The Hartford Financial Services Group (NYSE:HIG) Sets New 12-Month High at $118.03

The Hartford Financial Services Group, Inc. (NYSE:HIG) reached a new 52-week high on Tuesday . The stock traded as high as $118.03 and last traded at $118.03, with a volume of 257370 shares trading hands. The stock had previously closed at $117.61.

Analyst Ratings Changes

Several brokerages have commented on HIG. Bank of America lowered their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Royal Bank of Canada raised their price objective on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Barclays started coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 price target on the stock. Piper Sandler lifted their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. lifted their target price on 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. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.22.

The Hartford Financial Services Group Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market cap of $35.02 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.94 and a beta of 0.93. The stock’s fifty day moving average is $112.26 and its 200-day moving average is $104.72.

The Hartford Financial Services Group (NYSE:HIG) last issued 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 business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.88 earnings per share. As a group, equities analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group announced that its board has authorized a stock buyback plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HIG. Hotchkis & Wiley Capital Management LLC lifted its holdings in The Hartford Financial Services Group by 26.2% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after buying an additional 1,272,290 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in The Hartford Financial Services Group by 72.0% during 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 buying an additional 559,019 shares in the last quarter. Swedbank AB acquired a new stake in The Hartford Financial Services Group during the 1st quarter worth about $53,980,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of The Hartford Financial Services Group by 301.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 333,000 shares of the insurance provider’s stock valued at $34,316,000 after acquiring an additional 250,000 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of The Hartford Financial Services Group by 7.9% in the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after buying an additional 233,742 shares during the period. 93.42% of the stock is currently 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.