The Hartford Financial Services Group (NYSE:HIG) Sets New 52-Week High at $112.74

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $112.74 and last traded at $112.62, with a volume of 711318 shares changing hands. The stock had previously closed at $111.66.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on The Hartford Financial Services Group from $117.00 to $111.00 and set an "overweight" rating on the stock in a research report on Monday, April 29th. Royal Bank of Canada increased their price target 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. Bank of America dropped their price objective on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a "buy" rating on the stock in a research note on Thursday, July 11th. Piper Sandler increased their target price on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an "overweight" rating in a research note on Monday, July 29th. Finally, Morgan Stanley dropped their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 10th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $110.88.

The Hartford Financial Services Group Price Performance

The firm has a market cap of $33.31 billion, a PE ratio of 12.80, a P/E/G ratio of 0.89 and a beta of 0.92. The stock's fifty day moving average price is $104.91 and its 200-day moving average price is $100.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last announced its quarterly 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 return on equity of 21.20% and a net margin of 11.44%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the previous year, the company earned $1.88 EPS. The company's quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts forecast that The Hartford Financial Services Group, Inc. will post 10.07 EPS for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be given a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.67%. The Hartford Financial Services Group's dividend payout ratio is presently 21.36%.

The Hartford Financial Services Group announced that its Board of Directors has approved a share repurchase plan 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 plans are generally an indication that the company's board believes its shares are undervalued.

Insider Activity

In related news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction dated Monday, July 1st. The stock was 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 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 is available at the SEC website. Company insiders own 1.60% of the company's stock.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in The Hartford Financial Services Group by 27.1% in the 1st quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider's stock worth $47,073,000 after buying an additional 97,465 shares during the last quarter. Banque Cantonale Vaudoise boosted its position in shares of The Hartford Financial Services Group by 378.8% in the first quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider's stock worth $1,724,000 after acquiring an additional 13,232 shares during the last quarter. Sei Investments Co. grew its holdings in The Hartford Financial Services Group by 5.6% in the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider's stock valued at $23,629,000 after purchasing an additional 12,067 shares during the period. Stifel Financial Corp increased its position in The Hartford Financial Services Group by 14.2% during the fourth quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider's stock worth $21,059,000 after purchasing an additional 32,534 shares during the last quarter. Finally, SteelPeak Wealth LLC raised its stake in The Hartford Financial Services Group by 65.5% during the first quarter. SteelPeak Wealth LLC now owns 34,626 shares of the insurance provider's stock worth $3,584,000 after purchasing an additional 13,710 shares during the period. Institutional investors and hedge funds 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.