The Hartford Financial Services Group, Inc. (NYSE:HIG) Given Average Recommendation of “Moderate Buy” by Brokerages

The Hartford Financial Services Group, Inc. (NYSE:HIG) has earned an average recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the stock, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $120.59.

Several analysts have issued reports on the company. Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $116.00 to $114.00 in a research note on Friday, June 28th. Piper Sandler increased their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Barclays began coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target on the stock. Finally, UBS Group increased their price target on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday.

The Hartford Financial Services Group Trading Up 2.3 %

Shares of NYSE HIG opened at $122.33 on Friday. The stock’s 50 day moving average price is $115.06 and its two-hundred day moving average price is $106.17. The Hartford Financial Services Group has a 52-week low of $68.92 and a 52-week high of $123.23. The stock has a market capitalization of $36.18 billion, a P/E ratio of 13.90, a PEG ratio of 0.96 and a beta of 0.93. 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 Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $6.02 billion. During the same quarter in the prior year, the firm posted $1.88 earnings per share. The Hartford Financial Services Group’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts anticipate that The Hartford Financial Services Group will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its board has approved a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On The Hartford Financial Services Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC bought a new position in The Hartford Financial Services Group during the 2nd quarter valued at $213,000. BNP Paribas Financial Markets boosted its stake in The Hartford Financial Services Group by 27.1% during the 1st quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after purchasing an additional 97,465 shares in the last quarter. Banque Cantonale Vaudoise boosted its stake in The Hartford Financial Services Group by 378.8% during the 1st quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock valued at $1,724,000 after purchasing an additional 13,232 shares in the last quarter. Sei Investments Co. boosted its stake in The Hartford Financial Services Group by 5.6% during the 1st quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock valued at $23,629,000 after purchasing an additional 12,067 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in The Hartford Financial Services Group by 27.6% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock valued at $22,309,000 after purchasing an additional 48,004 shares in the last quarter. 93.42% of the stock is owned by institutional investors.

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.