The Hartford Financial Services Group, Inc. (NYSE:HIG) Receives $110.88 Average Price Target from Analysts

Shares of The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seventeen ratings firms that are presently covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $110.88.

Several research analysts have recently commented on HIG shares. Royal Bank of Canada lifted their price target on The Hartford Financial Services Group from $105.00 to $115.00 and gave the stock a "sector perform" rating in a report on Monday, July 29th. Citigroup cut shares of The Hartford Financial Services Group from a "buy" rating to a "neutral" rating and dropped their price target for the company from $116.00 to $114.00 in a research note on Friday, June 28th. The Goldman Sachs Group lifted their price target on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a "buy" rating in a research report on Thursday, June 13th. Piper Sandler increased their price objective on The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an "overweight" rating in a research report on Monday, July 29th. Finally, Argus raised The Hartford Financial Services Group to a "strong-buy" rating in a research note on Friday, August 2nd.

The Hartford Financial Services Group Price Performance

NYSE HIG traded up $1.83 during mid-day trading on Thursday, hitting $116.15. The stock had a trading volume of 1,860,023 shares, compared to its average volume of 1,626,707. The Hartford Financial Services Group has a twelve month low of $68.82 and a twelve month high of $116.32. The stock has a market capitalization of $34.35 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.89 and a beta of 0.92. The firm's 50 day moving average is $105.60 and its 200 day moving average is $101.28. 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 posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, topping analysts' consensus estimates of $2.24 by $0.26. The firm 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 quarterly revenue 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. Equities research analysts forecast that The Hartford Financial Services Group will post 10.07 earnings per share for the current fiscal year.

The Hartford Financial Services Group Dividend Announcement

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 paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a 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 approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in HIG. New Covenant Trust Company N.A. purchased a new stake in shares of The Hartford Financial Services Group during the 1st quarter worth $26,000. Quest Partners LLC lifted its holdings in The Hartford Financial Services Group by 2,750.0% during the 2nd quarter. Quest Partners LLC now owns 285 shares of the insurance provider's stock worth $29,000 after buying an additional 275 shares during the last quarter. Cape Investment Advisory Inc. boosted its position in shares of The Hartford Financial Services Group by 189.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 374 shares of the insurance provider's stock worth $30,000 after acquiring an additional 245 shares in the last quarter. Bank & Trust Co purchased a new position in shares of The Hartford Financial Services Group in the 2nd quarter valued at about $30,000. Finally, First United Bank & Trust acquired a new stake in shares of The Hartford Financial Services Group during the 4th quarter worth about $31,000. 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.