The Hartford Financial Services Group (NYSE:HIG) Issues Earnings Results, Beats Estimates By $0.26 EPS

The Hartford Financial Services Group (NYSE:HIG) posted its quarterly earnings results on Thursday. The insurance provider reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26, Briefing.com reports. The Hartford Financial Services Group had a return on equity of 21.52% and a net margin of 11.44%. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same period in the prior year, the business earned $1.88 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis.

The Hartford Financial Services Group Stock Performance

NYSE HIG traded up $7.30 on Friday, hitting $109.63. 2,870,720 shares of the stock traded hands, compared to its average volume of 1,418,687. The business’s fifty day moving average is $101.55 and its two-hundred day moving average is $97.38. The Hartford Financial Services Group has a 12 month low of $68.82 and a 12 month high of $109.68. The firm has a market capitalization of $32.42 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 0.85 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently weighed in on HIG. Keefe, Bruyette & Woods upped their price target on The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Morgan Stanley dropped their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Citigroup lowered 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 report on Friday, June 28th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price objective on shares of The Hartford Financial Services Group in a report on Friday, June 28th. Finally, Piper Sandler reissued an “overweight” rating and set a $115.00 price objective on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, The Hartford Financial Services Group has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Insider Buying and Selling at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, CFO Beth Ann Costello sold 72,076 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at $6,896,840.99. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other The Hartford Financial Services Group news, CFO Beth Ann Costello sold 72,076 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at $6,896,840.99. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,499 shares of company stock valued at $9,449,309. Company insiders own 1.60% 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.