Hartford Financial Services Group (NYSE:HIG) PT Raised to $63.00

Hartford Financial Services Group (NYSE:HIG) had its price objective boosted by research analysts at Morgan Stanley from $61.00 to $63.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s target price suggests a potential upside of 3.13% from the company’s current price.

HIG has been the topic of several other reports. Wells Fargo & Co reaffirmed a “hold” rating and set a $58.00 price target on shares of Hartford Financial Services Group in a research report on Monday, November 4th. Buckingham Research upped their price target on shares of Hartford Financial Services Group from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Barclays set a $70.00 price target on shares of Hartford Financial Services Group and gave the stock a “buy” rating in a research report on Monday, August 12th. ValuEngine raised shares of Hartford Financial Services Group from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 5th. Finally, Evercore ISI raised shares of Hartford Financial Services Group from an “in-line” rating to an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $63.92.

HIG traded up $0.09 during trading hours on Friday, hitting $61.09. 2,090,048 shares of the company’s stock were exchanged, compared to its average volume of 2,033,708. Hartford Financial Services Group has a 1-year low of $40.54 and a 1-year high of $61.63. The stock’s 50-day moving average is $58.92 and its two-hundred day moving average is $56.76. The stock has a market cap of $21.84 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.18 and a beta of 0.62. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.28.

Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Monday, November 4th. The insurance provider reported $1.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.26. Hartford Financial Services Group had a net margin of 8.66% and a return on equity of 12.69%. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. The firm’s revenue was up 10.4% on a year-over-year basis. On average, equities research analysts anticipate that Hartford Financial Services Group will post 5.47 EPS for the current year.

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In other news, EVP William A. Bloom sold 7,926 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $60.71, for a total value of $481,187.46. Following the transaction, the executive vice president now directly owns 26,211 shares of the company’s stock, valued at $1,591,269.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert B. Allardice III sold 9,500 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $58.22, for a total transaction of $553,090.00. Following the completion of the transaction, the director now directly owns 21,684 shares in the company, valued at $1,262,442.48. The disclosure for this sale can be found here. Insiders have sold 71,837 shares of company stock worth $4,273,875 over the last ninety days. Insiders own 1.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of HIG. Pensionfund DSM Netherlands bought a new position in shares of Hartford Financial Services Group in the second quarter valued at about $2,452,000. Pensionfund Sabic bought a new position in shares of Hartford Financial Services Group in the second quarter valued at about $1,616,000. Crossmark Global Holdings Inc. raised its position in shares of Hartford Financial Services Group by 4.4% in the second quarter. Crossmark Global Holdings Inc. now owns 46,233 shares of the insurance provider’s stock valued at $2,576,000 after purchasing an additional 1,951 shares during the period. Retirement Systems of Alabama raised its position in shares of Hartford Financial Services Group by 0.7% in the second quarter. Retirement Systems of Alabama now owns 168,582 shares of the insurance provider’s stock valued at $9,393,000 after purchasing an additional 1,197 shares during the period. Finally, First Citizens Bank & Trust Co. bought a new position in shares of Hartford Financial Services Group in the second quarter valued at about $215,000. 91.62% of the stock is currently owned by institutional investors.

About Hartford Financial Services Group

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. Its Commercial Lines segment offers workers' compensation, property, automobile, marine, livestock, liability, and umbrella coverages; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages.

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