The Hartford Financial Services Group (NYSE:HIG) Rating Increased to Buy at StockNews.com

The Hartford Financial Services Group (NYSE:HIG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

Several other equities analysts have also weighed in on the stock. Barclays began coverage on shares of The Hartford Financial Services Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $130.00 target price on the stock. Argus upgraded shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods upped 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 report on Tuesday, October 29th. Wells Fargo & Company upped their price objective on shares of The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an “overweight” rating in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Ten 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 MarketBeat, The Hartford Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $120.88.

The Hartford Financial Services Group Stock Performance

HIG opened at $116.40 on Friday. The firm has a market capitalization of $33.74 billion, a PE ratio of 11.66, a PEG ratio of 0.97 and a beta of 0.94. The Hartford Financial Services Group has a twelve month low of $74.69 and a twelve month high of $123.23. The firm’s 50-day moving average price is $116.41 and its 200 day moving average price is $108.39. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

The Hartford Financial Services Group announced that its Board of Directors has approved a share buyback plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of large investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of The Hartford Financial Services Group in the 3rd quarter valued at approximately $1,840,000. Point72 Hong Kong Ltd acquired a new position in shares of The Hartford Financial Services Group in the 3rd quarter valued at $1,336,000. Erste Asset Management GmbH acquired a new position in shares of The Hartford Financial Services Group in the 3rd quarter valued at $1,133,000. Edgestream Partners L.P. boosted its holdings in shares of The Hartford Financial Services Group by 124.6% in the 3rd quarter. Edgestream Partners L.P. now owns 7,039 shares of the insurance provider’s stock valued at $828,000 after buying an additional 3,905 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of The Hartford Financial Services Group by 42.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 935,298 shares of the insurance provider’s stock valued at $110,000,000 after buying an additional 277,295 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other 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.