The Hartford Financial Services Group (NYSE:HIG) Reaches New 12-Month High on Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday after UBS Group raised their price target on the stock from $134.00 to $135.00. UBS Group currently has a buy rating on the stock. The Hartford Financial Services Group traded as high as $120.36 and last traded at $119.85, with a volume of 236748 shares trading hands. The stock had previously closed at $118.49.

A number of other research firms also recently weighed in on HIG. Royal Bank of Canada increased their target price on shares of The Hartford Financial Services Group from $105.00 to $115.00 and gave the company a "sector perform" rating in a research report on Monday, July 29th. Citigroup downgraded shares of The Hartford Financial Services Group from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $116.00 to $114.00 in a research note on Friday, June 28th. Piper Sandler upped 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. Keefe, Bruyette & Woods lifted their price objective on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an "outperform" rating in a research report on Thursday, August 1st. Finally, Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an "equal weight" rating and a $130.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $120.59.

Institutional Investors Weigh In On The Hartford Financial Services Group

A number of hedge funds have recently modified their holdings of HIG. New Covenant Trust Company N.A. bought a new position in The Hartford Financial Services Group during the first quarter worth about $26,000. Clean Yield Group bought a new position in The Hartford Financial Services Group in the 3rd quarter worth approximately $33,000. Quest Partners LLC grew its stake in The Hartford Financial Services Group by 2,750.0% in 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 in the last quarter. Bank & Trust Co bought a new stake in The Hartford Financial Services Group during the 2nd quarter valued at $30,000. Finally, Family Firm Inc. purchased a new stake in shares of The Hartford Financial Services Group during the second quarter worth $31,000. Institutional investors own 93.42% of the company's stock.

The Hartford Financial Services Group Stock Up 0.1 %

The stock has a market capitalization of $35.07 billion, a P/E ratio of 13.47, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. 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 stock has a fifty day moving average price of $114.48 and a 200 day moving average price of $105.96.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last issued its 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 during the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the company earned $1.88 EPS. The firm's revenue was up 7.2% compared to the same quarter last year. On average, research analysts forecast that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current year.

The Hartford Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 2nd. Investors of record on Tuesday, September 3rd were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Tuesday, September 3rd. The Hartford Financial Services Group's dividend payout ratio (DPR) is presently 21.36%.

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

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.