The Hartford Financial Services Group (NYSE:HIG) Reaches New 1-Year High Following Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG) hit a new 52-week high during trading on Wednesday after BMO Capital Markets raised their price target on the stock from $100.00 to $141.00. BMO Capital Markets currently has a market perform rating on the stock. The Hartford Financial Services Group traded as high as $124.44 and last traded at $124.32, with a volume of 34919 shares trading hands. The stock had previously closed at $122.62.

Several other equities analysts have also recently weighed in on the company. Barclays initiated coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price objective for the company. Bank of America increased their target price on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Wells Fargo & Company raised their price objective on shares of 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. UBS Group raised their price target on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Finally, Argus raised shares of The Hartford Financial Services Group to a “strong-buy” rating in a report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $122.00.

Insider Activity at The Hartford Financial Services Group

In other news, EVP Adin M. Tooker sold 6,865 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $117.04, for a total value of $803,479.60. Following the completion of the transaction, the executive vice president now owns 25,820 shares of the company’s stock, valued at $3,021,972.80. The trade was a 21.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HIG. Peapack Gladstone Financial Corp acquired a new stake in shares of The Hartford Financial Services Group during the third quarter worth about $420,000. Synovus Financial Corp increased its stake in The Hartford Financial Services Group by 4.0% during the 3rd quarter. Synovus Financial Corp now owns 10,029 shares of the insurance provider’s stock worth $1,180,000 after purchasing an additional 384 shares in the last quarter. Tidal Investments LLC raised its holdings in The Hartford Financial Services Group by 73.0% during the 3rd quarter. Tidal Investments LLC now owns 17,774 shares of the insurance provider’s stock worth $2,090,000 after buying an additional 7,500 shares during the period. Wilmington Savings Fund Society FSB bought a new position in The Hartford Financial Services Group in the third quarter valued at approximately $514,000. Finally, World Investment Advisors LLC acquired a new position in shares of The Hartford Financial Services Group during the third quarter worth about $661,000. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group Stock Performance

The firm has a market cap of $35.87 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a 50-day moving average of $117.16 and a 200-day moving average of $109.84.

The Hartford Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.68%. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is 18.84%.

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.