The Hartford Financial Services Group (NYSE:HIG) Reaches New 1-Year High at $118.03

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $118.03 and last traded at $118.03, with a volume of 257370 shares changing hands. The stock had previously closed at $117.61.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on HIG shares. Keefe, Bruyette & Woods raised their price target on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an "outperform" rating in a research note on Thursday, August 1st. Morgan Stanley reduced their price target 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. Wells Fargo & Company boosted their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 17th. The Goldman Sachs Group raised 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 research note 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, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $113.22.

The Hartford Financial Services Group Trading Up 0.7 %

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 firm's 50-day moving average is $112.26 and its 200-day moving average is $104.72. The firm has a market cap of $35.02 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 0.94 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. The firm's revenue for the quarter was up 7.2% on a year-over-year basis. As a group, sell-side analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd will be paid 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 1.59%. The Hartford Financial Services Group's dividend payout ratio is currently 21.36%.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock buyback program on Thursday, July 25th that allows the company to buyback $3.30 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On The Hartford Financial Services Group

Institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of The Hartford Financial Services Group by 2.9% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 16,800 shares of the insurance provider's stock valued at $1,350,000 after purchasing an additional 479 shares in the last quarter. TD Asset Management Inc increased its stake in shares of The Hartford Financial Services Group by 20.3% in the fourth quarter. TD Asset Management Inc now owns 224,229 shares of the insurance provider's stock worth $18,024,000 after buying an additional 37,766 shares during the period. Stifel Financial Corp increased its position in shares of The Hartford Financial Services Group by 14.2% in the fourth quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider's stock valued at $21,059,000 after acquiring an additional 32,534 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of The Hartford Financial Services Group by 12.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 3,622 shares of the insurance provider's stock worth $291,000 after purchasing an additional 408 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in The Hartford Financial Services Group by 7.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 371,016 shares of the insurance provider's stock valued at $29,822,000 after purchasing an additional 27,023 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors.

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.

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