The Hartford Financial Services Group (NYSE:HIG) Shares Gap Down - Here's Why

The Hartford Financial Services Group, Inc. (NYSE:HIG - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $120.46, but opened at $113.73. The Hartford Financial Services Group shares last traded at $112.91, with a volume of 419,853 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on HIG shares. UBS Group boosted their price target on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a "buy" rating in a research report on Tuesday, October 15th. Barclays began coverage on shares of 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 for the company. Piper Sandler raised 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 report on Monday, July 29th. Keefe, Bruyette & Woods raised their price objective on shares of 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, Bank of America lifted their target price on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a "neutral" rating in a report on Thursday, October 10th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $120.76.

The Hartford Financial Services Group Stock Down 6.8 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The firm's 50 day moving average price is $116.27 and its two-hundred day moving average price is $106.81. The company has a market cap of $33.20 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93.

The Hartford Financial Services Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, October 24th. The insurance provider reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.49 by $0.04. The firm had revenue of $4.67 billion for the quarter, compared to analysts' expectations of $4.62 billion. The Hartford Financial Services Group had a return on equity of 21.20% and a net margin of 11.44%. Equities research analysts anticipate that The Hartford Financial Services Group, Inc. will post 10.09 EPS for the current fiscal year.

The Hartford Financial Services Group declared that its board has authorized a stock repurchase 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 often a sign that the company's board believes its shares are undervalued.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wealthcare Advisory Partners LLC purchased a new stake in shares of The Hartford Financial Services Group during the first quarter worth $274,000. AMF Tjanstepension AB raised its stake in The Hartford Financial Services Group by 2.2% in the 1st quarter. AMF Tjanstepension AB now owns 81,070 shares of the insurance provider's stock valued at $8,354,000 after purchasing an additional 1,770 shares during the last quarter. Kathmere Capital Management LLC increased its position in shares of The Hartford Financial Services Group by 15.6% during the first quarter. Kathmere Capital Management LLC now owns 6,277 shares of the insurance provider's stock worth $647,000 after acquiring an additional 849 shares during the period. Winthrop Advisory Group LLC purchased a new stake in shares of The Hartford Financial Services Group in the first quarter valued at about $220,000. Finally, Guidance Capital Inc. boosted its position in shares of The Hartford Financial Services Group by 3.5% in the first quarter. Guidance Capital Inc. now owns 8,391 shares of the insurance provider's stock worth $816,000 after acquiring an additional 280 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

The Hartford Financial Services Group Company Profile

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.