The Hartford Financial Services Group (NYSE:HIG) Price Target Lowered to $109.00 at Morgan Stanley

The Hartford Financial Services Group (NYSE:HIG) had its target price dropped by equities researchers at Morgan Stanley from $110.00 to $109.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 14.38% from the stock’s previous close.

A number of other research firms have also weighed in on HIG. Raymond James restated an “outperform” rating and issued a $120.00 target price (up previously from $100.00) on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Roth Mkm increased their price objective on shares of The Hartford Financial Services Group from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. JPMorgan Chase & Co. increased their price objective on shares of The Hartford Financial Services Group from $91.00 to $104.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Citigroup increased their price objective on shares of The Hartford Financial Services Group from $109.00 to $113.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, Wells Fargo & Company increased their price objective on shares of The Hartford Financial Services Group from $106.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $105.81.

The Hartford Financial Services Group Trading Down 3.8 %

HIG opened at $95.30 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.32 and a quick ratio of 0.32. The Hartford Financial Services Group has a fifty-two week low of $67.05 and a fifty-two week high of $103.64. The firm has a market capitalization of $28.33 billion, a PE ratio of 10.83, a P/E/G ratio of 1.34 and a beta of 0.89. The company’s 50-day moving average is $98.50 and its 200 day moving average is $86.34.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The Hartford Financial Services Group had a return on equity of 21.04% and a net margin of 10.87%. The business had revenue of $6.42 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the company earned $1.68 EPS. The company’s revenue was up 8.6% on a year-over-year basis. As a group, research analysts predict that The Hartford Financial Services Group will post 10.11 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Michael R. Fisher sold 27,004 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $98.90, for a total transaction of $2,670,695.60. Following the completion of the transaction, the executive vice president now directly owns 18,906 shares of the company’s stock, valued at approximately $1,869,803.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Beth Ann Costello sold 38,915 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $95.42, for a total value of $3,713,269.30. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at approximately $6,600,105.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael R. Fisher sold 27,004 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $98.90, for a total transaction of $2,670,695.60. Following the completion of the transaction, the executive vice president now directly owns 18,906 shares of the company’s stock, valued at $1,869,803.40. The disclosure for this sale can be found here. Insiders sold 106,501 shares of company stock valued at $10,141,126 in the last three months. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. GoalVest Advisory LLC boosted its holdings in The Hartford Financial Services Group by 464.8% in the 4th quarter. GoalVest Advisory LLC now owns 305 shares of the insurance provider’s stock worth $25,000 after buying an additional 251 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in The Hartford Financial Services Group in the 4th quarter valued at $26,000. CVA Family Office LLC bought a new position in The Hartford Financial Services Group in the 4th quarter valued at $27,000. Chilton Capital Management LLC bought a new position in The Hartford Financial Services Group in the 4th quarter valued at $28,000. Finally, Cape Investment Advisory Inc. boosted its holdings in The Hartford Financial Services Group by 189.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 245 shares during the period. 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.