Hartford Financial Services Group (HIG) Price Target Lowered to $56.00 at Wells Fargo & Co

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Hartford Financial Services Group (NYSE:HIG) had its price objective cut by Wells Fargo & Co from $58.00 to $56.00 in a report released on Tuesday morning. They currently have a market perform rating on the insurance provider’s stock.

HIG has been the topic of several other reports. Zacks Investment Research lowered shares of Hartford Financial Services Group from a buy rating to a hold rating in a research report on Wednesday, September 5th. ValuEngine lowered shares of Hartford Financial Services Group from a hold rating to a sell rating in a research report on Thursday, August 2nd. Bank of America upgraded shares of Hartford Financial Services Group from a neutral rating to a buy rating and set a $59.00 target price on the stock in a report on Tuesday. They noted that the move was a valuation call. B. Riley upgraded shares of Hartford Financial Services Group from a neutral rating to a buy rating and upped their target price for the company from $55.00 to $60.00 in a report on Monday, September 24th. Finally, TheStreet upgraded shares of Hartford Financial Services Group from a c rating to a b rating in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $58.73.

Hartford Financial Services Group stock opened at $46.79 on Tuesday. Hartford Financial Services Group has a 52 week low of $45.96 and a 52 week high of $59.20. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $17.91 billion, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 1.11 and a beta of 0.93.

Hartford Financial Services Group (NYSE:HIG) last released its quarterly earnings data on Thursday, July 26th. The insurance provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.02 by $0.11. Hartford Financial Services Group had a negative net margin of 12.24% and a positive return on equity of 9.84%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. Analysts forecast that Hartford Financial Services Group will post 4.76 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Tuesday, September 4th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.56%. This is a positive change from Hartford Financial Services Group’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, August 31st. Hartford Financial Services Group’s dividend payout ratio is 43.80%.

In other news, CFO Beth Ann Bombara sold 23,906 shares of the stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $52.63, for a total transaction of $1,258,172.78. Following the transaction, the chief financial officer now directly owns 52,291 shares in the company, valued at approximately $2,752,075.33. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David C. Robinson sold 2,395 shares of the stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $52.88, for a total transaction of $126,647.60. Following the transaction, the executive vice president now owns 21,398 shares in the company, valued at $1,131,526.24. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Hartford Financial Services Group by 8,566.7% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,080 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 2,056 shares during the period. First Mercantile Trust Co. purchased a new position in shares of Hartford Financial Services Group during the 2nd quarter worth about $133,000. Hartford Financial Management Inc. purchased a new position in shares of Hartford Financial Services Group during the 2nd quarter worth about $143,000. BTIM Corp. purchased a new position in shares of Hartford Financial Services Group during the 2nd quarter worth about $211,000. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Hartford Financial Services Group during the 2nd quarter worth about $215,000. Institutional investors and hedge funds own 89.47% of the company’s stock.

Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

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Analyst Recommendations for Hartford Financial Services Group (NYSE:HIG)

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