The Hartford Financial Services Group (NYSE:HIG) Given “Neutral” Rating at Bank of America

The Hartford Financial Services Group (NYSE:HIG)‘s stock had its “neutral” rating reiterated by analysts at Bank of America in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $121.00 price objective on the insurance provider’s stock, up from their previous price objective of $113.00. Bank of America‘s price objective indicates a potential upside of 3.72% from the stock’s current price.

Several other equities research analysts have also commented on the company. Morgan Stanley decreased their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Company boosted their price objective on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, September 17th. Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. The Goldman Sachs Group boosted their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, 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 price objective for the company. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.78.

The Hartford Financial Services Group Stock Down 0.8 %

HIG opened at $116.66 on Friday. 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 Hartford Financial Services Group has a twelve month low of $68.82 and a twelve month high of $119.06. The stock has a market capitalization of $34.50 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 0.94 and a beta of 0.93. The firm has a 50 day moving average price of $113.18 and a 200-day moving average price of $105.02.

The Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the business posted $1.88 EPS. Equities research analysts forecast that The Hartford Financial Services Group will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On The Hartford Financial Services Group

Hedge funds and other institutional investors have recently modified their holdings of the business. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group in the 1st quarter valued at $26,000. Quest Partners LLC boosted its position in The Hartford Financial Services Group by 2,750.0% in the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after buying an additional 275 shares during the period. Bank & Trust Co bought a new position in The Hartford Financial Services Group in the 2nd quarter worth about $30,000. Family Firm Inc. bought a new stake in shares of The Hartford Financial Services Group during the second quarter valued at approximately $31,000. Finally, Benjamin Edwards Inc. purchased a new stake in shares of The Hartford Financial Services Group in the first quarter valued at approximately $35,000. 93.42% of the stock is currently owned by hedge funds and other institutional investors.

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.