Hartford Financial Services Group (HIG) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Hartford Financial Services Group (NYSE:HIG) from a sell rating to a hold rating in a research note released on Wednesday.

According to Zacks, “Hartford Financial’s shares have outperformed the industry in a year's time. The company's strategic initiatives pave the way for long-term growth. Moreover, its investment results are impressive on the back of recent interest rate hikes. Its efficient capital management also remains a positive. However, being a property and casualty insurer, the company is severely exposed to catastrophic losses. Moreover, softness in Personal Lines and Talcott Resolution segment remains a major headwind. The company has been witnessing a continuous decline in revenues since 2013. The company expects its fourth quarter results (to be reported on Feb 8, after market close) to witness a reduction of nearly $850 million due to the recent tax cut. “

HIG has been the subject of several other research reports. Wells Fargo & Co set a $55.00 price target on Hartford Financial Services Group and gave the company a hold rating in a research note on Thursday, November 16th. Citigroup started coverage on Hartford Financial Services Group in a research note on Wednesday, December 20th. They issued a neutral rating and a $59.00 price target for the company. UBS Group lifted their price target on Hartford Financial Services Group from $60.00 to $62.00 and gave the company a buy rating in a research note on Wednesday, November 1st. ValuEngine upgraded Hartford Financial Services Group from a hold rating to a buy rating in a research note on Friday, February 2nd. Finally, Goldman Sachs Group started coverage on Hartford Financial Services Group in a research note on Monday, December 4th. They issued a neutral rating and a $59.00 price target for the company. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $59.00.

Hartford Financial Services Group (HIG) opened at $53.98 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.28. Hartford Financial Services Group has a 52 week low of $46.35 and a 52 week high of $59.20. The firm has a market capitalization of $19,027.38, a PE ratio of -6.11, a P/E/G ratio of 1.29 and a beta of 0.93.

Hartford Financial Services Group (NYSE:HIG) last announced its quarterly earnings results on Thursday, February 8th. The insurance provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.04. Hartford Financial Services Group had a positive return on equity of 7.46% and a negative net margin of 16.79%. The firm had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same quarter in the previous year, the business earned $1.08 EPS. Hartford Financial Services Group’s revenue for the quarter was up 14.1% compared to the same quarter last year. research analysts forecast that Hartford Financial Services Group will post 4.36 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the stock. Scotia Capital Inc. boosted its holdings in Hartford Financial Services Group by 0.3% in the 2nd quarter. Scotia Capital Inc. now owns 33,319 shares of the insurance provider’s stock worth $1,751,000 after buying an additional 102 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of Hartford Financial Services Group by 3.8% during the 2nd quarter. HighTower Advisors LLC now owns 23,992 shares of the insurance provider’s stock worth $1,260,000 after purchasing an additional 888 shares during the last quarter. ETRADE Capital Management LLC boosted its holdings in shares of Hartford Financial Services Group by 11.8% during the 3rd quarter. ETRADE Capital Management LLC now owns 8,567 shares of the insurance provider’s stock worth $475,000 after purchasing an additional 907 shares during the last quarter. First Manhattan Co. boosted its holdings in shares of Hartford Financial Services Group by 103.2% during the 4th quarter. First Manhattan Co. now owns 1,969 shares of the insurance provider’s stock worth $110,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its holdings in shares of Hartford Financial Services Group by 0.3% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 319,038 shares of the insurance provider’s stock worth $17,683,000 after purchasing an additional 1,027 shares during the last quarter. Institutional investors own 88.28% of the company’s stock.

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Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc is a holding company for insurance and financial services subsidiaries. The Company’s segments include Commercial Lines, which provides workers’ compensation, property, automobile, marine, livestock, liability and umbrella coverages primarily throughout the United States; Personal Lines, which provides automobile, homeowners and personal umbrella coverages to individuals across the United States; Group Benefits, which provides group life, accident and disability coverage, and other products and services; Property & Casualty Other Operations, which includes certain property and casualty operations; Mutual Funds, which provides investment management, administration, product distribution and related services to investors; Talcott Resolution, which consists of the run-off of the Company’s the United States individual and institutional annuity, and Private Placement Life Insurance (PPLI) businesses, and Corporate.

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