Hartford Financial Services Group (NYSE:HIG) had its price objective upped by research analysts at Barclays from $57.00 to $62.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the insurance provider’s stock. Barclays‘s target price would suggest a potential upside of 14.81% from the company’s previous close.
HIG has been the topic of a number of other research reports. ValuEngine downgraded Hartford Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday, March 5th. TheStreet raised Hartford Financial Services Group from a “c+” rating to a “b-” rating in a report on Thursday, March 14th. Zacks Investment Research raised Hartford Financial Services Group from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Friday, May 17th. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $56.00 price objective on shares of Hartford Financial Services Group in a research note on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Hartford Financial Services Group has a consensus rating of “Buy” and an average price target of $57.67.
Shares of NYSE:HIG traded up $0.37 during midday trading on Wednesday, reaching $54.00. 14,759 shares of the company’s stock traded hands, compared to its average volume of 2,118,472. The company has a market cap of $19.41 billion, a P/E ratio of 12.47, a PEG ratio of 1.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. Hartford Financial Services Group has a one year low of $40.54 and a one year high of $54.10.
Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.15. Hartford Financial Services Group had a return on equity of 12.46% and a net margin of 9.58%. The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the prior year, the company earned $1.27 earnings per share. Hartford Financial Services Group’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that Hartford Financial Services Group will post 5.12 earnings per share for the current year.
Hartford Financial Services Group announced that its board has initiated a stock repurchase program on Monday, February 4th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other Hartford Financial Services Group news, EVP Robert W. Paiano sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $52.40, for a total transaction of $262,000.00. Following the completion of the transaction, the executive vice president now owns 33,342 shares in the company, valued at approximately $1,747,120.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Martha Gervasi sold 5,039 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $52.87, for a total value of $266,411.93. Following the transaction, the insider now owns 15,210 shares of the company’s stock, valued at approximately $804,152.70. The disclosure for this sale can be found here. Insiders have sold 15,039 shares of company stock valued at $778,412 in the last quarter. 1.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advantage Investment Management LLC boosted its holdings in shares of Hartford Financial Services Group by 66.7% in the 1st quarter. Advantage Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 200 shares during the period. Harvest Group Wealth Management LLC purchased a new position in shares of Hartford Financial Services Group in the 1st quarter worth approximately $33,000. Icon Wealth Partners LLC purchased a new position in shares of Hartford Financial Services Group in the 1st quarter worth approximately $33,000. Pinnacle Bank purchased a new position in shares of Hartford Financial Services Group in the 4th quarter worth approximately $35,000. Finally, Horan Capital Advisors LLC. purchased a new position in shares of Hartford Financial Services Group in the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 91.21% of the company’s stock.
About Hartford Financial Services Group
The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. Its Commercial Lines segment offers workers' compensation, property, automobile, marine, livestock, liability, and umbrella coverages; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages.
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