The Hartford Insurance Group (NYSE:HIG) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Key Points

• Cantor Fitzgerald raised The Hartford’s price target from $144 to $145 and maintained an “overweight” rating, implying 14.31% upside from the prior close.
• Analyst sentiment remains mixed, with six “buy” ratings and eleven “hold” ratings; the consensus rating is “Hold” with an average target price of $147.33.
• The Hartford exceeded quarterly expectations with $3.42 in EPS versus $3.16 forecast and revenue of $7.26 billion, up 8.1% year over year. Institutional investors own 93.42% of the company’s shares.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) had its price objective lifted by investment analysts at Cantor Fitzgerald from $144.00 to $145.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the insurance provider's stock. Cantor Fitzgerald's target price indicates a potential upside of 14.31% from the stock's previous close.

A number of other brokerages have also issued reports on HIG. Zacks Research raised The Hartford Insurance Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. JPMorgan Chase & Co. lifted their price objective on The Hartford Insurance Group from $149.00 to $152.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Morgan Stanley cut their price target on shares of The Hartford Insurance Group from $145.00 to $135.00 and set an "equal weight" rating on the stock in a research note on Tuesday. UBS Group lowered their price objective on shares of The Hartford Insurance Group from $155.00 to $149.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company dropped their price target on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a research note on Monday, July 27th. Six research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, The Hartford Insurance Group has an average rating of "Hold" and a consensus target price of $147.33.

The Hartford Insurance Group Price Performance

NYSE:HIG opened at $126.85 on Wednesday. The stock's fifty day moving average is $135.67 and its two-hundred day moving average is $135.16. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $34.36 billion, a P/E ratio of 8.20, a P/E/G ratio of 2.09 and a beta of 0.49. The Hartford Insurance Group has a 52 week low of $120.33 and a 52 week high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, beating analysts' consensus estimates of $3.16 by $0.26. The Hartford Insurance Group had a net margin of 15.00% and a return on equity of 21.66%. The business had revenue of $7.26 billion during the quarter, compared to analysts' expectations of $7.17 billion. During the same period last year, the business earned $3.41 earnings per share. The business's revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts expect that The Hartford Insurance Group will post 12.79 EPS for the current year.

Institutional Investors Weigh In On The Hartford Insurance Group

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in The Hartford Insurance Group in the second quarter valued at $4,067,052,000. Dimensional Fund Advisors LP boosted its position in shares of The Hartford Insurance Group by 1.6% during the 1st 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 in the last quarter. Bank of America Corp DE boosted its position in shares of The Hartford Insurance Group by 2.1% during the 1st quarter. Bank of America Corp DE now owns 3,831,622 shares of the insurance provider's stock worth $518,150,000 after acquiring an additional 79,827 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of The Hartford Insurance Group by 5.8% in the 1st 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 during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of The Hartford Insurance Group in the 2nd quarter valued at about $346,877,000. 93.42% of the stock is currently owned by institutional investors and hedge funds.

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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