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

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) have earned an average rating of “Moderate Buy” from the seventeen research firms that are covering the stock, Marketbeat reports. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $120.88.

Several brokerages have weighed in on HIG. UBS Group boosted their price objective on 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. JPMorgan Chase & Co. raised their target price on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Bank of America increased their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Wells Fargo & Company raised their price target on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. Finally, Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research note on Friday, August 2nd.

The Hartford Financial Services Group Price Performance

HIG stock opened at $118.14 on Tuesday. The company has a market capitalization of $34.25 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The Hartford Financial Services Group has a one year low of $75.83 and a one year high of $123.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The company’s fifty day moving average price is $116.53 and its 200-day moving average price is $108.90.

The Hartford Financial Services Group announced that its board has initiated a stock repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits 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 leadership believes its stock is undervalued.

The Hartford Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be given a dividend of $0.52 per share. 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 (DPR) is currently 18.84%.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of institutional investors have recently modified their holdings of HIG. Toronto Dominion Bank grew its holdings in The Hartford Financial Services Group by 0.6% in the third quarter. Toronto Dominion Bank now owns 146,975 shares of the insurance provider’s stock valued at $17,286,000 after purchasing an additional 824 shares during the period. Coldstream Capital Management Inc. grew its stake in The Hartford Financial Services Group by 18.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,268 shares of the insurance provider’s stock valued at $855,000 after acquiring an additional 1,148 shares during the period. MidWestOne Financial Group Inc. acquired a new stake in The Hartford Financial Services Group in the 3rd quarter valued at $212,000. M&T Bank Corp increased its holdings in The Hartford Financial Services Group by 4.0% in the 3rd quarter. M&T Bank Corp now owns 41,166 shares of the insurance provider’s stock worth $4,842,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Continuum Advisory LLC raised its position in The Hartford Financial Services Group by 5.0% during the third quarter. Continuum Advisory LLC now owns 35,821 shares of the insurance provider’s stock worth $4,171,000 after acquiring an additional 1,716 shares during the period. 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.