The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $117.46 and last traded at $116.40, with a volume of 66688 shares traded. The stock had previously closed at $116.18.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Citigroup cut The Hartford Financial Services Group from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $116.00 to $114.00 in a research note on Friday, June 28th. Argus upgraded shares of The Hartford Financial Services Group to a "strong-buy" rating in a research note on Friday, August 2nd. Piper Sandler lifted their price objective on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 29th. The Goldman Sachs Group increased their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a "buy" rating in a research note on Thursday, June 13th. Finally, JPMorgan Chase & Co. boosted their price target 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. Eight 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 currently has a consensus rating of "Moderate Buy" and an average price target of $110.88.
Check Out Our Latest Research Report on The Hartford Financial Services Group
The Hartford Financial Services Group Trading Down 0.2 %
The business's 50-day simple moving average is $106.60 and its 200-day simple moving average is $102.03. The company has a market cap of $34.31 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.93 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 earnings per share 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 Hartford Financial Services Group's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the business earned $1.88 EPS. Research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.
The Hartford Financial Services Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, September 3rd. The Hartford Financial Services Group's payout ratio is currently 21.36%.
The Hartford Financial Services Group declared that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that allows the company to buyback $3.30 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Insiders Place Their Bets
In other news, EVP Michael R. Fisher sold 4,088 shares of the firm's stock in a transaction on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares of the company's stock, valued at approximately $1,503,582.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.60% of the stock is owned by insiders.
Institutional Investors Weigh In On The Hartford Financial Services Group
Several hedge funds have recently modified their holdings of HIG. Hotchkis & Wiley Capital Management LLC raised its stake in shares of The Hartford Financial Services Group by 26.2% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider's stock valued at $491,915,000 after purchasing an additional 1,272,290 shares during the period. Dimensional Fund Advisors LP grew its holdings in The Hartford Financial Services Group by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider's stock valued at $584,177,000 after purchasing an additional 69,007 shares in the last quarter. Norges Bank purchased a new stake in The Hartford Financial Services Group during the 4th quarter worth $278,704,000. Northern Trust Corp lifted its holdings in The Hartford Financial Services Group by 0.5% in the 4th quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider's stock worth $271,841,000 after buying an additional 18,419 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in The Hartford Financial Services Group by 7.9% in the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider's stock valued at $328,320,000 after buying an additional 233,742 shares during the last quarter. 93.42% of the stock is currently owned by hedge funds and other institutional investors.
The Hartford Financial Services Group Company Profile
(
Get Free Report)
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.
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