Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $61.00 at Morgan Stanley

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Hartford Financial Services Group (NYSE:HIG) had its target price raised by Morgan Stanley from $58.00 to $61.00 in a report issued on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

HIG has been the subject of a number of other reports. Wells Fargo & Co reissued a hold rating and issued a $56.00 price target on shares of Hartford Financial Services Group in a report on Thursday, May 2nd. Buckingham Research increased their price target on shares of Hartford Financial Services Group from $60.00 to $63.00 and gave the company a buy rating in a report on Friday, July 19th. Zacks Investment Research downgraded shares of Hartford Financial Services Group from a buy rating to a hold rating in a report on Monday, May 20th. B. Riley increased their price target on shares of Hartford Financial Services Group from $66.00 to $69.00 and gave the company a buy rating in a report on Wednesday, June 26th. Finally, Royal Bank of Canada increased their price target on shares of Hartford Financial Services Group to $68.00 and gave the company an outperform rating in a report on Monday, August 5th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of Buy and an average price target of $61.92.

Shares of Hartford Financial Services Group stock opened at $58.47 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.28 and a quick ratio of 0.28. Hartford Financial Services Group has a fifty-two week low of $40.54 and a fifty-two week high of $59.17. The firm has a fifty day moving average price of $57.39 and a two-hundred day moving average price of $52.67. The company has a market cap of $20.93 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 1.16 and a beta of 0.67.

Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, August 1st. The insurance provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.22. Hartford Financial Services Group had a net margin of 8.36% and a return on equity of 12.44%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the firm earned $1.13 EPS. The business’s revenue was up 6.3% on a year-over-year basis. Analysts expect that Hartford Financial Services Group will post 5.24 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, August 30th. Hartford Financial Services Group’s dividend payout ratio is 27.71%.

In other news, insider William A. Bloom sold 7,927 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $54.48, for a total value of $431,862.96. Following the completion of the transaction, the insider now owns 23,440 shares in the company, valued at approximately $1,277,011.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Beth Ann Costello sold 5,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $57.19, for a total transaction of $285,950.00. Following the completion of the transaction, the chief financial officer now owns 51,245 shares of the company’s stock, valued at approximately $2,930,701.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,959 shares of company stock valued at $5,805,656. Corporate insiders own 1.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Virtus ETF Advisers LLC acquired a new stake in shares of Hartford Financial Services Group during the 2nd quarter worth about $26,000. NuWave Investment Management LLC increased its position in shares of Hartford Financial Services Group by 950.0% during the 2nd quarter. NuWave Investment Management LLC now owns 504 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 456 shares in the last quarter. Rational Advisors LLC increased its position in shares of Hartford Financial Services Group by 950.0% during the 2nd quarter. Rational Advisors LLC now owns 504 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 456 shares in the last quarter. Harvest Group Wealth Management LLC acquired a new stake in shares of Hartford Financial Services Group during the 1st quarter worth about $33,000. Finally, Icon Wealth Partners LLC acquired a new stake in shares of Hartford Financial Services Group during the 1st quarter worth about $33,000. Institutional investors and hedge funds own 91.68% 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. 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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Analyst Recommendations for Hartford Financial Services Group (NYSE:HIG)

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