The Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $124.00

The Hartford Financial Services Group (NYSE:HIG) had its price target lifted by Bank of America from $121.00 to $124.00 in a report published on Thursday, Benzinga reports. Bank of America currently has a neutral rating on the insurance provider’s stock.

Other analysts have also issued reports about the company. Royal Bank of Canada raised their price objective on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a sector perform rating in a research note on Monday, July 29th. Jefferies Financial Group lifted their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a hold rating in a research note on Wednesday. JPMorgan Chase & Co. lifted 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. Barclays started coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an equal weight rating and a $130.00 price target on the stock. Finally, Morgan Stanley lowered their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. Ten research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $118.94.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $117.36 on Thursday. The stock’s 50-day simple moving average is $113.93 and its 200 day simple moving average is $105.72. The firm has a market capitalization of $34.71 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. 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 Hartford Financial Services Group has a twelve month low of $68.92 and a twelve month high of $119.06.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates 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 Hartford Financial Services Group’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $1.88 earnings per share. On average, 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 share repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

The Hartford Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.60%. The ex-dividend date was Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

Hedge Funds Weigh In On The Hartford Financial Services Group

Institutional investors have recently modified their holdings of the company. New Covenant Trust Company N.A. acquired a new position in shares of The Hartford Financial Services Group during the first quarter worth approximately $26,000. Clean Yield Group acquired a new position in shares of The Hartford Financial Services Group during the third quarter worth approximately $33,000. Quest Partners LLC raised its position in shares of The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth approximately $30,000. Finally, Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group during the second quarter worth approximately $31,000. 93.42% of the stock is owned by institutional investors and hedge funds.

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.