The Hartford Financial Services Group (NYSE:HIG) Reaches New 52-Week High at $115.11

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $115.11 and last traded at $114.97, with a volume of 240976 shares trading hands. The stock had previously closed at $114.32.

Wall Street Analyst Weigh In

HIG has been the subject of a number of recent research reports. Bank of America lowered their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a "buy" rating for the company in a research report on Thursday, July 11th. Keefe, Bruyette & Woods lifted their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an "outperform" rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of 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. Piper Sandler lifted their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an "overweight" rating in a research report on Monday, July 29th. Finally, Morgan Stanley reduced their price objective on shares of The Hartford Financial Services Group from $109.00 to $107.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 10th. Eight equities research 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. According to MarketBeat, The Hartford Financial Services Group presently has an average rating of "Moderate Buy" and a consensus price target of $110.88.

The Hartford Financial Services Group Price Performance

The business's 50 day moving average price is $105.60 and its 200 day moving average price is $101.28. The stock has a market capitalization of $34.35 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 0.89 and a beta of 0.92. 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 (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 analysts' consensus estimates of $2.24 by $0.26. The firm 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 business's revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.88 earnings per share. Sell-side analysts forecast that The Hartford Financial Services Group, Inc. will post 10.07 EPS for the current year.

The Hartford Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.62%. The Hartford Financial Services Group's dividend payout ratio (DPR) is 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has authorized a stock 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 reacquire up to 10.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, EVP Michael R. Fisher sold 4,088 shares of the company's 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 sale, the executive vice president now owns 14,818 shares of the company's stock, valued at $1,503,582.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On The Hartford Financial Services Group

Hedge funds have recently bought and sold shares of the business. New Covenant Trust Company N.A. purchased a new stake in The Hartford Financial Services Group during the first quarter valued at $26,000. Quest Partners LLC increased its position 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 acquiring an additional 275 shares during the last quarter. Bank & Trust Co bought a new position in The Hartford Financial Services Group during the second quarter valued at $30,000. Family Firm Inc. bought a new position in The Hartford Financial Services Group during the second quarter valued at $31,000. Finally, Benjamin Edwards Inc. bought a new position in The Hartford Financial Services Group during the first quarter valued at $35,000. 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.