The Hartford Insurance Group (NYSE:HIG) Stock Gets Price Target Reduction from Wells Fargo & Company

Key Points

• Wells Fargo lowered its price target for The Hartford Insurance Group from $164 to $158 while maintaining an “overweight” rating, implying approximately 21.2% upside from the reported share price.
• Analyst sentiment remains mixed: MarketBeat reports an overall “Hold” consensus, with an average price target of $145.69 based on one Strong Buy, five Buy, and twelve Hold ratings.
• HIG shares rose 1% to $130.36, while the company’s latest quarterly results exceeded expectations with $3.42 in EPS and $7.26 billion in revenue; institutional investors own 93.42% of the stock.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) had its price objective lowered by research analysts at Wells Fargo & Company from $164.00 to $158.00 in a research note issued on Monday, Benzinga reports. The firm presently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's price target suggests a potential upside of 21.20% from the stock's current price.

Several other research analysts also recently issued reports on HIG. Zacks Research upgraded shares of The Hartford Insurance Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Royal Bank Of Canada increased their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company a "sector perform" rating in a research note on Monday, July 27th. Truist Financial began coverage on The Hartford Insurance Group in a report on Monday. They issued a "hold" rating and a $137.00 target price for the company. Morgan Stanley decreased their price target on The Hartford Insurance Group from $145.00 to $135.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods boosted their price target on The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $145.69.

The Hartford Insurance Group Trading Up 1.0%

The Hartford Insurance Group stock traded up $1.25 during mid-day trading on Monday, reaching $130.36. 160,512 shares of the company traded hands, compared to its average volume of 1,622,255. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The Hartford Insurance Group has a 52-week low of $120.33 and a 52-week high of $146.07. The firm has a market capitalization of $35.31 billion, a price-to-earnings ratio of 8.44, a P/E/G ratio of 2.13 and a beta of 0.49. The firm's 50 day moving average price is $134.76 and its 200 day moving average price is $135.06.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 EPS for the quarter, beating analysts' consensus estimates of $3.16 by $0.26. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%. The company had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. During the same quarter last year, the business posted $3.41 EPS. The firm's revenue for the quarter was up 8.1% compared to the same quarter last year. On average, analysts anticipate that The Hartford Insurance Group will post 12.85 earnings per share for the current fiscal year.

Institutional Trading of The Hartford Insurance Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in The Hartford Insurance Group in the 2nd quarter valued at about $4,067,052,000. Dimensional Fund Advisors LP increased its position in shares of The Hartford Insurance Group by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 4,699,459 shares of the insurance provider's stock worth $635,490,000 after acquiring an additional 72,448 shares during the period. Bank of America Corp DE raised its stake in shares of The Hartford Insurance Group by 2.1% during the first quarter. Bank of America Corp DE now owns 3,831,622 shares of the insurance provider's stock valued at $518,150,000 after acquiring an additional 79,827 shares in the last quarter. First Trust Advisors LP raised its stake in shares of The Hartford Insurance Group by 5.8% during the first quarter. First Trust Advisors LP now owns 3,461,607 shares of the insurance provider's stock valued at $468,113,000 after acquiring an additional 189,916 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of The Hartford Insurance Group in the second quarter valued at approximately $346,877,000. 93.42% of the stock is owned by hedge funds and other institutional investors.

The Hartford Insurance Group Company Profile

The Hartford Financial Services Group, Inc, commonly known as The Hartford, is an insurance and financial services company headquartered in Hartford, Connecticut. Founded in 1810, the company provides insurance products and related services to businesses, individuals and institutional customers primarily in the United States.

The Hartford's main business includes commercial property and casualty insurance, workers' compensation, liability coverage, commercial auto insurance and other products for businesses of various sizes.

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