The Hartford Financial Services Group (NYSE:HIG) Hits New 52-Week High After Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s share price reached a new 52-week high on Wednesday after BMO Capital Markets raised their price target on the stock from $100.00 to $141.00. BMO Capital Markets currently has a market perform rating on the stock. The Hartford Financial Services Group traded as high as $124.44 and last traded at $124.32, with a volume of 34919 shares changing hands. The stock had previously closed at $122.62.

Several other research analysts have also recently weighed in on the company. Bank of America increased their price objective on The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods lifted their price objective on shares of The Hartford Financial Services Group from $133.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Barclays started coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price on the stock. Jefferies Financial Group boosted their price target on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company lifted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Insiders Place Their Bets

In related news, EVP Adin M. Tooker sold 6,865 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $117.04, for a total value of $803,479.60. Following the sale, the executive vice president now owns 25,820 shares of the company’s stock, valued at $3,021,972.80. The trade was a 21.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC increased its position in The Hartford Financial Services Group by 108.4% in the 1st quarter. Tidal Investments LLC now owns 19,098 shares of the insurance provider’s stock valued at $1,968,000 after buying an additional 9,932 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of The Hartford Financial Services Group by 7.2% in the 1st quarter. Citizens Financial Group Inc. RI now owns 5,220 shares of the insurance provider’s stock worth $538,000 after purchasing an additional 352 shares in the last quarter. Atria Investments Inc acquired a new stake in The Hartford Financial Services Group in the 1st quarter valued at $1,328,000. Cetera Investment Advisers raised its holdings in The Hartford Financial Services Group by 104.8% during the first quarter. Cetera Investment Advisers now owns 55,465 shares of the insurance provider’s stock worth $5,716,000 after buying an additional 28,383 shares during the last quarter. Finally, Cetera Advisors LLC lifted its stake in shares of The Hartford Financial Services Group by 64.8% in the first quarter. Cetera Advisors LLC now owns 17,472 shares of the insurance provider’s stock valued at $1,800,000 after buying an additional 6,872 shares in the last quarter. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 0.32 and a quick ratio of 0.32. The business’s fifty day moving average price is $117.32 and its 200-day moving average price is $109.94. The stock has a market capitalization of $35.87 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.00 and a beta of 0.94.

The Hartford Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 2nd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Monday, December 2nd. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The Hartford Financial Services Group’s dividend payout ratio (DPR) is currently 18.84%.

The Hartford Financial Services Group Company Profile

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.