The Hartford Financial Services Group (NYSE:HIG) Rating Lowered to Neutral at Citigroup

Citigroup lowered shares of The Hartford Financial Services Group (NYSE:HIG) from a buy rating to a neutral rating in a research report report published on Friday, Marketbeat Ratings reports. They currently have $114.00 target price on the insurance provider’s stock, down from their prior target price of $116.00.

HIG has been the topic of a number of other research reports. The Goldman Sachs Group increased their price target on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a buy rating in a research note on Thursday, June 13th. Morgan Stanley reduced their target price on The Hartford Financial Services Group from $110.00 to $109.00 and set an equal weight rating on the stock in a report on Friday, April 26th. Raymond James restated an outperform rating and set a $120.00 price target (up from $100.00) on shares of The Hartford Financial Services Group in a research note on Monday, April 1st. Argus lifted their price objective on The Hartford Financial Services Group from $104.00 to $110.00 and gave the company a buy rating in a research note on Wednesday, May 15th. Finally, Roth Mkm increased their target price on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $106.71.

The Hartford Financial Services Group Price Performance

HIG stock opened at $100.54 on Friday. The stock has a market capitalization of $29.74 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 0.83 and a beta of 0.93. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.29. The Hartford Financial Services Group has a 52-week low of $68.82 and a 52-week high of $105.20. The stock’s fifty day simple moving average is $100.65 and its 200-day simple moving average is $94.63.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, April 25th. The insurance provider reported $2.34 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.09). The business had revenue of $6.42 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The Hartford Financial Services Group had a net margin of 10.87% and a return on equity of 20.64%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.68 EPS. Equities research analysts expect that The Hartford Financial Services Group will post 9.91 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Monday, June 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Monday, June 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

Insiders Place Their Bets

In other news, CFO Beth Ann Costello sold 72,076 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the sale, the chief financial officer now directly owns 69,169 shares in the company, valued at $6,896,840.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Jonathan R. Bennett sold 18,335 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total value of $1,847,801.30. Following the sale, the executive vice president now directly owns 25,643 shares of the company’s stock, valued at $2,584,301.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Beth Ann Costello sold 72,076 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at $6,896,840.99. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of institutional investors have recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its holdings in The Hartford Financial Services Group by 26.2% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock valued at $491,915,000 after buying an additional 1,272,290 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of The Hartford Financial Services Group by 2.1% during the 4th quarter. Victory Capital Management Inc. now owns 5,247,966 shares of the insurance provider’s stock valued at $421,832,000 after acquiring an additional 105,799 shares in the last quarter. LSV Asset Management boosted its holdings in The Hartford Financial Services Group by 3.5% in the fourth quarter. LSV Asset Management now owns 4,821,885 shares of the insurance provider’s stock worth $387,583,000 after purchasing an additional 165,190 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of The Hartford Financial Services Group by 2.5% during the third quarter. Ameriprise Financial Inc. now owns 3,503,815 shares of the insurance provider’s stock worth $248,646,000 after purchasing an additional 87,001 shares during the period. Finally, Norges Bank acquired a new stake in shares of The Hartford Financial Services Group during the fourth quarter worth $278,704,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

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.