The Hartford Financial Services Group (NYSE:HIG) Hits New 52-Week High After Analyst Upgrade

The Hartford Financial Services Group, Inc. (NYSE:HIG) reached a new 52-week high during mid-day trading on Wednesday after Piper Sandler raised their price target on the stock from $130.00 to $145.00. Piper Sandler currently has an overweight rating on the stock. The Hartford Financial Services Group traded as high as $125.08 and last traded at $124.98, with a volume of 1345988 shares trading hands. The stock had previously closed at $124.39.

HIG has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price objective on shares of The Hartford Financial Services Group from $139.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 5th. Barclays raised shares of The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $130.00 to $135.00 in a report on Monday, January 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $125.00 price objective on shares of The Hartford Financial Services Group in a research note on Monday, February 3rd. Wells Fargo & Company cut their target price on shares of The Hartford Financial Services Group from $130.00 to $126.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Finally, Raymond James raised their target price on shares of The Hartford Financial Services Group from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Monday. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $124.61.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, CEO Christopher Swift sold 98,061 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $120.39, for a total value of $11,805,563.79. Following the completion of the transaction, the chief executive officer now directly owns 211,082 shares in the company, valued at approximately $25,412,161.98. This represents a 31.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Robert W. Paiano sold 13,138 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $117.20, for a total transaction of $1,539,773.60. Following the transaction, the executive vice president now directly owns 31,678 shares in the company, valued at approximately $3,712,661.60. This represents a 29.32 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in HIG. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of The Hartford Financial Services Group by 3,342.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 241 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 234 shares during the period. Barrett & Company Inc. lifted its holdings in shares of The Hartford Financial Services Group by 46.5% in the fourth quarter. Barrett & Company Inc. now owns 293 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 93 shares in the last quarter. Spurstone Advisory Services LLC purchased a new position in The Hartford Financial Services Group during the 4th quarter valued at about $33,000. Itau Unibanco Holding S.A. acquired a new position in The Hartford Financial Services Group in the 4th quarter valued at approximately $35,000. Finally, DT Investment Partners LLC raised its holdings in shares of The Hartford Financial Services Group by 49.8% during the fourth quarter. DT Investment Partners LLC now owns 331 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 110 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Stock Up 0.5 %

The stock has a market cap of $35.67 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.12 and a beta of 0.91. The business has a fifty day moving average of $116.00 and a 200 day moving average of $115.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.32 and a quick ratio of 0.32.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.26. The Hartford Financial Services Group had a net margin of 11.72% and a return on equity of 19.55%. On average, equities analysts predict that The Hartford Financial Services Group, Inc. will post 11.11 earnings per share for the current year.

The Hartford Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Monday, March 3rd will be paid a $0.52 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.66%. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 20.10%.

The Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.