The Hartford Financial Services Group (NYSE:HIG) Announces Earnings Results

The Hartford Financial Services Group (NYSE:HIG) posted its earnings results on Thursday. The insurance provider reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.04, reports. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.62 billion.

The Hartford Financial Services Group Stock Down 6.8 %

HIG stock opened at $112.26 on Friday. The stock has a 50-day simple moving average of $116.31 and a two-hundred day simple moving average of $106.93. The Hartford Financial Services Group has a twelve month low of $68.92 and a twelve month high of $123.23. The firm has a market capitalization of $33.20 billion, a PE ratio of 12.76, a PEG ratio of 0.99 and a beta of 0.93. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.28.

The Hartford Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 2nd will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.85%. This is a positive change from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, December 2nd. The Hartford Financial Services Group’s payout ratio is presently 23.64%.

Analyst Ratings Changes

HIG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday. Barclays started coverage on The Hartford Financial Services Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective on The Hartford Financial Services Group from $120.00 to $133.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Piper Sandler raised their target price on The Hartford Financial Services Group from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Bank of America boosted their price target on shares of The Hartford Financial Services Group from $121.00 to $124.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Ten investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $120.76.

Hedge Funds Weigh In On The Hartford Financial Services Group

A number of large investors have recently modified their holdings of the company. Concurrent Investment Advisors LLC bought a new stake in The Hartford Financial Services Group during the 2nd quarter worth approximately $213,000. BNP Paribas Financial Markets grew its position in shares of The Hartford Financial Services Group by 27.1% during the 1st quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after purchasing an additional 97,465 shares in the last quarter. Sei Investments Co. increased its holdings in shares of The Hartford Financial Services Group by 5.6% in the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock worth $23,629,000 after purchasing an additional 12,067 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in shares of The Hartford Financial Services Group by 27.6% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 221,896 shares of the insurance provider’s stock worth $22,309,000 after buying an additional 48,004 shares in the last quarter. Finally, SteelPeak Wealth LLC boosted its stake in The Hartford Financial Services Group by 65.5% during the first quarter. SteelPeak Wealth LLC now owns 34,626 shares of the insurance provider’s stock valued at $3,584,000 after buying an additional 13,710 shares during the period. 93.42% of the stock is currently owned by institutional investors.

The Hartford Financial Services Group declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.30 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.