Hartford Financial Services Group (HIG) Downgraded to “Strong Sell” at Zacks Investment Research

Hartford Financial Services Group (NYSE:HIG) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday, December 26th.

According to Zacks, “Hartford Financial’s shares have underperformed the industry quarter to date.  Being a property and casualty insurer, the company is severely exposed to catastrophic losses. Moreover, softness in Personal Lines and Talcott Resolution segment remains a major headwind. The company has been witnessing a continuous decline in revenues since 2013. However, the company's strategic initiatives pave the way for long-term growth. Moreover, its investment results are impressive on the back of recent interest rate hikes. Its efficient capital management also remains a positive.”

Other research analysts have also recently issued research reports about the stock. Buckingham Research began coverage on shares of Hartford Financial Services Group in a report on Monday, September 11th. They issued a “buy” rating and a $63.00 price target for the company. UBS Group upped their price target on shares of Hartford Financial Services Group from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, October 24th. Credit Suisse Group upgraded shares of Hartford Financial Services Group from a “neutral” rating to an “outperform” rating and set a $65.00 price target for the company in a report on Tuesday, December 19th. Wells Fargo & Co set a $55.00 price target on shares of Hartford Financial Services Group and gave the company a “hold” rating in a report on Monday, December 4th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $60.00 price target on shares of Hartford Financial Services Group in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $58.92.

Hartford Financial Services Group (NYSE:HIG) opened at $55.09 on Tuesday. The firm has a market cap of $19,650.00, a P/E ratio of 42.05, a PEG ratio of 1.39 and a beta of 0.99. Hartford Financial Services Group has a 1-year low of $46.35 and a 1-year high of $58.61. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.28.

Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings results on Monday, October 23rd. The insurance provider reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The company had revenue of $4.68 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Hartford Financial Services Group had a net margin of 2.63% and a return on equity of 8.21%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 earnings per share. sell-side analysts expect that Hartford Financial Services Group will post 3.35 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of HIG. Janus Henderson Group PLC raised its position in Hartford Financial Services Group by 5,984.5% during the second quarter. Janus Henderson Group PLC now owns 3,181,908 shares of the insurance provider’s stock worth $167,272,000 after acquiring an additional 3,129,613 shares in the last quarter. JPMorgan Chase & Co. raised its position in Hartford Financial Services Group by 10.0% during the second quarter. JPMorgan Chase & Co. now owns 30,070,898 shares of the insurance provider’s stock worth $1,580,827,000 after acquiring an additional 2,730,796 shares in the last quarter. Principal Financial Group Inc. raised its position in Hartford Financial Services Group by 226.6% during the third quarter. Principal Financial Group Inc. now owns 1,921,539 shares of the insurance provider’s stock worth $106,511,000 after acquiring an additional 1,333,127 shares in the last quarter. FMR LLC raised its position in Hartford Financial Services Group by 22.2% during the second quarter. FMR LLC now owns 7,079,010 shares of the insurance provider’s stock worth $372,144,000 after acquiring an additional 1,284,664 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its position in Hartford Financial Services Group by 31.7% during the third quarter. Amundi Pioneer Asset Management Inc. now owns 4,202,001 shares of the insurance provider’s stock worth $232,917,000 after acquiring an additional 1,012,591 shares in the last quarter. 88.52% of the stock is currently owned by hedge funds and other institutional investors.

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