The Hartford Financial Services Group (NYSE:HIG) Releases Quarterly Earnings Results, Beats Estimates By $0.26 EPS

The Hartford Financial Services Group (NYSE:HIG) announced its quarterly earnings results on Thursday. The insurance provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.24 by $0.26, Briefing.com reports. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.52%. The company had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis.

The Hartford Financial Services Group Price Performance

Shares of HIG traded up $7.30 during mid-day trading on Friday, reaching $109.63. The company had a trading volume of 2,870,720 shares, compared to its average volume of 1,418,687. The company’s 50 day simple moving average is $101.55 and its 200 day simple moving average is $97.49. The Hartford Financial Services Group has a 1-year low of $68.82 and a 1-year high of $109.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $32.42 billion, a price-to-earnings ratio of 12.46, a P/E/G ratio of 0.91 and a beta of 0.93.

The Hartford Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $1.88 annualized dividend and a dividend yield of 1.71%. The Hartford Financial Services Group’s dividend payout ratio is currently 21.36%.

Insider Activity

In other news, EVP Michael R. Fisher sold 4,088 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total value of $414,809.36. Following the sale, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Michael R. Fisher sold 4,088 shares of The Hartford Financial Services Group stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the sale, the executive vice president now directly owns 14,818 shares in the company, valued at approximately $1,503,582.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Beth Ann Costello sold 72,076 shares of The Hartford Financial Services Group stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the sale, the chief financial officer now owns 69,169 shares in the company, valued at $6,896,840.99. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,499 shares of company stock worth $9,449,309. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on HIG shares. Keefe, Bruyette & Woods upped their price objective on shares of The Hartford Financial Services Group from $114.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. TD Cowen increased their price objective on The Hartford Financial Services Group to $144.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Morgan Stanley decreased their price target on The Hartford Financial Services Group from $109.00 to $107.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Bank of America dropped their price objective on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Finally, Roth Mkm upped their target price on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $107.50.

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

About The Hartford Financial Services Group

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.