Keefe, Bruyette & Woods Increases The Hartford Financial Services Group (NYSE:HIG) Price Target to $133.00

The Hartford Financial Services Group (NYSE:HIG) had its price target increased by research analysts at Keefe, Bruyette & Woods from $120.00 to $133.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 21.17% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Bank of America decreased their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Evercore ISI raised their price objective on shares of The Hartford Financial Services Group from $96.00 to $104.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Royal Bank of Canada raised their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday. Roth Mkm raised their target price on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Finally, Morgan Stanley reduced their target price 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 research report on Wednesday, July 10th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $110.88.

The Hartford Financial Services Group Price Performance

HIG stock traded down $1.16 during trading on Thursday, reaching $109.76. The company’s stock had a trading volume of 160,003 shares, compared to its average volume of 1,662,183. The Hartford Financial Services Group has a 1 year low of $68.82 and a 1 year high of $112.65. 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 company has a market capitalization of $32.16 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The company’s fifty day moving average is $102.07 and its 200-day moving average is $98.08.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the firm earned $1.88 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, research analysts expect that The Hartford Financial Services Group will post 10.01 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

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 shares were 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 $1,503,582.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares in the company, valued at $6,896,840.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael R. Fisher sold 4,088 shares of the business’s stock in a transaction on Monday, July 1st. The shares were 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 of the company’s stock, valued at $1,503,582.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,499 shares of company stock valued at $9,449,309. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Turtle Creek Wealth Advisors LLC purchased a new position in The Hartford Financial Services Group in the fourth quarter valued at $26,000. New Covenant Trust Company N.A. purchased a new position in The Hartford Financial Services Group in the first quarter valued at $26,000. Cape Investment Advisory Inc. increased its holdings 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 buying an additional 245 shares in the last quarter. Bank & Trust Co purchased a new position in The Hartford Financial Services Group in the second quarter valued at $30,000. Finally, First United Bank & Trust purchased a new position in The Hartford Financial Services Group in the fourth quarter valued at $31,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

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.