Bank of America reiterated their neutral rating on shares of The Hartford Financial Services Group (NYSE:HIG – Free Report) in a research note published on Friday morning, Marketbeat reports. Bank of America currently has a $121.00 target price on the insurance provider’s stock, up from their previous target price of $113.00.
HIG has been the topic of a number of other reports. Barclays assumed coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They issued an equal weight rating and a $130.00 price objective on the stock. Royal Bank of Canada boosted their price objective on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a sector perform rating in a research note on Monday, July 29th. Citigroup lowered shares of The Hartford Financial Services Group from a buy rating to a neutral rating and lowered their target price for the company from $116.00 to $114.00 in a research note on Friday, June 28th. Argus raised shares of The Hartford Financial Services Group to a strong-buy rating in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group raised their price target on The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a buy rating in a research report on Thursday, June 13th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $117.88.
Read Our Latest Stock Analysis on HIG
The Hartford Financial Services Group Stock Performance
The Hartford Financial Services Group (NYSE:HIG – Get Free Report) last posted its earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same period in the prior year, the business posted $1.88 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Equities analysts expect that The Hartford Financial Services Group will post 10.09 EPS for the current fiscal year.
The Hartford Financial Services Group declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The Hartford Financial Services Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Tuesday, September 3rd. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.
Institutional Investors Weigh In On The Hartford Financial Services Group
A number of institutional investors have recently bought and sold shares of the business. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group during the 1st quarter valued at about $26,000. Quest Partners LLC boosted its holdings 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 valued at $29,000 after purchasing an additional 275 shares in the last quarter. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group in the 2nd quarter valued at approximately $30,000. Family Firm Inc. acquired a new position in shares of The Hartford Financial Services Group in the 2nd quarter worth approximately $31,000. Finally, Benjamin Edwards Inc. bought a new position in shares of The Hartford Financial Services Group during the 1st quarter worth approximately $35,000. 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.
Further Reading
- Five stocks we like better than The Hartford Financial Services Group
- How to Use the MarketBeat Dividend Calculator
- Ciena Stock Powers the AI Cloud Boom—Don’t Miss Out
- The How and Why of Investing in Gold Stocks
- Affirm’s Path to Profitability Elevates with Interest Rate Cuts
- What Does a Gap Up Mean in Stocks? How to Play the Gap
- RPM International Thrives in Rate-Cut Driven Construction Rally
Receive News & Ratings for The Hartford Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Hartford Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.