Truist Financial Initiates Coverage on The Hartford Insurance Group (NYSE:HIG)

Key Points

• Truist Financial initiated coverage of The Hartford Insurance Group with a “hold” rating and a $137 price target, implying approximately 6.23% upside from the stock’s current price.
• Analyst sentiment remains mixed but leans neutral: HIG has an average “Hold” rating and a consensus price target of $146.06 from 18 analysts.
• The stock opened at $128.97, while the company’s latest quarterly results exceeded expectations, with EPS of $3.42 versus a $3.16 estimate and revenue increasing 8.1% year over year to $7.26 billion.

Equities research analysts at Truist Financial assumed coverage on shares of The Hartford Insurance Group (NYSE:HIG - Get Free Report) in a report issued on Monday, Benzinga reports. The brokerage set a "hold" rating and a $137.00 price target on the insurance provider's stock. Truist Financial's price objective points to a potential upside of 6.23% from the stock's current price.

Several other analysts have also commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of The Hartford Insurance Group from $143.00 to $144.00 and gave the company a "market perform" rating in a research report on Tuesday, July 28th. Wells Fargo & Company decreased their price objective on shares of The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, July 27th. Cantor Fitzgerald upped their price objective on shares of The Hartford Insurance Group from $144.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. UBS Group lowered their target price on shares of The Hartford Insurance Group from $155.00 to $149.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. Finally, Morgan Stanley dropped their target price on The Hartford Insurance Group from $145.00 to $135.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $146.06.

The Hartford Insurance Group Trading Down 0.1%

The Hartford Insurance Group stock opened at $128.97 on Monday. The firm has a market cap of $34.93 billion, a PE ratio of 8.34, a P/E/G ratio of 2.13 and a beta of 0.49. The Hartford Insurance Group has a 12 month low of $120.33 and a 12 month high of $146.07. The stock's 50 day simple moving average is $134.76 and its two-hundred day simple moving average is $135.06. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.23.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $7.26 billion during the quarter, compared to analyst estimates of $7.17 billion. During the same period in the previous year, the firm earned $3.41 EPS. The business's quarterly revenue was up 8.1% on a year-over-year basis. Analysts anticipate that The Hartford Insurance Group will post 12.85 earnings per share for the current year.

Institutional Investors Weigh In On The Hartford Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in HIG. BlackRock Inc. acquired a new stake in shares of The Hartford Insurance Group during the 2nd quarter worth about $4,067,052,000. Bank of America Corp DE purchased a new stake in The Hartford Insurance Group in the 2nd quarter valued at about $350,777,000. Legal & General Group Plc acquired a new position in The Hartford Insurance Group in the second quarter valued at about $346,877,000. Bank of New York Mellon Corp acquired a new position in The Hartford Insurance Group in the second quarter valued at about $337,907,000. Finally, Deutsche Bank AG purchased a new position in The Hartford Insurance Group during the second quarter worth about $145,575,000. Hedge funds and other institutional investors own 93.42% of the company's stock.

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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