Barclays Issues Pessimistic Forecast for The Hartford Insurance Group (NYSE:HIG) Stock Price

The Hartford Insurance Group (NYSE:HIG) had its price objective reduced by equities research analysts at Barclays from $162.00 to $159.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Barclays‘s target price would indicate a potential upside of 13.27% from the stock’s current price.

Several other brokerages also recently issued reports on HIG. Mizuho initiated coverage on shares of The Hartford Insurance Group in a research note on Tuesday, December 16th. They set an “outperform” rating and a $160.00 target price on the stock. Evercore boosted their target price on shares of The Hartford Insurance Group from $137.00 to $145.00 and gave the company an “in-line” rating in a research note on Wednesday, January 7th. Cantor Fitzgerald boosted their target price on shares of The Hartford Insurance Group from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Wells Fargo & Company boosted their target price on shares of The Hartford Insurance Group from $153.00 to $156.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Finally, Citigroup boosted their target price on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $148.25.

The Hartford Insurance Group Price Performance

Shares of NYSE:HIG opened at $140.38 on Wednesday. The Hartford Insurance Group has a one year low of $112.81 and a one year high of $144.50. The stock has a fifty day moving average of $138.05 and a 200-day moving average of $134.28. The company has a market capitalization of $38.72 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 1.35 and a beta of 0.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31.

The Hartford Insurance Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, January 29th. The insurance provider reported $4.06 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.84. The Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The company had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter in the prior year, the firm earned $2.94 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts anticipate that The Hartford Insurance Group will post 11.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Christopher Swift sold 201,938 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $136.41, for a total value of $27,546,362.58. Following the transaction, the chief executive officer directly owned 194,817 shares of the company’s stock, valued at approximately $26,574,986.97. This represents a 50.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Lori A. Rodden sold 40,693 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the transaction, the executive vice president directly owned 25,392 shares in the company, valued at $3,505,365.60. This trade represents a 61.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 349,282 shares of company stock worth $48,184,324 over the last ninety days. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On The Hartford Insurance Group

Hedge funds have recently modified their holdings of the stock. Cornerstone Planning Group LLC increased its stake in shares of The Hartford Insurance Group by 707.7% in the third quarter. Cornerstone Planning Group LLC now owns 210 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 184 shares during the last quarter. JPL Wealth Management LLC acquired a new position in shares of The Hartford Insurance Group in the third quarter worth $26,000. Princeton Global Asset Management LLC acquired a new position in shares of The Hartford Insurance Group in the third quarter worth $27,000. United Financial Planning Group LLC acquired a new position in shares of The Hartford Insurance Group in the third quarter worth $29,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of The Hartford Insurance Group in the third quarter worth $29,000. 93.42% of the stock is owned by institutional investors and hedge funds.

About The Hartford Insurance Group

The Hartford Financial Services Group, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.

Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.