Argus Upgrades The Hartford Financial Services Group (NYSE:HIG) to Strong-Buy

Argus upgraded shares of The Hartford Financial Services Group (NYSE:HIG) to a strong-buy rating in a research note issued to investors on Friday, Zacks.com reports.

A number of other brokerages have also recently issued reports on HIG. Citigroup cut shares of The Hartford Financial Services Group from a buy rating to a neutral rating and cut their target price for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Bank of America cut their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a buy rating on the stock in a report on Thursday, July 11th. The Goldman Sachs Group upped their price objective on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a buy rating in a research note on Thursday, June 13th. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Finally, Piper Sandler upped their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, The Hartford Financial Services Group currently has a consensus rating of Moderate Buy and a consensus target price of $110.88.

The Hartford Financial Services Group Stock Performance

Shares of HIG stock traded up $0.25 on Friday, hitting $105.11. 1,596,970 shares of the stock traded hands, compared to its average volume of 1,674,335. The company’s fifty day moving average is $102.47 and its 200 day moving average is $98.72. 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 market capitalization of $31.09 billion, a PE ratio of 11.94, a PEG ratio of 0.89 and a beta of 0.92. 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 (NYSE:HIG) last issued its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping 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 company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the prior year, the company earned $1.88 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts predict that The Hartford Financial Services Group will post 10.07 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has approved a stock buyback 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 buy up to 10.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors 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 stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jonathan R. Bennett sold 18,335 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the completion of the sale, the executive vice president now owns 25,643 shares in the company, valued at $2,584,301.54. The disclosure for this sale can be found here. Insiders sold 94,499 shares of company stock worth $9,449,309 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

Large investors have recently modified their holdings of the stock. Asset Management One Co. Ltd. lifted its position in shares of The Hartford Financial Services Group by 7.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 134,991 shares of the insurance provider’s stock valued at $10,856,000 after acquiring an additional 9,016 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of The Hartford Financial Services Group in the fourth quarter worth $11,394,000. Prime Capital Investment Advisors LLC grew its holdings in shares of The Hartford Financial Services Group by 49.9% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,590 shares of the insurance provider’s stock valued at $369,000 after buying an additional 1,527 shares in the last quarter. Stratos Wealth Partners LTD. bought a new stake in shares of The Hartford Financial Services Group during the 4th quarter worth about $206,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of The Hartford Financial Services Group by 12.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 161,679 shares of the insurance provider’s stock valued at $12,996,000 after acquiring an additional 18,338 shares in the last quarter. 93.42% of the stock is owned by institutional investors.

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.