The Hartford Financial Services Group (NYSE:HIG) Reaches New 12-Month High on Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s stock price reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $115.00 to $130.00. Morgan Stanley currently has an equal weight rating on the stock. The Hartford Financial Services Group traded as high as $132.09 and last traded at $131.66, with a volume of 1205054 shares trading hands. The stock had previously closed at $131.12.

A number of other analysts also recently commented on the company. Piper Sandler increased their price target on The Hartford Financial Services Group from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, April 1st. Keefe, Bruyette & Woods decreased their target price on The Hartford Financial Services Group from $140.00 to $133.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. UBS Group lifted their target price on The Hartford Financial Services Group from $139.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. JPMorgan Chase & Co. increased their price target on shares of The Hartford Financial Services Group from $125.00 to $129.00 and gave the company a “neutral” rating in a research report on Tuesday, April 8th. Finally, Raymond James raised their price objective on shares of The Hartford Financial Services Group from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, March 31st. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $129.71.

Insider Activity

In other news, EVP Robert W. Paiano sold 13,138 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the completion of the transaction, the executive vice president now directly owns 31,678 shares in the company, valued at $3,712,661.60. The trade was a 29.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Allison G. Niderno sold 1,086 shares of The Hartford Financial Services Group stock in a transaction on Monday, April 28th. The shares were sold at an average price of $119.42, for a total value of $129,690.12. Following the sale, the senior vice president now directly owns 622 shares of the company’s stock, valued at $74,279.24. This represents a 63.58% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,429 shares of company stock worth $13,618,028. 1.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Barrett & Company Inc. lifted its position in The Hartford Financial Services Group by 46.5% during the fourth quarter. Barrett & Company Inc. now owns 293 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 93 shares during the last quarter. Park Square Financial Group LLC raised its position in shares of The Hartford Financial Services Group by 146.2% during the 1st quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider’s stock valued at $32,000 after buying an additional 155 shares in the last quarter. Spurstone Advisory Services LLC bought a new stake in shares of The Hartford Financial Services Group during the 4th quarter worth $33,000. Center for Financial Planning Inc. bought a new stake in shares of The Hartford Financial Services Group during the 1st quarter worth $33,000. Finally, Itau Unibanco Holding S.A. purchased a new position in The Hartford Financial Services Group in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Trading Up 0.4%

The stock has a 50 day moving average of $120.97 and a 200 day moving average of $116.47. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market cap of $37.41 billion, a P/E ratio of 12.72, a PEG ratio of 1.12 and a beta of 0.70.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, April 24th. The insurance provider reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.05. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.97 billion. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.34 EPS. As a group, equities research analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 EPS for the current year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Monday, March 3rd were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Monday, March 3rd. The Hartford Financial Services Group’s payout ratio is currently 20.74%.

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.