The Hartford Financial Services Group (NYSE:HIG) Receives “Neutral” Rating from Bank of America

Bank of America reaffirmed their neutral rating on shares of The Hartford Financial Services Group (NYSE:HIG) in a research report released on Friday, Marketbeat Ratings reports. They currently have a $121.00 target price on the insurance provider’s stock, up from their previous target price of $113.00.

HIG has been the topic of a number of other reports. Piper Sandler raised their target price on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an overweight rating in a research note on Monday, July 29th. Wells Fargo & Company lifted their price objective on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an overweight rating in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upped their target price on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a neutral rating in a research report on Thursday, July 11th. Barclays began 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 on the stock. Finally, The Goldman Sachs Group increased their price objective on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a buy rating in a report on Thursday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, The Hartford Financial Services Group has an average rating of Moderate Buy and a consensus target price of $117.88.

The Hartford Financial Services Group Trading Down 3.1 %

The Hartford Financial Services Group stock opened at $114.42 on Friday. 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 has a 1 year low of $68.92 and a 1 year high of $119.06. The firm’s 50-day moving average is $113.35 and its 200-day moving average is $105.21. The company has a market cap of $33.84 billion, a P/E ratio of 13.00, a PEG ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last issued its 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 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 return on equity of 21.20% and a net margin of 11.44%. The Hartford Financial Services Group’s quarterly revenue 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. On average, equities analysts expect that The Hartford Financial Services Group will post 10.09 earnings per share for the current year.

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

The Hartford Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

Institutional Trading of The Hartford Financial Services Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. McLean Asset Management Corp bought a new position in shares of The Hartford Financial Services Group in the third quarter valued at $208,000. GAMMA Investing LLC raised its position in shares of The Hartford Financial Services Group by 24.8% during the third quarter. GAMMA Investing LLC now owns 9,483 shares of the insurance provider’s stock worth $1,115,000 after purchasing an additional 1,884 shares during the period. Czech National Bank lifted its stake in The Hartford Financial Services Group by 5.9% during the third quarter. Czech National Bank now owns 59,690 shares of the insurance provider’s stock valued at $7,020,000 after buying an additional 3,331 shares in the last quarter. Trinity Financial Advisors LLC acquired a new position in shares of The Hartford Financial Services Group in the third quarter worth about $225,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of The Hartford Financial Services Group in the second quarter worth approximately $2,871,000. 93.42% of the stock is 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.