The Hartford Financial Services Group (NYSE:HIG) PT Raised to $125.00

The Hartford Financial Services Group (NYSE:HIG) had its target price increased by JPMorgan Chase & Co. from $122.00 to $125.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

Several other research analysts also recently commented on HIG. Citigroup downgraded The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $116.00 to $114.00 in a research note on Friday, June 28th. Keefe, Bruyette & Woods upped their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd. Piper Sandler increased their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, UBS Group raised their price target on The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $120.76.

The Hartford Financial Services Group Stock Performance

NYSE HIG traded down $8.20 during trading hours on Friday, hitting $112.26. 2,956,001 shares of the company’s stock traded hands, compared to its average volume of 1,382,046. The Hartford Financial Services Group has a 52 week low of $68.92 and a 52 week high of $123.23. The firm has a market capitalization of $32.89 billion, a P/E ratio of 11.80, a P/E/G ratio of 0.99 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average price is $116.31 and its two-hundred day moving average price is $106.87.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, October 24th. The insurance provider reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.04. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.62 billion. Equities research analysts predict that The Hartford Financial Services Group will post 10.02 EPS for the current year.

The Hartford Financial Services Group declared that its board has authorized 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio is presently 19.77%.

Institutional Investors Weigh In On The Hartford Financial Services Group

Institutional investors have recently made changes to their positions in the company. New Covenant Trust Company N.A. purchased a new stake in The Hartford Financial Services Group in the 1st quarter worth about $26,000. DT Investment Partners LLC purchased a new stake in shares of The Hartford Financial Services Group in the 3rd quarter worth approximately $26,000. Quest Partners LLC boosted its stake in shares of The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 275 shares in the last quarter. Bank & Trust Co purchased a new position in The Hartford Financial Services Group during the second quarter valued at approximately $30,000. Finally, Family Firm Inc. bought a new position in The Hartford Financial Services Group in the second quarter worth approximately $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.