Hartford Financial Services Group (HIG) Raised to “Buy” at Janney Montgomery Scott

Hartford Financial Services Group (NYSE:HIG) was upgraded by Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, The Fly reports.

Several other research analysts also recently commented on HIG. Credit Suisse Group started coverage on shares of Hartford Financial Services Group in a research note on Tuesday, August 7th. They set a “neutral” rating and a $57.00 price target on the stock. B. Riley lifted their price target on shares of Hartford Financial Services Group from $52.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 7th. Zacks Investment Research raised shares of Hartford Financial Services Group from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Monday, August 27th. Sandler O’Neill started coverage on shares of Hartford Financial Services Group in a research note on Monday, September 10th. They set a “buy” rating and a $60.00 price target on the stock. Finally, Bank of America raised shares of Hartford Financial Services Group from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, October 9th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $57.23.

HIG stock opened at $43.76 on Tuesday. The company has a market cap of $15.85 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92. Hartford Financial Services Group has a one year low of $43.31 and a one year high of $59.20. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.33.

Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, October 25th. The insurance provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.04 by $0.11. The firm had revenue of $4.80 billion for the quarter. Hartford Financial Services Group had a negative net margin of 11.09% and a positive return on equity of 12.20%. On average, analysts anticipate that Hartford Financial Services Group will post 4.65 EPS for the current year.

In related news, EVP David C. Robinson sold 2,395 shares of Hartford Financial Services Group stock in a transaction on Wednesday, October 31st. The shares were sold at an average price of $45.62, for a total value of $109,259.90. Following the transaction, the executive vice president now directly owns 19,003 shares of the company’s stock, valued at $866,916.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Treasurer State of Michigan increased its stake in shares of Hartford Financial Services Group by 1.0% in the second quarter. State Treasurer State of Michigan now owns 106,075 shares of the insurance provider’s stock worth $5,424,000 after buying an additional 1,000 shares during the period. CIBC Asset Management Inc increased its position in Hartford Financial Services Group by 2.9% during the 2nd quarter. CIBC Asset Management Inc now owns 35,491 shares of the insurance provider’s stock valued at $1,815,000 after purchasing an additional 1,010 shares during the period. CIBC World Markets Inc. increased its position in Hartford Financial Services Group by 9.8% during the 2nd quarter. CIBC World Markets Inc. now owns 11,374 shares of the insurance provider’s stock valued at $582,000 after purchasing an additional 1,011 shares during the period. Advisors Capital Management LLC increased its position in Hartford Financial Services Group by 1.9% during the 3rd quarter. Advisors Capital Management LLC now owns 59,035 shares of the insurance provider’s stock valued at $2,949,000 after purchasing an additional 1,090 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in Hartford Financial Services Group by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 27,632 shares of the insurance provider’s stock valued at $1,413,000 after purchasing an additional 1,102 shares during the period. 89.39% 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. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

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