The Hartford Financial Services Group’s (HIG) Neutral Rating Reaffirmed at Bank of America

Bank of America reissued their neutral rating on shares of The Hartford Financial Services Group (NYSE:HIG) in a research note released on Friday morning, Marketbeat.com reports. The firm currently has a $121.00 price objective on the insurance provider’s stock, up from their prior price objective of $113.00.

HIG has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price target on The Hartford Financial Services Group from $104.00 to $116.00 and gave the stock a neutral rating in a research note on Thursday, July 11th. 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 target on the stock. Keefe, Bruyette & Woods increased 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. The Goldman Sachs Group boosted their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a buy rating in a report on Thursday, June 13th. Finally, Argus raised shares of The Hartford Financial Services Group to a strong-buy rating in a research report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The Hartford Financial Services Group presently has a consensus rating of Moderate Buy and a consensus target price of $115.47.

The Hartford Financial Services Group Price Performance

The Hartford Financial Services Group stock traded up $1.43 during mid-day trading on Friday, hitting $118.09. 1,318,648 shares of the company were exchanged, compared to its average volume of 1,604,956. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.32 and a quick ratio of 0.32. The Hartford Financial Services Group has a 12-month low of $68.92 and a 12-month high of $119.06. The business’s 50 day simple moving average is $113.35 and its two-hundred day simple moving average is $105.15. The company has a market capitalization of $34.93 billion, a P/E ratio of 13.42, a PEG ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The company had revenue of $6.49 billion for 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 firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.88 EPS. Analysts forecast that The Hartford Financial Services Group will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group announced that its board has initiated a stock repurchase program on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to repurchase up to 10.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were given a $0.47 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.59%. The Hartford Financial Services Group’s payout ratio is currently 21.36%.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. New Covenant Trust Company N.A. acquired a new stake in shares of The Hartford Financial Services Group during the 1st quarter valued at approximately $26,000. Quest Partners LLC grew its position in shares of The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock valued at $29,000 after buying an additional 275 shares during the last quarter. Bank & Trust Co bought a new stake in shares of The Hartford Financial Services Group during the 2nd quarter valued at about $30,000. Family Firm Inc. acquired a new stake 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 in the first quarter worth about $35,000. Institutional investors own 93.42% of the company’s stock.

The Hartford Financial Services Group Company Profile

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.