The Hartford Financial Services Group (NYSE:HIG) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

The Hartford Financial Services Group (NYSE:HIG) had its price objective lifted by Keefe, Bruyette & Woods from $133.00 to $135.00 in a report issued on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the insurance provider’s stock.

HIG has been the subject of a number of other reports. Piper Sandler upped their price target on shares of The Hartford Financial Services Group from $112.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. upped their target price on shares of The Hartford Financial Services Group from $122.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Wells Fargo & Company raised their price target on The Hartford Financial Services Group from $122.00 to $134.00 and gave the company an “overweight” rating in a report on Tuesday, September 17th. UBS Group upped their price objective on The Hartford Financial Services Group from $134.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Finally, Jefferies Financial Group lifted their target price on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.88.

The Hartford Financial Services Group Stock Down 2.0 %

HIG stock opened at $110.46 on Tuesday. The business’s 50-day moving average price is $116.38 and its 200-day moving average price is $107.26. The stock has a market cap of $32.02 billion, a P/E ratio of 11.07, 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 has a twelve month low of $72.46 and a twelve month high of $123.23.

The Hartford Financial Services Group declared that its Board of Directors has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in shares. This repurchase authorization allows the insurance provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

The Hartford Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 2nd will be paid a $0.52 dividend. This is a boost from The Hartford Financial Services Group’s previous quarterly dividend of $0.47. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Monday, December 2nd. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 20.84%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DT Investment Partners LLC purchased a new stake in The Hartford Financial Services Group during the third quarter valued at approximately $26,000. New Covenant Trust Company N.A. purchased a new stake in The Hartford Financial Services Group during the 1st quarter valued at $26,000. Clean Yield Group bought a new stake in The Hartford Financial Services Group in the third quarter worth $33,000. Quest Partners LLC boosted its stake in The Hartford Financial Services Group by 2,750.0% during the second quarter. Quest Partners LLC now owns 285 shares of the insurance provider’s stock worth $29,000 after buying an additional 275 shares during the period. Finally, Bank & Trust Co purchased a new position in The Hartford Financial Services Group during the second quarter worth $30,000. Hedge funds and other institutional investors own 93.42% of the company’s stock.

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.