The Hartford Financial Services Group (NYSE:HIG) PT Raised to $125.00 at Piper Sandler

The Hartford Financial Services Group (NYSE:HIG) had its target price upped by Piper Sandler from $112.00 to $125.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Piper Sandler’s target price suggests a potential upside of 14.02% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Raymond James reiterated an “outperform” rating and issued a $120.00 price target (up previously from $100.00) on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. Evercore ISI raised their price target on The Hartford Financial Services Group from $96.00 to $104.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Morgan Stanley dropped their target price on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. TD Cowen upped their target price on The Hartford Financial Services Group to $144.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. raised their target price on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, The Hartford Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $109.53.

The Hartford Financial Services Group Price Performance

NYSE:HIG remained flat at $109.63 on Monday. 136,669 shares of the company’s stock traded hands, compared to its average volume of 1,659,460. The business has a 50 day simple moving average of $101.55 and a 200-day simple moving average of $97.59. The Hartford Financial Services Group has a 52-week low of $68.82 and a 52-week high of $110.62. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a market capitalization of $32.12 billion, a P/E ratio of 12.46, a P/E/G ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period in the prior year, the firm posted $1.88 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts expect that The Hartford Financial Services Group will post 9.86 earnings per share for the current fiscal year.

The Hartford Financial Services Group declared that its Board of Directors has authorized a share buyback program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Beth Ann Costello sold 72,076 shares of The Hartford Financial Services Group stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the sale, the chief financial officer now owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Beth Ann Costello sold 72,076 shares of The Hartford Financial Services Group stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the completion of the transaction, the chief financial officer now owns 69,169 shares in the company, valued at $6,896,840.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the transaction, the executive vice president now 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 90 days, insiders sold 94,499 shares of company stock worth $9,449,309. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bailard Inc. raised its position in The Hartford Financial Services Group by 0.5% during the second quarter. Bailard Inc. now owns 19,378 shares of the insurance provider’s stock valued at $1,948,000 after purchasing an additional 101 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of The Hartford Financial Services Group by 3.1% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance provider’s stock worth $385,000 after purchasing an additional 114 shares during the period. MV Capital Management Inc. increased its holdings in The Hartford Financial Services Group by 8.9% during the 4th quarter. MV Capital Management Inc. now owns 1,416 shares of the insurance provider’s stock valued at $114,000 after purchasing an additional 116 shares during the period. Covestor Ltd raised its holdings in shares of The Hartford Financial Services Group by 28.8% during the first quarter. Covestor Ltd now owns 519 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 116 shares in the last quarter. Finally, United Asset Strategies Inc. boosted its holdings in The Hartford Financial Services Group by 4.3% in the first quarter. United Asset Strategies Inc. now owns 2,931 shares of the insurance provider’s stock valued at $302,000 after acquiring an additional 121 shares in the last quarter. 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.