The Hartford Financial Services Group (NYSE:HIG – Get Free Report) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
HIG has been the subject of several other reports. Piper Sandler upped their target price 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. Bank of America increased their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. UBS Group increased their price target on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $133.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company boosted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Eleven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $120.88.
Check Out Our Latest Report on The Hartford Financial Services Group
The Hartford Financial Services Group Price Performance
The Hartford Financial Services Group announced that its board has initiated a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Institutional Investors Weigh In On The Hartford Financial Services Group
A number of institutional investors and hedge funds have recently made changes to their positions in HIG. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter worth $26,000. DT Investment Partners LLC bought a new stake in shares of The Hartford Financial Services Group in the third quarter worth about $26,000. Quest Partners LLC grew its stake in shares of 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 worth $29,000 after purchasing an additional 275 shares during the last quarter. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group in the second quarter worth about $30,000. Finally, Family Firm Inc. purchased a new position in shares of The Hartford Financial Services Group during the 2nd quarter worth approximately $31,000. 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.
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