Bank of America Trims The Hartford Financial Services Group (NYSE:HIG) Target Price to $111.00

The Hartford Financial Services Group (NYSE:HIG) had its price target reduced by Bank of America from $113.00 to $111.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

HIG has been the subject of a number of other research reports. Piper Sandler reissued an overweight rating and issued a $115.00 price target on shares of The Hartford Financial Services Group in a report on Monday, April 1st. TD Cowen raised their price target on shares of The Hartford Financial Services Group to $144.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Raymond James reissued an outperform rating and issued a $120.00 price target (up previously from $100.00) on shares of The Hartford Financial Services Group in a report on Monday, April 1st. Evercore ISI raised their price target on shares of The Hartford Financial Services Group from $96.00 to $104.00 and gave the company an in-line rating in a report on Thursday, April 11th. Finally, Roth Mkm raised their price target on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a neutral rating in a report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $107.50.

The Hartford Financial Services Group Stock Performance

NYSE:HIG opened at $101.75 on Thursday. The Hartford Financial Services Group has a 1 year low of $68.82 and a 1 year high of $105.20. The firm has a 50 day moving average of $101.04 and a 200-day moving average of $96.04. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $30.09 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 0.84 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.09). The Hartford Financial Services Group had a net margin of 10.87% and a return on equity of 20.64%. The firm had revenue of $6.42 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the firm posted $1.68 EPS. The business’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that The Hartford Financial Services Group will post 9.86 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Monday, June 3rd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Monday, June 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

Insider Activity

In other news, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the completion of the transaction, the chief financial officer now owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Beth Ann Costello sold 72,076 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the sale, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jonathan R. Bennett sold 18,335 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the completion of the sale, the executive vice president now directly owns 25,643 shares in the company, valued at $2,584,301.54. The disclosure for this sale can be found here. Insiders sold 94,499 shares of company stock valued at $9,449,309 in the last quarter. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

Several institutional investors have recently added to or reduced their stakes in HIG. GoalVest Advisory LLC lifted its position in The Hartford Financial Services Group by 464.8% in the 4th quarter. GoalVest Advisory LLC now owns 305 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 251 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in The Hartford Financial Services Group during the 4th quarter worth about $26,000. New Covenant Trust Company N.A. bought a new stake in The Hartford Financial Services Group during the 1st quarter worth about $26,000. CVA Family Office LLC bought a new stake in The Hartford Financial Services Group during the 4th quarter worth about $27,000. Finally, Chilton Capital Management LLC bought a new stake in The Hartford Financial Services Group during the 4th quarter worth about $28,000. 93.42% of the stock is owned by institutional investors.

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.