Hartford Financial Services Group (HIG) Receives Hold Rating from Wells Fargo & Co

Wells Fargo & Co reissued their hold rating on shares of Hartford Financial Services Group (NYSE:HIG) in a research report sent to investors on Thursday morning. They currently have a $53.00 price target on the insurance provider’s stock.

“We are not changing our EPS estimates at this time. HIG should preview its fire losses during a conference presentation next week (on 12/5). We expect the shares to not be significantly impacted by the meetings. Our sense is investors are more interested in The Hartford due to its lower valuation but are looking for a catalyst. We see the first catalyst as being either the company points to improved comp trends on its Q4 earnings call in February, or most likely when capital return becomes part of the story in H2 2019. We continue to have a Market Perform rating on the shares.”,” the firm’s analyst commented.

Other equities analysts have also recently issued reports about the stock. Credit Suisse Group began coverage on shares of Hartford Financial Services Group in a research report on Tuesday, August 7th. They issued a neutral rating and a $57.00 target price for the company. Sandler O’Neill began coverage on shares of Hartford Financial Services Group in a research report on Monday, September 10th. They issued a buy rating and a $60.00 target price for the company. Zacks Investment Research upgraded shares of Hartford Financial Services Group from a hold rating to a buy rating and set a $56.00 target price for the company in a research report on Monday, August 27th. B. Riley boosted their target price on shares of Hartford Financial Services Group from $52.00 to $55.00 and gave the company a neutral rating in a research report on Tuesday, August 7th. Finally, 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 for the company in a research report on Tuesday, October 9th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $57.23.

Shares of NYSE:HIG opened at $44.19 on Thursday. The company has a market capitalization of $15.85 billion, a PE ratio of 16.13, a PEG ratio of 1.00 and a beta of 0.94. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.33. Hartford Financial Services Group has a 12 month low of $43.31 and a 12 month high of $59.20.

Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Thursday, October 25th. The insurance provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.04 by $0.11. The company had revenue of $4.80 billion during the quarter. Hartford Financial Services Group had a negative net margin of 11.09% and a positive return on equity of 12.20%. As a group, research analysts expect that Hartford Financial Services Group will post 4.65 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Monday, December 3rd will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Friday, November 30th. Hartford Financial Services Group’s dividend payout ratio is 43.80%.

In related news, EVP David C. Robinson sold 2,395 shares of the company’s stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $45.62, for a total transaction of $109,259.90. Following the completion of the transaction, the executive vice president now directly owns 19,003 shares in the company, valued at approximately $866,916.86. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Hartford Financial Services Group by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 37,098,691 shares of the insurance provider’s stock worth $1,853,451,000 after purchasing an additional 455,263 shares in the last quarter. Franklin Resources Inc. increased its position in Hartford Financial Services Group by 24.7% in the 3rd quarter. Franklin Resources Inc. now owns 16,176,288 shares of the insurance provider’s stock valued at $808,166,000 after acquiring an additional 3,207,962 shares during the period. FMR LLC increased its position in Hartford Financial Services Group by 1.8% in the 2nd quarter. FMR LLC now owns 10,496,071 shares of the insurance provider’s stock valued at $536,664,000 after acquiring an additional 184,389 shares during the period. Bank of New York Mellon Corp increased its position in Hartford Financial Services Group by 2.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,684,831 shares of the insurance provider’s stock valued at $333,975,000 after acquiring an additional 189,017 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Hartford Financial Services Group by 8.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,543,885 shares of the insurance provider’s stock valued at $227,000,000 after acquiring an additional 335,433 shares during the period. Institutional investors and hedge funds own 89.36% of the company’s stock.

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. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

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