The Hartford Financial Services Group (NYSE:HIG) Given New $117.00 Price Target at Wells Fargo & Company

The Hartford Financial Services Group (NYSE:HIG) had its price objective upped by Wells Fargo & Company from $106.00 to $117.00 in a research report released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

A number of other research firms have also issued reports on HIG. Piper Sandler restated an overweight rating and issued a $115.00 target price on shares of The Hartford Financial Services Group in a report on Monday, April 1st. UBS Group increased their price objective on The Hartford Financial Services Group from $100.00 to $107.00 and gave the stock a buy rating in a report on Monday, February 5th. Raymond James reiterated an outperform rating and set a $120.00 price objective (up from $100.00) on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Royal Bank of Canada increased their price objective on The Hartford Financial Services Group from $77.00 to $95.00 and gave the stock a sector perform rating in a report on Monday, February 5th. Finally, Keefe, Bruyette & Woods increased their price objective on The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an outperform rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $101.94.

The Hartford Financial Services Group Price Performance

HIG opened at $97.78 on Thursday. The stock has a fifty day moving average of $97.07 and a 200-day moving average of $84.44. The firm has a market capitalization of $29.07 billion, a P/E ratio of 12.24, a PEG ratio of 1.37 and a beta of 0.89. The Hartford Financial Services Group has a 12-month low of $67.01 and a 12-month high of $103.64. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.29.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Friday, February 2nd. The insurance provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.62. The company had revenue of $6.40 billion during the quarter, compared to analyst estimates of $5.84 billion. The Hartford Financial Services Group had a return on equity of 19.82% and a net margin of 10.21%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.31 earnings per share. Equities analysts forecast that The Hartford Financial Services Group will post 10.12 EPS for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Monday, March 4th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, March 1st. The Hartford Financial Services Group’s dividend payout ratio is currently 23.53%.

Insider Activity

In other news, EVP Adin M. Tooker sold 8,206 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $95.60, for a total value of $784,493.60. Following the sale, the executive vice president now directly owns 25,820 shares of the company’s stock, valued at $2,468,392. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Adin M. Tooker sold 8,206 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $95.60, for a total value of $784,493.60. Following the sale, the executive vice president now directly owns 25,820 shares of the company’s stock, valued at $2,468,392. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Allison G. Niderno sold 1,332 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $89.74, for a total value of $119,533.68. Following the completion of the sale, the senior vice president now directly owns 630 shares in the company, valued at $56,536.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 253,715 shares of company stock valued at $22,789,138. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of institutional investors have recently added to or reduced their stakes in the company. Ignite Planners LLC acquired a new stake in The Hartford Financial Services Group during the first quarter worth about $213,000. Ballentine Partners LLC grew its position in The Hartford Financial Services Group by 15.4% during the first quarter. Ballentine Partners LLC now owns 22,538 shares of the insurance provider’s stock worth $2,323,000 after buying an additional 3,007 shares in the last quarter. Benson Investment Management Company Inc. grew its position in The Hartford Financial Services Group by 1.2% during the first quarter. Benson Investment Management Company Inc. now owns 58,461 shares of the insurance provider’s stock worth $6,024,000 after buying an additional 706 shares in the last quarter. Radnor Capital Management LLC grew its position in The Hartford Financial Services Group by 0.7% during the first quarter. Radnor Capital Management LLC now owns 31,448 shares of the insurance provider’s stock worth $3,241,000 after buying an additional 220 shares in the last quarter. Finally, Paragon Capital Management Ltd acquired a new stake in The Hartford Financial Services Group during the first quarter worth about $253,000. 93.42% of the stock is owned by institutional investors and hedge funds.

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.