UBS Group Boosts The Hartford Financial Services Group (NYSE:HIG) Price Target to $135.00

The Hartford Financial Services Group (NYSE:HIG) had its price target hoisted by UBS Group from $134.00 to $135.00 in a research note published on Tuesday, Benzinga reports. UBS Group currently has a buy rating on the insurance provider’s stock.

Several other equities research analysts also recently commented on the company. Morgan Stanley reduced 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. Argus raised The Hartford Financial Services Group to a strong-buy rating in a research report on Friday, August 2nd. Barclays initiated coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They issued an equal weight rating and a $130.00 target price on the stock. Jefferies Financial Group raised their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the stock a hold rating in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company raised their target price on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an overweight rating in a research report on Tuesday, September 17th. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $120.59.

The Hartford Financial Services Group Price Performance

NYSE HIG opened at $118.57 on Tuesday. The Hartford Financial Services Group has a one year low of $68.92 and a one year high of $120.36. The stock has a 50-day moving average of $114.48 and a 200 day moving average of $105.96. The company has a market capitalization of $35.07 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 0.96 and a beta of 0.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping 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 company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same period last year, the company earned $1.88 EPS. The Hartford Financial Services Group’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, sell-side analysts forecast that The Hartford Financial Services Group will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its board has authorized a stock buyback program on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Asset Dedication LLC boosted its position in shares of The Hartford Financial Services Group by 22.5% during the 3rd quarter. Asset Dedication LLC now owns 2,240 shares of the insurance provider’s stock valued at $263,000 after acquiring an additional 411 shares during the last quarter. Swedbank AB boosted its position in shares of The Hartford Financial Services Group by 7.5% during the 3rd quarter. Swedbank AB now owns 562,882 shares of the insurance provider’s stock valued at $66,201,000 after acquiring an additional 39,035 shares during the last quarter. NBC Securities Inc. boosted its position in shares of The Hartford Financial Services Group by 1,327.4% during the 3rd quarter. NBC Securities Inc. now owns 22,595 shares of the insurance provider’s stock valued at $2,657,000 after acquiring an additional 21,012 shares during the last quarter. Creative Planning boosted its position in shares of The Hartford Financial Services Group by 2.9% during the 3rd quarter. Creative Planning now owns 79,105 shares of the insurance provider’s stock valued at $9,304,000 after acquiring an additional 2,237 shares during the last quarter. Finally, Empirical Asset Management LLC boosted its position in shares of The Hartford Financial Services Group by 187.2% during the 3rd quarter. Empirical Asset Management LLC now owns 11,670 shares of the insurance provider’s stock valued at $1,373,000 after acquiring an additional 7,607 shares during the last quarter. 93.42% of the stock is currently 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.