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

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) reached a new 52-week high on Tuesday after UBS Group raised their price target on the stock from $134.00 to $135.00. UBS Group currently has a buy rating on the stock. The Hartford Financial Services Group traded as high as $120.36 and last traded at $119.85, with a volume of 236748 shares trading hands. The stock had previously closed at $118.49.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their target price on shares of The Hartford Financial Services Group from $117.00 to $122.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods raised their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Wells Fargo & Company increased their target price on shares of 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. Royal Bank of Canada lifted their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Finally, Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $116.00 to $114.00 in a research report on Friday, June 28th. Ten analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $120.59.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. New Covenant Trust Company N.A. purchased a new position in shares of The Hartford Financial Services Group during the 1st quarter valued at $26,000. Quest Partners LLC boosted its position in shares of The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 275 shares during the last quarter. Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group during the second quarter worth about $30,000. Family Firm Inc. bought a new position in shares of The Hartford Financial Services Group in the second quarter worth approximately $31,000. Finally, Clean Yield Group purchased a new stake in The Hartford Financial Services Group in the third quarter valued at approximately $33,000. 93.42% of the stock is owned by institutional investors and hedge funds.

The Hartford Financial Services Group Trading Up 0.9 %

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 firm has a market capitalization of $35.38 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. The firm’s 50-day simple moving average is $114.76 and its 200-day simple moving average is $106.06.

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 for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The business 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 quarter last year, the business posted $1.88 earnings per share. Analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current year.

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