The Hartford Financial Services Group (NYSE:HIG) Hits New 52-Week High After Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG)’s share price reached a new 52-week high on Tuesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $132.09 and last traded at $131.66, with a volume of 1205054 shares traded. The stock had previously closed at $131.12.

A number of other research firms have also weighed in on HIG. Keefe, Bruyette & Woods cut their price objective on The Hartford Financial Services Group from $140.00 to $133.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler upped their price objective on The Hartford Financial Services Group from $130.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 1st. Raymond James upped their price objective on The Hartford Financial Services Group from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, March 31st. Jefferies Financial Group dropped their target price on The Hartford Financial Services Group from $118.00 to $117.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Wells Fargo & Company dropped their target price on The Hartford Financial Services Group from $126.00 to $125.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $129.71.

Insider Buying and Selling at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Robert W. Paiano sold 13,138 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total value of $1,539,773.60. Following the completion of the transaction, the executive vice president now owns 31,678 shares in the company, valued at $3,712,661.60. This represents a 29.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Allison G. Niderno sold 1,086 shares of the company’s stock in a transaction on Monday, April 28th. The shares were sold at an average price of $119.42, for a total transaction of $129,690.12. Following the completion of the transaction, the senior vice president now owns 622 shares of the company’s stock, valued at $74,279.24. This represents a 63.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,429 shares of company stock worth $13,618,028 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On The Hartford Financial Services Group

Large investors have recently bought and sold shares of the stock. Park Square Financial Group LLC boosted its stake in shares of The Hartford Financial Services Group by 146.2% during the first quarter. Park Square Financial Group LLC now owns 261 shares of the insurance provider’s stock worth $32,000 after buying an additional 155 shares during the period. Center for Financial Planning Inc. acquired a new stake in shares of The Hartford Financial Services Group during the first quarter worth about $33,000. Meeder Asset Management Inc. boosted its stake in shares of The Hartford Financial Services Group by 123.8% during the first quarter. Meeder Asset Management Inc. now owns 291 shares of the insurance provider’s stock worth $36,000 after buying an additional 161 shares during the period. Barrett & Company Inc. lifted its position in The Hartford Financial Services Group by 46.5% in the fourth quarter. Barrett & Company Inc. now owns 293 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 93 shares during the period. Finally, Spurstone Advisory Services LLC acquired a new stake in The Hartford Financial Services Group in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market cap of $36.84 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 1.12 and a beta of 0.70. The stock’s 50-day moving average is $121.48 and its 200 day moving average is $116.66.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, April 24th. The insurance provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.05. The Hartford Financial Services Group had a net margin of 11.72% and a return on equity of 19.55%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.97 billion. During the same quarter last year, the firm earned $2.34 earnings per share. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Monday, June 2nd will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.60%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 20.74%.

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.