Hartford Financial Services Group (HIG) Rating Increased 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 report report published on Wednesday morning.
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. “
A number of other brokerages have also weighed in on HIG. ValuEngine upgraded shares of Hartford Financial Services Group from a hold rating to a buy rating in a report on Friday, February 2nd. Wells Fargo & Co set a $55.00 price objective on shares of Hartford Financial Services Group and gave the stock a hold rating in a report on Monday, December 4th. Goldman Sachs Group began coverage on shares of Hartford Financial Services Group in a report on Monday, December 4th. They issued a neutral rating and a $59.00 price objective for the company. Citigroup began coverage on shares of Hartford Financial Services Group in a report on Wednesday, December 20th. They issued a neutral rating and a $59.00 price objective for the company. Finally, Barclays boosted their price objective on shares of Hartford Financial Services Group from $61.00 to $64.00 and gave the stock an overweight rating in a report on Monday, October 16th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $59.00.
Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, February 8th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.04. Hartford Financial Services Group had a negative net margin of 16.79% and a positive return on equity of 7.46%. The firm had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period last year, the business earned $1.08 earnings per share. The business’s revenue was up 14.1% on a year-over-year basis. sell-side analysts predict that Hartford Financial Services Group will post 4.38 EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of HIG. Principal Financial Group Inc. grew its position in Hartford Financial Services Group by 226.6% in the 3rd quarter. Principal Financial Group Inc. now owns 1,921,539 shares of the insurance provider’s stock worth $106,511,000 after purchasing an additional 1,333,127 shares during the period. Amundi Pioneer Asset Management Inc. grew its position in Hartford Financial Services Group by 31.7% in the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 4,202,001 shares of the insurance provider’s stock worth $232,917,000 after purchasing an additional 1,012,591 shares during the period. Janus Henderson Group PLC grew its position in Hartford Financial Services Group by 31.0% in the 3rd quarter. Janus Henderson Group PLC now owns 4,168,047 shares of the insurance provider’s stock worth $231,034,000 after purchasing an additional 986,139 shares during the period. Virtus Fund Advisers LLC grew its position in Hartford Financial Services Group by 120.8% in the 4th quarter. Virtus Fund Advisers LLC now owns 1,215,200 shares of the insurance provider’s stock worth $68,660,000 after purchasing an additional 664,900 shares during the period. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in Hartford Financial Services Group in the 3rd quarter worth approximately $31,242,000. 88.28% of the stock is owned by institutional investors and hedge funds.
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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