Hartford Financial Services Group (NYSE:HIG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Shares of Hartford Financial outperformed the industry in a year’s time. The company's strategic initiatives pave the way for long-term growth. Moreover, its investment results are impressive on the back of recent interest rate hikes. Its efficient capital management also remains a positive. The company has seen the Zacks Consensus Estimate for 2018 earnings being revised north in the last 60 days. However, being a property and casualty insurer, the company is severely exposed to catastrophic loss. Moreover, softness in Personal Lines segment remains a major headwind. The company has been witnessing a continuous decline in revenues since 2013. “
A number of other equities research analysts have also issued reports on HIG. Goldman Sachs Group began coverage on Hartford Financial Services Group in a research note on Monday, December 4th. They issued a “neutral” rating and a $59.00 target price for the company. Citigroup began coverage on Hartford Financial Services Group in a research note on Wednesday, December 20th. They issued a “neutral” rating and a $59.00 target price for the company. ValuEngine upgraded Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Wells Fargo & Co set a $56.00 target price on Hartford Financial Services Group and gave the company a “hold” rating in a research note on Friday, February 9th. Finally, Credit Suisse Group upgraded Hartford Financial Services Group from a “neutral” rating to an “outperform” rating and set a $65.00 target price for the company in a research note on Tuesday, December 19th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Hartford Financial Services Group has an average rating of “Buy” and a consensus target price of $58.92.
Hartford Financial Services Group (NYSE:HIG) last posted its earnings results on Thursday, February 8th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. Hartford Financial Services Group had a positive return on equity of 7.89% and a negative net margin of 16.79%. The business had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same quarter last year, the firm earned $1.08 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. research analysts predict that Hartford Financial Services Group will post 4.4 EPS for the current year.
In other Hartford Financial Services Group news, SVP Scott R. Lewis sold 2,319 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $53.87, for a total transaction of $124,924.53. Following the completion of the sale, the senior vice president now owns 16,187 shares in the company, valued at approximately $871,993.69. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David C. Robinson sold 868 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $51.39, for a total value of $44,606.52. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Marathon Asset Management LLP lifted its holdings in Hartford Financial Services Group by 3.6% during the 4th quarter. Marathon Asset Management LLP now owns 965,265 shares of the insurance provider’s stock worth $54,552,000 after buying an additional 33,367 shares during the last quarter. California Public Employees Retirement System raised its stake in Hartford Financial Services Group by 3.7% during the 3rd quarter. California Public Employees Retirement System now owns 1,174,021 shares of the insurance provider’s stock valued at $65,076,000 after acquiring an additional 42,330 shares in the last quarter. AMP Capital Investors Ltd raised its stake in Hartford Financial Services Group by 2.2% during the 3rd quarter. AMP Capital Investors Ltd now owns 273,812 shares of the insurance provider’s stock valued at $15,175,000 after acquiring an additional 5,830 shares in the last quarter. St. Louis Trust Co bought a new stake in Hartford Financial Services Group during the 4th quarter valued at $512,000. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Hartford Financial Services Group by 20.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 11,547 shares of the insurance provider’s stock valued at $640,000 after acquiring an additional 1,934 shares in the last quarter. Hedge funds and other institutional investors own 91.07% of the company’s stock.
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About Hartford Financial Services Group
The Hartford Financial Services Group, Inc is a holding company for insurance and financial services subsidiaries. The Company’s segments include Commercial Lines, which provides workers’ compensation, property, automobile, marine, livestock, liability and umbrella coverages primarily throughout the United States; Personal Lines, which provides automobile, homeowners and personal umbrella coverages to individuals across the United States; Group Benefits, which provides group life, accident and disability coverage, and other products and services; Property & Casualty Other Operations, which includes certain property and casualty operations; Mutual Funds, which provides investment management, administration, product distribution and related services to investors; Talcott Resolution, which consists of the run-off of the Company’s the United States individual and institutional annuity, and Private Placement Life Insurance (PPLI) businesses, and Corporate.
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