Wells Fargo & Company Raises The Hartford Financial Services Group (NYSE:HIG) Price Target to $134.00

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

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods raised their price objective on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an outperform rating in a report on Thursday, August 1st. JPMorgan Chase & Co. raised their price objective on shares of The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a neutral rating in a report on Thursday, July 11th. Citigroup lowered shares of The Hartford Financial Services Group from a buy rating to a neutral rating and lowered their price objective for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Bank of America lowered their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a buy rating for the company in a report on Thursday, July 11th. Finally, The Goldman Sachs Group raised their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a buy rating in a report on Thursday, June 13th. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $113.22.

The Hartford Financial Services Group Stock Performance

The Hartford Financial Services Group stock opened at $115.94 on Tuesday. 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 firm has a 50-day moving average of $110.33 and a 200-day moving average of $103.68. The firm has a market cap of $34.29 billion, a P/E ratio of 13.18, a P/E/G 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 $117.84.

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 for the quarter, topping analysts’ consensus estimates 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 net margin of 11.44% and a return on equity of 21.20%. The Hartford Financial Services Group’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.88 earnings per share. Sell-side analysts expect that The Hartford Financial Services Group will post 10.09 EPS for the current year.

The Hartford Financial Services Group declared that its board has authorized a share repurchase plan on Thursday, July 25th that permits the company to buyback $3.30 billion in outstanding shares. This buyback authorization permits the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

The Hartford Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors 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 1.62%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is 21.36%.

Insider Activity at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, 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 filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of The Hartford Financial Services Group

Several hedge funds have recently bought and sold shares of HIG. ING Groep NV purchased a new stake in The Hartford Financial Services Group in the 4th quarter worth $1,340,000. Norges Bank purchased a new stake in The Hartford Financial Services Group in the 4th quarter worth $278,704,000. BI Asset Management Fondsmaeglerselskab A S lifted its stake in The Hartford Financial Services Group by 26.1% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 8,819 shares of the insurance provider’s stock worth $709,000 after purchasing an additional 1,825 shares in the last quarter. Thoroughbred Financial Services LLC lifted its stake in The Hartford Financial Services Group by 210.2% in the 4th quarter. Thoroughbred Financial Services LLC now owns 11,383 shares of the insurance provider’s stock worth $914,000 after purchasing an additional 7,713 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its stake in The Hartford Financial Services Group by 2.0% in the 4th quarter. D.A. Davidson & CO. now owns 19,284 shares of the insurance provider’s stock worth $1,550,000 after purchasing an additional 378 shares in the last quarter. Hedge funds and other 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.