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

The Hartford Insurance Group logo with Finance background

Key Points

  • Citigroup has initiated coverage on The Hartford Insurance Group (NYSE:HIG) with a "neutral" rating and a price target of $138.00, suggesting a potential upside of 6.94% from its previous close.
  • Other brokerages have also increased their price targets for HIG, with JPMorgan, Keefe, Bruyette & Woods, and UBS Group assigning ratings ranging from "neutral" to "buy" and target prices between $137.00 and $150.00.
  • The Hartford reported earnings of $3.41 per share in its last quarter, exceeding expectations and marking a 7.7% revenue increase from the previous year.
  • Looking to export and analyze The Hartford Insurance Group data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Citigroup began coverage on shares of The Hartford Insurance Group (NYSE:HIG - Free Report) in a report issued on Wednesday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $138.00 target price on the insurance provider's stock.

A number of other equities research analysts also recently commented on HIG. Keefe, Bruyette & Woods raised their price objective on shares of The Hartford Insurance Group from $135.00 to $137.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Raymond James Financial restated an "outperform" rating and issued a $140.00 price objective (up previously from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Wells Fargo & Company raised their price objective on shares of The Hartford Insurance Group from $138.00 to $139.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Barclays reduced their price objective on shares of The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating for the company in a research report on Monday, July 7th. Finally, Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, The Hartford Insurance Group currently has an average rating of "Moderate Buy" and a consensus target price of $137.64.

View Our Latest Research Report on HIG

The Hartford Insurance Group Stock Performance

Shares of NYSE HIG traded down $0.60 during midday trading on Wednesday, reaching $130.74. 2,700,466 shares of the company were exchanged, compared to its average volume of 1,471,675. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The Hartford Insurance Group has a 1 year low of $104.93 and a 1 year high of $132.09. The stock has a fifty day simple moving average of $124.91 and a 200 day simple moving average of $121.64. The stock has a market cap of $36.76 billion, a P/E ratio of 11.85, a PEG ratio of 1.27 and a beta of 0.67.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.58. The Hartford Insurance Group had a return on equity of 19.60% and a net margin of 11.83%. The firm had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same quarter last year, the company posted $2.50 earnings per share. The business's revenue was up 7.7% on a year-over-year basis. On average, research analysts forecast that The Hartford Insurance Group will post 11.11 earnings per share for the current fiscal year.

The Hartford Insurance Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 2nd. The Hartford Insurance Group's dividend payout ratio (DPR) is presently 18.86%.

Insider Activity

In related news, CFO Beth Ann Costello sold 35,340 shares of The Hartford Insurance Group stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $123.50, for a total transaction of $4,364,490.00. Following the completion of the transaction, the chief financial officer directly owned 77,574 shares in the company, valued at $9,580,389. The trade was a 31.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Captrust Financial Advisors raised its position in shares of The Hartford Insurance Group by 11.2% during the 2nd quarter. Captrust Financial Advisors now owns 24,385 shares of the insurance provider's stock worth $3,094,000 after purchasing an additional 2,461 shares during the last quarter. Two Sigma Securities LLC acquired a new position in shares of The Hartford Insurance Group during the 2nd quarter worth approximately $1,424,000. Snowden Capital Advisors LLC raised its position in shares of The Hartford Insurance Group by 15.3% during the 2nd quarter. Snowden Capital Advisors LLC now owns 5,680 shares of the insurance provider's stock worth $723,000 after purchasing an additional 753 shares during the last quarter. Redwood Investment Management LLC raised its position in shares of The Hartford Insurance Group by 2.4% during the 2nd quarter. Redwood Investment Management LLC now owns 10,804 shares of the insurance provider's stock worth $1,371,000 after purchasing an additional 258 shares during the last quarter. Finally, MML Investors Services LLC raised its position in shares of The Hartford Insurance Group by 11.2% during the 2nd quarter. MML Investors Services LLC now owns 38,248 shares of the insurance provider's stock worth $4,852,000 after purchasing an additional 3,860 shares during the last quarter. 93.42% of the stock is currently owned by institutional investors and hedge funds.

About The Hartford Insurance Group

(Get Free Report)

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

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Analyst Recommendations for The Hartford Insurance Group (NYSE:HIG)

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