Royal Bank of Canada Increases The Hartford Financial Services Group (NYSE:HIG) Price Target to $115.00

The Hartford Financial Services Group (NYSE:HIG) had its price target upped by equities researchers at Royal Bank of Canada from $105.00 to $115.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 4.70% from the company’s current price.

HIG has been the topic of several other research reports. TD Cowen upped their target price on The Hartford Financial Services Group to $144.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Roth Mkm boosted their price target on The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Raymond James reiterated an “outperform” rating and issued a $120.00 price target (up from $100.00) on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. Keefe, Bruyette & Woods boosted their price target on The Hartford Financial Services Group from $114.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Finally, Argus boosted their price target on The Hartford Financial Services Group from $104.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and a consensus target price of $110.12.

The Hartford Financial Services Group Stock Performance

Shares of HIG stock traded up $0.21 on Monday, reaching $109.84. The stock had a trading volume of 448,266 shares, compared to its average volume of 1,661,448. The Hartford Financial Services Group has a 12 month low of $68.82 and a 12 month high of $110.62. 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 firm has a market capitalization of $32.18 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 0.91 and a beta of 0.93. The firm’s 50-day moving average is $101.55 and its two-hundred day moving average is $97.59.

The Hartford Financial Services Group (NYSE:HIG) last posted its 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, research analysts expect that The Hartford Financial Services Group will post 9.86 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has authorized a stock 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 purchase up to 10.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other The Hartford Financial Services Group news, EVP Jonathan R. Bennett sold 18,335 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total value of $1,847,801.30. Following the completion of the transaction, the executive vice president now directly owns 25,643 shares of the company’s stock, valued at approximately $2,584,301.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Jonathan R. Bennett sold 18,335 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the sale, the executive vice president now owns 25,643 shares in the company, valued at approximately $2,584,301.54. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,499 shares of company stock worth $9,449,309. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of institutional investors have recently made changes to their positions in HIG. Ridgewood Investments LLC purchased a new position in shares of The Hartford Financial Services Group in the second quarter worth about $135,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of The Hartford Financial Services Group by 192.6% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 787 shares of the insurance provider’s stock valued at $79,000 after purchasing an additional 518 shares during the period. Whittier Trust Co. grew its holdings in shares of The Hartford Financial Services Group by 4.4% in the second quarter. Whittier Trust Co. now owns 3,475 shares of the insurance provider’s stock worth $349,000 after purchasing an additional 145 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of The Hartford Financial Services Group by 34.0% in the second quarter. HB Wealth Management LLC now owns 4,175 shares of the insurance provider’s stock worth $420,000 after buying an additional 1,060 shares during the period. Finally, Kintegral Advisory LLC raised its holdings in The Hartford Financial Services Group by 3.5% during the 2nd quarter. Kintegral Advisory LLC now owns 42,488 shares of the insurance provider’s stock valued at $4,291,000 after buying an additional 1,445 shares during the last quarter. Hedge funds and other 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.