Holdings LLC boosted its position in The Hartford Financial Services Group by 3.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 77,515 shares of the insurance provider’s stock worth $9,117,000 after purchasing an additional 2,279 shares in the last quarter. Vest Financial LLC boosted its position in The Hartford Financial Services Group by 8.6% in the 3rd quarter. Vest Financial LLC now owns 231,660 shares of the insurance provider’s stock worth $27,246,000 after purchasing an additional 18,429 shares in the last quarter. OLD National Bancorp IN boosted its position in The Hartford Financial Services Group by 34.3% in the 3rd quarter. OLD National Bancorp IN now owns 3,428 shares of the insurance provider’s stock worth $403,000 after purchasing an additional 875 shares in the last quarter. DMC Group LLC purchased a new stake in The Hartford Financial Services Group in the 3rd quarter worth approximately $203,000. Finally, Means Investment CO. Inc. purchased a new stake in The Hartford Financial Services Group in the 3rd quarter worth approximately $211,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Down 0.3 %

NYSE:HIG opened at $122.00 on Friday. The Hartford Financial Services Group has a 1-year low of $68.92 and a 1-year high of $123.23. The company has a 50-day moving average of $115.34 and a 200 day moving average of $106.37. The firm has a market cap of $36.08 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.88 earnings per share. As a group, research analysts anticipate that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.

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

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.