The Hartford Financial Services Group (NYSE:HIG) Price Target Increased to $134.00 by Analysts at Wells Fargo & Company

The Hartford Financial Services Group (NYSE:HIG) had its price target lifted by Wells Fargo & Company from $122.00 to $134.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

Several other analysts also recently issued reports on HIG. Citigroup downgraded shares of The Hartford Financial Services Group from a buy rating to a neutral rating and reduced their price target for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Keefe, Bruyette & Woods lifted their target price on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an outperform rating in a research note on Thursday, August 1st. Morgan Stanley lowered their target price on The Hartford Financial Services Group from $109.00 to $107.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Argus upgraded The Hartford Financial Services Group to a strong-buy rating in a research note on Friday, August 2nd. Finally, Barclays assumed 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 target on the stock. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $113.22.

The Hartford Financial Services Group Trading Up 0.3 %

HIG stock opened at $116.32 on Tuesday. The company has a market capitalization of $34.40 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group has a 52 week low of $68.82 and a 52 week high of $117.84. The company’s 50-day simple moving average is $110.62 and its 200 day simple moving average is $103.83.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter last year, the business earned $1.88 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts anticipate that The Hartford Financial Services Group will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. New Covenant Trust Company N.A. purchased a new position in shares of The Hartford Financial Services Group in the first quarter valued at approximately $26,000. Quest Partners LLC increased its stake in The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 275 shares during the last quarter. Cape Investment Advisory Inc. increased its stake in The Hartford Financial Services Group by 189.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 245 shares during the last quarter. Bank & Trust Co acquired a new stake in The Hartford Financial Services Group during the second quarter worth $30,000. Finally, Family Firm Inc. acquired a new stake in shares of The Hartford Financial Services Group in the second quarter valued at $31,000. 93.42% of the stock is owned by institutional investors and hedge funds.

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.