The Hartford Financial Services Group (NYSE:HIG) Reaches New 12-Month High at $117.68

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) reached a new 52-week high on Tuesday . The stock traded as high as $117.68 and last traded at $117.68, with a volume of 23006 shares. The stock had previously closed at $116.91.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on HIG shares. Keefe, Bruyette & Woods boosted their price target on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a research note on Thursday, July 11th. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Piper Sandler raised their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Barclays initiated coverage on The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target for the company. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $111.94.

The Hartford Financial Services Group Trading Down 2.4 %

The firm has a market cap of $33.73 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.92 and a beta of 0.93. The company has a fifty day moving average price of $108.37 and a 200-day moving average price of $102.87. 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 Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations 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 company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 EPS. As a group, research analysts expect that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.65%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 21.36%.

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

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On The Hartford Financial Services Group

Large investors have recently bought and sold shares of the company. Concurrent Investment Advisors LLC purchased a new stake in shares of The Hartford Financial Services Group in the second quarter valued at approximately $213,000. BNP Paribas Financial Markets grew its position in shares of The Hartford Financial Services Group by 27.1% in the first quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after purchasing an additional 97,465 shares in the last quarter. Banque Cantonale Vaudoise grew its position in shares of The Hartford Financial Services Group by 378.8% in the first quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock valued at $1,724,000 after purchasing an additional 13,232 shares in the last quarter. Sei Investments Co. grew its position in shares of The Hartford Financial Services Group by 5.6% in the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock valued at $23,629,000 after purchasing an additional 12,067 shares in the last quarter. Finally, Stifel Financial Corp grew its position in shares of The Hartford Financial Services Group by 14.2% in the fourth quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider’s stock valued at $21,059,000 after purchasing an additional 32,534 shares in the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

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.