Wells Fargo & Company Forecasts Strong Price Appreciation for The Hartford Insurance Group (NYSE:HIG) Stock

Key Points

• Wells Fargo & Company has increased its target price for The Hartford Insurance Group from $139.00 to $147.00, indicating a potential upside of 9.34% from its current price.
• The stock currently has an average rating of "Moderate Buy", with a consensus target price of $138.80 based on ratings from multiple analysts.
• The Hartford reported earnings of $3.41 per share, exceeding expectations, with quarterly revenue rising by 7.7% year-over-year despite a slight miss on analysts' revenue estimates.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) had its target price upped by research analysts at Wells Fargo & Company from $139.00 to $147.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's price objective indicates a potential upside of 9.34% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Piper Sandler increased their target price on The Hartford Insurance Group from $145.00 to $150.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Barclays reduced their target price on The Hartford Insurance Group from $145.00 to $142.00 and set an "overweight" rating on the stock in a research note on Monday, July 7th. Cantor Fitzgerald started coverage on The Hartford Insurance Group in a research note on Wednesday, August 13th. They set an "overweight" rating and a $152.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on The Hartford Insurance Group from $140.00 to $142.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Finally, Morgan Stanley raised their price objective on The Hartford Insurance Group from $135.00 to $140.00 and gave the company an "equal weight" rating in a research note on Tuesday. One investment 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.80.

The Hartford Insurance Group Stock Performance

Shares of NYSE:HIG traded up $0.64 during trading on Wednesday, hitting $134.45. 84,704 shares of the company were exchanged, compared to its average volume of 1,598,478. The company has a market cap of $37.80 billion, a PE ratio of 12.18, a P/E/G ratio of 1.28 and a beta of 0.69. The stock has a 50 day moving average of $131.05 and a 200 day moving average of $126.16. The Hartford Insurance Group has a 52-week low of $104.93 and a 52-week high of $135.17. 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 Hartford Insurance Group (NYSE:HIG - Get Free Report) last posted its earnings results on Monday, July 28th. The insurance provider reported $3.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $7.02 billion. During the same quarter in the prior year, the business posted $2.50 earnings per share. The business's quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities research analysts predict that The Hartford Insurance Group will post 11.11 EPS for the current year.

Insider Activity at The Hartford Insurance Group

In related news, CFO Beth Ann Costello sold 35,340 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $123.50, for a total transaction 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 $9,580,389. This trade represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Donald Christian Hunt sold 2,124 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $133.87, for a total transaction of $284,339.88. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On The Hartford Insurance Group

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of The Hartford Insurance Group during the 2nd quarter valued at $506,329,000. Franklin Resources Inc. lifted its stake in shares of The Hartford Insurance Group by 51.5% during the 2nd quarter. Franklin Resources Inc. now owns 3,268,166 shares of the insurance provider's stock valued at $414,632,000 after buying an additional 1,111,659 shares in the last quarter. Woodline Partners LP lifted its stake in shares of The Hartford Insurance Group by 28,218.5% during the 1st quarter. Woodline Partners LP now owns 757,804 shares of the insurance provider's stock valued at $93,763,000 after buying an additional 755,128 shares in the last quarter. Nuveen LLC purchased a new position in shares of The Hartford Insurance Group during the 1st quarter valued at $87,516,000. Finally, Bahl & Gaynor Inc. lifted its stake in shares of The Hartford Insurance Group by 47.0% during the 1st quarter. Bahl & Gaynor Inc. now owns 2,141,537 shares of the insurance provider's stock valued at $264,972,000 after buying an additional 684,390 shares in the last quarter. Institutional investors own 93.42% of the company's stock.

About The Hartford Insurance Group

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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