The Hartford Financial Services Group, Inc. (NYSE:HIG) Receives $120.88 Consensus Target Price from Analysts

The Hartford Financial Services Group, Inc. (NYSE:HIG) has been assigned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are covering the firm, MarketBeat reports. Nine equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $120.88.

Several research analysts have weighed in on HIG shares. UBS Group increased their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods increased their price objective on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on The Hartford Financial Services Group from $122.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Bank of America raised their price target on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Finally, Jefferies Financial Group boosted their price objective on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a report on Wednesday, October 9th.

The Hartford Financial Services Group Stock Performance

Shares of The Hartford Financial Services Group stock opened at $117.95 on Tuesday. The firm has a market cap of $34.19 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.26. The Hartford Financial Services Group has a 52 week low of $75.36 and a 52 week high of $123.23. The business’s fifty day simple moving average is $116.51 and its 200-day simple moving average is $108.59.

The Hartford Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 1.76%. The ex-dividend date 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 20.84%.

The Hartford Financial Services Group declared that its board has initiated a stock buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Concurrent Investment Advisors LLC purchased a new position in The Hartford Financial Services Group in the second quarter valued at approximately $213,000. Sei Investments Co. raised its stake in The Hartford Financial Services Group by 5.6% during the 1st quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock worth $23,629,000 after acquiring an additional 12,067 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in The Hartford Financial Services Group by 27.6% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after acquiring an additional 48,004 shares during the last quarter. Twin Tree Management LP purchased a new position in shares of The Hartford Financial Services Group during the first quarter worth about $3,133,000. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of The Hartford Financial Services Group by 6.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 421,431 shares of the insurance provider’s stock valued at $43,428,000 after acquiring an additional 24,326 shares during the period. Hedge funds and other institutional investors 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.