The Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $134.00

The Hartford Financial Services Group (NYSE:HIG) had its target price upped by Wells Fargo & Company from $122.00 to $134.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a neutral rating in a research note on Thursday, July 11th. Morgan Stanley lowered their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an equal weight rating for the company in a report on Wednesday, July 10th. Royal Bank of Canada increased their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a sector perform rating in a report on Monday, July 29th. Bank of America lowered their target price on The Hartford Financial Services Group from $113.00 to $111.00 and set a buy rating for the company in a research note on Thursday, July 11th. Finally, The Goldman Sachs Group raised their target price on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a buy rating in a research note on Thursday, June 13th. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, The Hartford Financial Services Group presently has an average rating of Moderate Buy and a consensus price target of $113.22.

The Hartford Financial Services Group Stock Performance

NYSE HIG opened at $116.32 on Tuesday. 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 50 day moving average is $110.62 and its two-hundred day moving average is $103.83. The Hartford Financial Services Group has a 12-month low of $68.82 and a 12-month high of $117.84. The stock has a market capitalization of $34.40 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the company earned $1.88 EPS. The Hartford Financial Services Group’s revenue was up 7.2% on a year-over-year basis. Research analysts expect that The Hartford Financial Services Group will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its Board of Directors has authorized a stock repurchase 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 often a sign that the company’s leadership believes its shares are undervalued.

The Hartford Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

Insider Buying and Selling

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction on Monday, July 1st. The stock was 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 approximately $1,503,582.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. New Covenant Trust Company N.A. acquired a new stake in The Hartford Financial Services Group in the first quarter valued at $26,000. Quest Partners LLC grew its position in The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 275 shares during the period. Cape Investment Advisory Inc. raised its holdings in shares of The Hartford Financial Services Group by 189.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 245 shares during the last quarter. Bank & Trust Co bought a new position in shares of The Hartford Financial Services Group in the second quarter valued at approximately $30,000. Finally, Family Firm Inc. purchased a new position in The Hartford Financial Services Group during the 2nd quarter worth $31,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

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.