Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $70.00

Hartford Financial Services Group (NYSE:HIG) had its price objective increased by Royal Bank of Canada from $68.00 to $70.00 in a research report sent to investors on Wednesday morning, AnalystRatings.com reports. Royal Bank of Canada currently has an outperform rating on the insurance provider’s stock.

Several other brokerages have also recently issued reports on HIG. Barclays set a $70.00 target price on shares of Hartford Financial Services Group and gave the stock a buy rating in a report on Monday, August 12th. Buckingham Research raised their target price on shares of Hartford Financial Services Group from $60.00 to $63.00 and gave the stock a buy rating in a report on Friday, July 19th. UBS Group raised their target price on shares of Hartford Financial Services Group from $61.00 to $65.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Evercore ISI upgraded shares of Hartford Financial Services Group from an in-line rating to an outperform rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley lifted their price target on shares of Hartford Financial Services Group from $58.00 to $61.00 and gave the stock an equal weight rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Hartford Financial Services Group has an average rating of Buy and an average target price of $63.92.

Shares of NYSE:HIG traded up $0.09 during trading on Wednesday, reaching $61.09. 2,090,048 shares of the stock traded hands, compared to its average volume of 2,033,708. The stock has a 50-day moving average of $58.92 and a two-hundred day moving average of $56.76. Hartford Financial Services Group has a 52-week low of $40.54 and a 52-week high of $61.63. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.28 and a current ratio of 0.29. The stock has a market cap of $21.84 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 1.18 and a beta of 0.62.

Hartford Financial Services Group (NYSE:HIG) last issued its earnings results on Monday, November 4th. The insurance provider reported $1.50 earnings per share (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 company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter last year, the company posted $1.15 earnings per share. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. Sell-side analysts expect that Hartford Financial Services Group will post 5.47 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.30 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 1.96%. Hartford Financial Services Group’s dividend payout ratio is currently 27.71%.

In other Hartford Financial Services Group news, CFO Beth Ann Costello sold 5,000 shares of Hartford Financial Services Group stock in a transaction on Monday, November 4th. The shares were sold at an average price of $57.70, for a total value of $288,500.00. Following the sale, the chief financial officer now directly owns 46,245 shares in the company, valued at approximately $2,668,336.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David C. Robinson sold 4,856 shares of Hartford Financial Services Group stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $56.86, for a total transaction of $276,112.16. Following the completion of the transaction, the executive vice president now directly owns 17,184 shares of the company’s stock, valued at $977,082.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,837 shares of company stock worth $4,273,875. 1.70% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of HIG. Prime Capital Investment Advisors LLC acquired a new position in Hartford Financial Services Group during the 3rd quarter valued at approximately $25,000. Venturi Wealth Management LLC acquired a new position in shares of Hartford Financial Services Group in the 3rd quarter valued at $28,000. Virtus ETF Advisers LLC acquired a new position in shares of Hartford Financial Services Group in the 2nd quarter valued at $26,000. NuWave Investment Management LLC increased its holdings in shares of Hartford Financial Services Group by 950.0% in the 2nd quarter. NuWave Investment Management LLC now owns 504 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 456 shares during the period. Finally, Rational Advisors LLC increased its holdings in shares of Hartford Financial Services Group by 950.0% in the 2nd quarter. Rational Advisors LLC now owns 504 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 456 shares during the period. Institutional investors and hedge funds own 91.62% 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. 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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