The Hartford Financial Services Group, Inc. (NYSE:HIG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG) have received a consensus rating of “Moderate Buy” from the seventeen analysts that are presently covering the stock, Marketbeat.com reports. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $110.88.

A number of brokerages have recently commented on HIG. JPMorgan Chase & Co. increased 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. Argus upgraded The Hartford Financial Services Group to a “strong-buy” rating in a research report on Friday, August 2nd. Morgan Stanley cut 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. Royal Bank of Canada increased their price objective on The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Finally, The Goldman Sachs Group increased their price objective 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.

The Hartford Financial Services Group Stock Performance

Shares of NYSE HIG opened at $114.32 on Thursday. The Hartford Financial Services Group has a 12-month low of $68.82 and a 12-month high of $115.08. The company has a market cap of $33.81 billion, a PE ratio of 12.99, a P/E/G ratio of 0.89 and a beta of 0.92. The stock has a 50 day simple moving average of $105.60 and a 200-day simple moving average of $101.28. 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 issued its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same period in the prior year, the company posted $1.88 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that The Hartford Financial Services Group will post 10.07 EPS for the current year.

The Hartford Financial Services Group announced that its board has initiated a share buyback plan on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The Hartford Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.64%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

Insider Buying and Selling at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the sale, the executive vice president now directly owns 14,818 shares in the company, valued at $1,503,582.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

Hedge funds have recently made changes to their positions in the stock. New Covenant Trust Company N.A. bought a new stake in shares of The Hartford Financial Services Group in the first quarter valued at about $26,000. Quest Partners LLC lifted its stake 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 worth $29,000 after purchasing an additional 275 shares during the period. Bank & Trust Co bought a new position in The Hartford Financial Services Group during the second quarter worth about $30,000. Family Firm Inc. bought a new position in The Hartford Financial Services Group during the second quarter worth about $31,000. Finally, Benjamin Edwards Inc. bought a new position in The Hartford Financial Services Group during the first quarter worth about $35,000. 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.