The Hartford Financial Services Group (NYSE:HIG) Hits New 1-Year High Following Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s share price reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $122.00 to $134.00. Wells Fargo & Company currently has an overweight rating on the stock. The Hartford Financial Services Group traded as high as $117.76 and last traded at $116.96, with a volume of 415226 shares traded. The stock had previously closed at $117.07.

HIG has been the topic of several other reports. Royal Bank of Canada boosted their target price on 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. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. The Goldman Sachs Group raised their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Morgan Stanley reduced their price target on 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. Finally, Piper Sandler upped their price objective on shares of 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. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and an average target price of $113.22.

Insider Transactions at The Hartford Financial Services Group

In other news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction 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 transaction, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group during the 1st quarter valued at $26,000. Quest Partners LLC grew its stake in The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 275 shares in the last quarter. Cape Investment Advisory Inc. grew its stake in The Hartford Financial Services Group by 189.9% in the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 245 shares in the last quarter. Bank & Trust Co purchased a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth about $30,000. Finally, Family Firm Inc. purchased a new stake in shares of The Hartford Financial Services Group during the 2nd quarter worth about $31,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Price Performance

The company has a market capitalization of $34.29 billion, a PE ratio of 13.18, a P/E/G ratio of 0.91 and a beta of 0.93. The stock has a 50 day moving average price of $110.33 and a two-hundred day moving average price of $103.68. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32.

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, topping the consensus estimate of $2.24 by $0.26. The company 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 company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.88 earnings per share. Equities analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

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