Barclays Lowers The Hartford Insurance Group (NYSE:HIG) Price Target to $156.00

Key Points

• Barclays cut its price target on The Hartford to $156 (from $159) while maintaining an "overweight" rating, a target that implies roughly a 14% upside from the recent share price (~$136.70).
• The Hartford missed quarterly EPS expectations, reporting $3.09 vs. $3.39 expected, although revenue of $14.45 billion topped estimates.
• Insider activity was notable: insiders sold 349,282 shares (~$48.2 million) this quarter, including CEO Christopher Swift's sale of 100,970 shares; insiders now own about 1.5% of the company while institutions hold ~93.4%.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) had its price objective decreased by analysts at Barclays from $159.00 to $156.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the insurance provider's stock. Barclays's price target indicates a potential upside of 14.12% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Citigroup boosted their price target on The Hartford Insurance Group from $138.00 to $143.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 4th. Cantor Fitzgerald reduced their price objective on The Hartford Insurance Group from $165.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday, April 9th. Wells Fargo & Company lifted their price objective on shares of The Hartford Insurance Group from $156.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, April 9th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $149.00 target price (down from $163.00) on shares of The Hartford Insurance Group in a research report on Monday, March 30th. Finally, Bank of America lifted their target price on The Hartford Insurance Group from $136.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $149.38.

The Hartford Insurance Group Stock Performance

Shares of HIG stock traded down $2.91 on Friday, hitting $136.70. 1,090,033 shares of the stock were exchanged, compared to its average volume of 1,520,501. The firm's 50 day moving average is $137.79 and its two-hundred day moving average is $134.73. The Hartford Insurance Group has a one year low of $116.66 and a one year high of $144.50. The firm has a market capitalization of $37.71 billion, a PE ratio of 10.27, a P/E/G ratio of 1.29 and a beta of 0.53. 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 released its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $3.09 earnings per share for the quarter, missing the consensus estimate of $3.39 by ($0.30). The business had revenue of $14.45 billion during the quarter, compared to analysts' expectations of $7.41 billion. The Hartford Insurance Group had a net margin of 13.52% and a return on equity of 21.92%. The business's revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 EPS. Sell-side analysts expect that The Hartford Insurance Group will post 13.39 earnings per share for the current fiscal year.

Insider Activity

In other The Hartford Insurance Group news, CEO Christopher Swift sold 100,970 shares of the business's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $140.78, for a total transaction of $14,214,556.60. Following the sale, the chief executive officer owned 194,817 shares in the company, valued at approximately $27,426,337.26. The trade was a 34.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lori A. Rodden sold 40,693 shares of the business's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total value of $5,617,668.65. Following the sale, the executive vice president owned 25,392 shares in the company, valued at approximately $3,505,365.60. The trade was a 61.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 349,282 shares of company stock worth $48,184,324. Company insiders own 1.50% of the company's stock.

Institutional Trading of The Hartford Insurance Group

Several large investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH increased its holdings in shares of The Hartford Insurance Group by 24.9% in the third quarter. Allianz Asset Management GmbH now owns 706,293 shares of the insurance provider's stock valued at $94,212,000 after purchasing an additional 140,624 shares during the last quarter. Canada Post Corp Registered Pension Plan grew its holdings in shares of The Hartford Insurance Group by 252.7% during the third quarter. Canada Post Corp Registered Pension Plan now owns 24,540 shares of the insurance provider's stock worth $3,245,000 after buying an additional 17,582 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of The Hartford Insurance Group by 109.2% during the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 25,174 shares of the insurance provider's stock worth $3,358,000 after buying an additional 13,138 shares during the last quarter. Raiffeisen Bank International AG grew its holdings in shares of The Hartford Insurance Group by 102.0% during the third quarter. Raiffeisen Bank International AG now owns 20,709 shares of the insurance provider's stock worth $2,739,000 after buying an additional 10,455 shares during the last quarter. Finally, National Pension Service grew its holdings in shares of The Hartford Insurance Group by 6.7% during the third quarter. National Pension Service now owns 509,580 shares of the insurance provider's stock worth $67,973,000 after buying an additional 31,912 shares during the last quarter. 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, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.

Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.

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