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

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s share price reached a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $122.00 to $134.00. Wells Fargo & Company currently has an overweight rating on the stock. The Hartford Financial Services Group traded as high as $117.76 and last traded at $116.96, with a volume of 415226 shares traded. The stock had previously closed at $117.07.

Other analysts also recently issued reports about the company. Piper Sandler increased their price target on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Argus raised The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. The Goldman Sachs Group lifted their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, Bank of America lowered their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Nine investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $113.22.

Insider Activity

In related news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the completion of the transaction, the executive vice president now directly owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HIG. Hotchkis & Wiley Capital Management LLC lifted its holdings in The Hartford Financial Services Group by 26.2% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after purchasing an additional 1,272,290 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of The Hartford Financial Services Group by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after acquiring an additional 69,007 shares during the period. Norges Bank bought a new position in shares of The Hartford Financial Services Group in the fourth quarter valued at approximately $278,704,000. Northern Trust Corp increased its stake in shares of The Hartford Financial Services Group by 0.5% during the fourth quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider’s stock valued at $271,841,000 after acquiring an additional 18,419 shares during the period. Finally, Nordea Investment Management AB raised its holdings in The Hartford Financial Services Group by 7.9% during the first quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after purchasing an additional 233,742 shares in the last quarter. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

The business has a 50-day simple moving average of $109.71 and a two-hundred day simple moving average of $103.50. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $34.59 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.88 earnings per share. As a group, research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.61%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

The Hartford Financial Services Group announced that its board has approved a share repurchase program on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to purchase 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 shares are undervalued.

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.