Piper Sandler Boosts The Hartford Financial Services Group (NYSE:HIG) Price Target to $125.00

The Hartford Financial Services Group (NYSE:HIG) had its price objective lifted by Piper Sandler from $112.00 to $125.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Piper Sandler’s price objective points to a potential upside of 14.02% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Evercore ISI increased their price target on The Hartford Financial Services Group from $96.00 to $104.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Bank of America reduced their price target on The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Citigroup lowered shares of The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $116.00 to $114.00 in a report on Friday, June 28th. The Goldman Sachs Group boosted their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Roth Mkm raised their price target on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $109.53.

The Hartford Financial Services Group Stock Performance

The Hartford Financial Services Group stock remained flat at $109.63 during trading hours on Monday. 136,669 shares of the company’s stock were exchanged, compared to its average volume of 1,659,460. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group has a 12-month low of $68.82 and a 12-month high of $110.62. The company has a market cap of $32.12 billion, a P/E ratio of 12.46, a P/E/G ratio of 0.91 and a beta of 0.93. The stock has a fifty day moving average price of $101.55 and a 200 day moving average price of $97.59.

The Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings data on Thursday, July 25th. The insurance provider reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $1.88 earnings per share. On average, analysts expect that The Hartford Financial Services Group will post 9.86 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares of the company’s stock, valued at approximately $1,503,582.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $101.47, for a total value of $414,809.36. Following the transaction, the executive vice president now owns 14,818 shares in the company, valued at $1,503,582.46. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan R. Bennett sold 18,335 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $100.78, for a total value of $1,847,801.30. Following the transaction, the executive vice president now directly owns 25,643 shares in the company, valued at $2,584,301.54. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,499 shares of company stock worth $9,449,309. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of The Hartford Financial Services Group

Several institutional investors and hedge funds have recently modified their holdings of HIG. BNP Paribas Financial Markets increased its position in shares of The Hartford Financial Services Group by 27.1% during the first quarter. BNP Paribas Financial Markets now owns 456,799 shares of the insurance provider’s stock valued at $47,073,000 after acquiring an additional 97,465 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in shares of The Hartford Financial Services Group by 378.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 16,725 shares of the insurance provider’s stock worth $1,724,000 after buying an additional 13,232 shares during the last quarter. Sei Investments Co. grew its position in The Hartford Financial Services Group by 5.6% during the first quarter. Sei Investments Co. now owns 229,305 shares of the insurance provider’s stock valued at $23,629,000 after buying an additional 12,067 shares during the period. Stifel Financial Corp increased its holdings in The Hartford Financial Services Group by 14.2% during the fourth quarter. Stifel Financial Corp now owns 261,995 shares of the insurance provider’s stock worth $21,059,000 after buying an additional 32,534 shares during the last quarter. Finally, SteelPeak Wealth LLC raised its holdings in The Hartford Financial Services Group by 65.5% during the 1st quarter. SteelPeak Wealth LLC now owns 34,626 shares of the insurance provider’s stock valued at $3,584,000 after acquiring an additional 13,710 shares during the period. 93.42% of the stock is owned by hedge funds and other institutional investors.

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.