Wells Fargo & Company Raises The Hartford Financial Services Group (NYSE:HIG) Price Target to $134.00

The Hartford Financial Services Group (NYSE:HIG) had its price target hoisted by Wells Fargo & Company from $122.00 to $134.00 in a research report released on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

A number of other research analysts also recently issued reports on the company. Argus raised The Hartford Financial Services Group to a strong-buy rating in a research note on Friday, August 2nd. The Goldman Sachs Group boosted their price objective on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a buy rating in a research note on Thursday, June 13th. Piper Sandler boosted their price objective 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. Keefe, Bruyette & Woods boosted their price objective 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, Bank of America dropped their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a buy rating on the stock in a research note on Thursday, July 11th. Nine 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. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $113.22.

The Hartford Financial Services Group Trading Down 0.7 %

NYSE HIG opened at $115.94 on Tuesday. The company has a market cap of $34.29 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The Hartford Financial Services Group has a twelve month low of $68.82 and a twelve month high of $117.84. The business’s fifty day moving average is $110.33 and its 200 day moving average is $103.68. 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 Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion for 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 business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.88 EPS. As a group, sell-side analysts expect that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.62%. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group declared that its board has approved a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the 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 sale, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HIG. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group in the first quarter valued at $26,000. Quest Partners LLC increased its stake in The Hartford Financial Services Group by 2,750.0% in the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 275 shares during the last quarter. Cape Investment Advisory Inc. increased its stake 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 acquiring an additional 245 shares during the last quarter. Bank & Trust Co bought a new position in The Hartford Financial Services Group in the second quarter valued at $30,000. Finally, Family Firm Inc. bought a new position in The Hartford Financial Services Group in the second quarter valued at $31,000. 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.