Brokerages Set The Hartford Financial Services Group, Inc. (NYSE:HIG) PT at $120.59

The Hartford Financial Services Group, Inc. (NYSE:HIG) has been given a consensus rating of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, MarketBeat Ratings reports. 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. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $120.59.

A number of equities analysts recently commented on HIG shares. JPMorgan Chase & Co. boosted their target price on shares of The Hartford Financial Services Group from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Barclays initiated coverage on shares of The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 target price for the company. Jefferies Financial Group upped their price objective on shares of The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. UBS Group upped their price objective on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Bank of America upped their price objective on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in HIG. New Covenant Trust Company N.A. purchased a new position in The Hartford Financial Services Group in the first quarter valued at about $26,000. DT Investment Partners LLC purchased a new position in The Hartford Financial Services Group in the third quarter valued at about $26,000. Quest Partners LLC increased its holdings in The Hartford Financial Services Group by 2,750.0% in the second 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 purchased a new position in The Hartford Financial Services Group in the second quarter valued at about $30,000. Finally, Family Firm Inc. purchased a new position in The Hartford Financial Services Group in the second quarter valued at about $31,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Financial Services Group Stock Performance

Shares of HIG stock opened at $120.47 on Friday. 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 has a fifty day moving average price of $116.06 and a 200 day moving average price of $106.71. The company has a market cap of $35.63 billion, a P/E ratio of 13.69, a PEG ratio of 0.96 and a beta of 0.93. The Hartford Financial Services Group has a 12 month low of $68.92 and a 12 month high of $123.23.

The Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, July 25th. The insurance provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate 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 company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Sell-side analysts predict that The Hartford Financial Services Group will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group declared that its board has initiated a stock repurchase program on Thursday, July 25th that permits the company to buyback $3.30 billion in shares. This buyback authorization permits the insurance provider to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

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.