The Hartford Financial Services Group (NYSE:HIG) PT Raised to $133.00

The Hartford Financial Services Group (NYSE:HIG) had its price objective increased by Keefe, Bruyette & Woods from $120.00 to $133.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the insurance provider’s stock.

A number of other analysts also recently weighed in on HIG. Morgan Stanley decreased their price objective 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. Evercore ISI raised their price objective 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. Royal Bank of Canada upped their target price 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. JPMorgan Chase & Co. raised their price target on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a neutral rating in a report on Thursday, July 11th. Finally, Roth Mkm upped their price objective on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a neutral rating in a research note on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, The Hartford Financial Services Group presently has a consensus rating of Moderate Buy and a consensus target price of $110.88.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG traded down $3.46 during midday trading on Thursday, reaching $105.18. 877,711 shares of the company were exchanged, compared to its average volume of 1,666,505. The Hartford Financial Services Group has a one year low of $68.82 and a one year high of $112.65. The stock has a market cap of $31.11 billion, a P/E ratio of 12.07, a PEG ratio of 0.89 and a beta of 0.92. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average price is $102.40 and its 200-day moving average price is $98.57.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, beating the consensus estimate of $2.24 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $1.88 earnings per share. On average, sell-side analysts anticipate that The Hartford Financial Services Group will post 10.07 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share buyback plan on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

Insider Transactions at The Hartford Financial Services Group

In other news, CFO Beth Ann Costello sold 72,076 shares of The Hartford Financial Services Group stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the sale, the chief financial officer now directly 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 accessible through this hyperlink. In related news, EVP Jonathan R. Bennett sold 18,335 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the transaction, the executive vice president now directly owns 25,643 shares in the company, valued at approximately $2,584,301.54. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Beth Ann Costello sold 72,076 shares of the firm’s stock in a transaction that occurred 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 owns 69,169 shares in the company, valued at approximately $6,896,840.99. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,499 shares of company stock valued at $9,449,309. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On The Hartford Financial Services Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of The Hartford Financial Services Group during the fourth quarter valued at about $278,704,000. Hotchkis & Wiley Capital Management LLC grew its stake in The Hartford Financial Services Group by 26.2% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after purchasing an additional 1,272,290 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in The Hartford Financial Services Group by 72.0% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after purchasing an additional 559,019 shares in the last quarter. Swedbank AB purchased a new stake in shares of The Hartford Financial Services Group in the 1st quarter worth about $53,980,000. Finally, KBC Group NV increased its stake in shares of The Hartford Financial Services Group by 85.5% in the 4th quarter. KBC Group NV now owns 1,074,470 shares of the insurance provider’s stock worth $86,366,000 after acquiring an additional 495,192 shares in the last quarter. 93.42% of the stock is owned by institutional investors.

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.