Morgan Stanley Issues Positive Forecast for The Hartford Insurance Group (NYSE:HIG) Stock Price

Key Points

• Morgan Stanley has raised its target price for The Hartford Insurance Group's stock from $135.00 to $140.00, indicating a potential upside of 4.71% from the current price.
• The Hartford recently reported earnings of $3.41 per share, exceeding analysts' estimates of $2.83, with a revenue of $6.99 billion for the quarter.
• Institutional investors own 93.42% of The Hartford's stock, reflecting strong interest from major financial entities.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) had its target price boosted by equities researchers at Morgan Stanley from $135.00 to $140.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the insurance provider's stock. Morgan Stanley's price objective indicates a potential upside of 4.71% from the company's current price.

HIG has been the topic of a number of other reports. Wall Street Zen upgraded shares of The Hartford Insurance Group from a "hold" rating to a "buy" rating in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Raymond James Financial restated an "outperform" rating and set a $140.00 target price (up from $135.00) on shares of The Hartford Insurance Group in a research report on Friday, August 1st. Wolfe Research began coverage on shares of The Hartford Insurance Group in a research report on Tuesday, September 16th. They issued a "peer perform" rating on the stock. Finally, Wells Fargo & Company lifted 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. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, The Hartford Insurance Group presently has a consensus rating of "Moderate Buy" and an average target price of $138.27.

The Hartford Insurance Group Stock Performance

Shares of HIG traded up $1.16 during mid-day trading on Tuesday, reaching $133.70. 252,803 shares of the company's stock were exchanged, compared to its average volume of 1,600,498. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $37.59 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.29 and a beta of 0.69. The business's fifty day simple moving average is $130.88 and its 200-day simple moving average is $126.11. The Hartford Insurance Group has a 52-week low of $104.93 and a 52-week high of $135.17.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its 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 business had revenue of $6.99 billion for the quarter, compared to analyst estimates of $7.02 billion. The Hartford Insurance Group had a net margin of 11.83% and a return on equity of 19.60%. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $2.50 earnings per share. On average, equities research analysts expect that The Hartford Insurance Group will post 11.11 earnings per share for the current year.

Insiders Place Their Bets

In other The Hartford Insurance Group news, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $123.50, for a total value of $4,364,490.00. Following the completion of the sale, the chief financial officer owned 77,574 shares of the company's stock, valued at approximately $9,580,389. This trade represents a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donald Christian Hunt sold 2,124 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $133.87, for a total value of $284,339.88. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HIG. Wedmont Private Capital raised its stake in shares of The Hartford Insurance Group by 11.5% during the 1st quarter. Wedmont Private Capital now owns 4,650 shares of the insurance provider's stock worth $540,000 after buying an additional 479 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of The Hartford Insurance Group by 5.8% during the 1st quarter. Park Avenue Securities LLC now owns 21,090 shares of the insurance provider's stock worth $2,609,000 after buying an additional 1,162 shares during the last quarter. Daymark Wealth Partners LLC acquired a new position in shares of The Hartford Insurance Group during the 1st quarter worth $202,000. Farther Finance Advisors LLC raised its stake in shares of The Hartford Insurance Group by 59.6% during the 1st quarter. Farther Finance Advisors LLC now owns 5,026 shares of the insurance provider's stock worth $625,000 after buying an additional 1,877 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of The Hartford Insurance Group by 14.4% during the 1st quarter. GAMMA Investing LLC now owns 11,509 shares of the insurance provider's stock worth $1,424,000 after buying an additional 1,445 shares during the last quarter. Institutional investors and hedge funds own 93.42% of the company's stock.

The Hartford Insurance Group Company Profile

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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