The Hartford Financial Services Group (NYSE:HIG) PT Raised to $135.00

The Hartford Financial Services Group (NYSE:HIG) had its price objective raised by research analysts at UBS Group from $134.00 to $135.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. UBS Group’s price target would indicate a potential upside of 13.69% from the company’s previous close.

HIG has been the subject of several other research reports. Citigroup lowered shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $116.00 to $114.00 in a report on Friday, June 28th. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Piper Sandler raised 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 report on Monday, July 29th. Bank of America lifted their price target on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company boosted their target price on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 17th. Ten 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $120.59.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG traded up $0.25 during mid-day trading on Tuesday, hitting $118.74. 121,095 shares of the company’s stock traded hands, compared to its average volume of 1,595,130. 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 1 year low of $68.92 and a 1 year high of $119.06. The company’s 50-day moving average is $114.21 and its two-hundred day moving average is $105.85. The company has a market capitalization of $35.12 billion, a P/E ratio of 13.49, a PEG ratio of 0.96 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data 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 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 during the quarter, compared to analyst estimates of $6.02 billion. During the same period in the previous year, the firm earned $1.88 earnings per share. The Hartford Financial Services Group’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts anticipate that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group declared that its board has authorized 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 board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in The Hartford Financial Services Group by 72.0% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after acquiring an additional 559,019 shares during the last quarter. Swedbank AB acquired a new position in The Hartford Financial Services Group in the first quarter valued at about $53,980,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in The Hartford Financial Services Group by 301.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 333,000 shares of the insurance provider’s stock worth $34,316,000 after buying an additional 250,000 shares during the period. Nordea Investment Management AB increased its position in shares of The Hartford Financial Services Group by 7.9% during the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock valued at $328,320,000 after acquiring an additional 233,742 shares during the last quarter. Finally, M&G Plc purchased a new stake in shares of The Hartford Financial Services Group in the 1st quarter valued at approximately $21,709,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

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.