The Hartford Financial Services Group (NYSE:HIG) Given New $127.00 Price Target at Jefferies Financial Group

The Hartford Financial Services Group (NYSE:HIG) had its price target raised by Jefferies Financial Group from $113.00 to $127.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the insurance provider’s stock.

A number of other research analysts have also recently commented on HIG. Morgan Stanley dropped their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an equal weight rating for the company in a report on Wednesday, July 10th. Argus upgraded shares of The Hartford Financial Services Group to a strong-buy rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted 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 note on Thursday, July 11th. Bank of America reiterated a neutral rating and issued a $121.00 price target (up from $113.00) on shares of The Hartford Financial Services Group in a research note on Friday, October 4th. Finally, Wells Fargo & Company boosted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an overweight rating in a research report on Tuesday, September 17th. Ten analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group has a consensus rating of Moderate Buy and a consensus target price of $118.94.

The Hartford Financial Services Group Stock Up 0.9 %

Shares of HIG opened at $117.36 on Wednesday. The firm has a 50 day simple moving average of $113.93 and a two-hundred day simple moving average of $105.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The Hartford Financial Services Group has a one year low of $68.92 and a one year high of $119.06. The company has a market cap of $34.71 billion, a P/E ratio of 13.34, a P/E/G ratio of 0.96 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results 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 Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter last year, the company posted $1.88 EPS. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts forecast that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has approved a share buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.60%. 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 Inflows and Outflows

Several hedge funds have recently made changes to their positions in HIG. Capital Fund Management S.A. acquired a new position in shares of The Hartford Financial Services Group during the 4th quarter valued at $5,077,000. Elo Mutual Pension Insurance Co raised its holdings in shares of The Hartford Financial Services Group by 2.3% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 26,700 shares of the insurance provider’s stock valued at $2,146,000 after purchasing an additional 613 shares during the period. Power Corp of Canada bought a new position in shares of The Hartford Financial Services Group during the 4th quarter worth about $266,000. Continuum Advisory LLC grew its stake in shares of The Hartford Financial Services Group by 12.3% in the 4th quarter. Continuum Advisory LLC now owns 27,840 shares of the insurance provider’s stock valued at $2,238,000 after buying an additional 3,055 shares during the period. Finally, V Square Quantitative Management LLC increased its position in The Hartford Financial Services Group by 24.9% in the 4th quarter. V Square Quantitative Management LLC now owns 6,971 shares of the insurance provider’s stock valued at $560,000 after buying an additional 1,388 shares in the last quarter. 93.42% of the stock is owned by 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.