The Hartford Financial Services Group (NYSE:HIG) Downgraded by Citigroup

Citigroup downgraded shares of The Hartford Financial Services Group (NYSE:HIG) from a buy rating to a neutral rating in a report published on Friday, Marketbeat reports. Citigroup currently has $114.00 price target on the insurance provider’s stock, down from their prior price target of $116.00.

A number of other brokerages have also issued reports on HIG. Piper Sandler restated an overweight rating and issued a $115.00 price target on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Keefe, Bruyette & Woods raised their target price on shares of The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. Wells Fargo & Company lowered their price target on The Hartford Financial Services Group from $117.00 to $111.00 and set an overweight rating for the company in a report on Monday, April 29th. Raymond James restated an outperform rating and set a $120.00 price objective (up from $100.00) on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Finally, Roth Mkm upped their target price on The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a neutral rating in a report on Friday, April 26th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $106.71.

The Hartford Financial Services Group Stock Performance

The Hartford Financial Services Group stock opened at $100.54 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $29.74 billion, a P/E ratio of 11.43, a price-to-earnings-growth ratio of 0.83 and a beta of 0.93. The Hartford Financial Services Group has a 1-year low of $68.82 and a 1-year high of $105.20. The company’s 50-day moving average is $100.65 and its 200 day moving average is $94.63.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The Hartford Financial Services Group had a return on equity of 20.64% and a net margin of 10.87%. The business had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the prior year, the business posted $1.68 earnings per share. The Hartford Financial Services Group’s revenue was up 8.6% on a year-over-year basis. Research analysts forecast that The Hartford Financial Services Group will post 9.91 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Monday, June 3rd will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, June 3rd. The Hartford Financial Services Group’s payout ratio is presently 21.36%.

Insider Transactions at The Hartford Financial Services Group

In related news, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other The Hartford Financial Services Group news, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jonathan R. Bennett sold 18,335 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the transaction, the executive vice president now owns 25,643 shares in the company, valued at approximately $2,584,301.54. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

Institutional Trading of The Hartford Financial Services Group

Several large investors have recently added to or reduced their stakes in HIG. GoalVest Advisory LLC boosted its position in The Hartford Financial Services Group by 464.8% in the fourth quarter. GoalVest Advisory LLC now owns 305 shares of the insurance provider’s stock valued at $25,000 after buying an additional 251 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of The Hartford Financial Services Group in the fourth quarter worth $26,000. New Covenant Trust Company N.A. purchased a new position in shares of The Hartford Financial Services Group during the first quarter worth $26,000. CVA Family Office LLC acquired a new position in The Hartford Financial Services Group during the fourth quarter valued at $27,000. Finally, Chilton Capital Management LLC acquired a new position in The Hartford Financial Services Group during the fourth quarter valued at $28,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

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.