The Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $125.00 at Piper Sandler

The Hartford Financial Services Group (NYSE:HIG) had its target price raised by Piper Sandler from $112.00 to $125.00 in a research report released on Monday morning, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

Several other equities analysts have also issued reports on HIG. Keefe, Bruyette & Woods boosted their target price on The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. Citigroup lowered The Hartford Financial Services Group from a buy rating to a neutral rating and decreased their price objective for the company from $116.00 to $114.00 in a research report on Friday, June 28th. Morgan Stanley decreased their price objective on The Hartford Financial Services Group from $109.00 to $107.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price objective on The Hartford Financial Services Group from $104.00 to $116.00 and gave the company a neutral rating in a research report on Thursday, July 11th. Finally, Roth Mkm boosted their price objective on The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a neutral rating in a research report on Friday, April 26th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $110.88.

The Hartford Financial Services Group Price Performance

The Hartford Financial Services Group stock opened at $109.62 on Monday. The firm has a market capitalization of $32.12 billion, a P/E ratio of 12.46, a PEG ratio of 0.91 and a beta of 0.93. The Hartford Financial Services Group has a 1 year low of $68.82 and a 1 year high of $112.65. The business has a 50-day moving average of $102.25 and a 200-day moving average of $98.16. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.88 EPS. On average, equities analysts anticipate that The Hartford Financial Services Group will post 10.01 EPS for the current year.

The Hartford Financial Services Group announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.30 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

Insider Transactions at The Hartford Financial Services Group

In other news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 14,818 shares in the company, valued at approximately $1,503,582.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the sale, the executive vice president now owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan R. Bennett sold 18,335 shares of the 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 completion of the sale, the executive vice president now owns 25,643 shares in the company, valued at approximately $2,584,301.54. The disclosure for this sale can be found here. Insiders have sold a total of 94,499 shares of company stock worth $9,449,309 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in The Hartford Financial Services Group during the 4th quarter worth $278,704,000. Hotchkis & Wiley Capital Management LLC increased its position in The Hartford Financial Services Group by 26.2% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after buying an additional 1,272,290 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in The Hartford Financial Services Group by 72.0% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,335,594 shares of the insurance provider’s stock worth $137,633,000 after buying an additional 559,019 shares during the period. Swedbank AB bought a new position in The Hartford Financial Services Group during the 1st quarter worth $53,980,000. Finally, KBC Group NV increased its position in The Hartford Financial Services Group by 85.5% during the 4th quarter. KBC Group NV now owns 1,074,470 shares of the insurance provider’s stock worth $86,366,000 after buying an additional 495,192 shares during the period. Institutional investors 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.