Wells Fargo Analysts Give The Hartford (HIG) a $56.00 Price Target

Wells Fargo set a $56.00 price objective on The Hartford (NYSE:HIG) in a research report sent to investors on Monday morning. The firm currently has a hold rating on the insurance provider’s stock.

A number of other brokerages have also recently issued reports on HIG. Zacks Investment Research upgraded The Hartford from a hold rating to a buy rating and set a $60.00 target price on the stock in a report on Tuesday, March 6th. Goldman Sachs initiated coverage on The Hartford in a report on Monday, December 4th. They issued a neutral rating and a $59.00 target price on the stock. ValuEngine upgraded The Hartford from a hold rating to a buy rating in a report on Friday, February 2nd. Credit Suisse Group upgraded The Hartford from a neutral rating to an outperform rating and set a $65.00 price target on the stock in a report on Tuesday, December 19th. Finally, Citigroup assumed coverage on The Hartford in a report on Wednesday, December 20th. They set a neutral rating and a $59.00 price target on the stock. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The Hartford has a consensus rating of Buy and a consensus price target of $59.75.

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Shares of NYSE HIG opened at $52.20 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.26 and a current ratio of 0.26. The firm has a market capitalization of $18,473.79, a P/E ratio of 15.00, a P/E/G ratio of 1.24 and a beta of 0.97. The Hartford has a 52-week low of $46.69 and a 52-week high of $59.20.

The Hartford (NYSE:HIG) last issued its earnings results on Thursday, February 8th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.04. The business had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.54 billion. The Hartford had a positive return on equity of 7.89% and a negative net margin of 16.79%. The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.08 EPS. research analysts expect that The Hartford will post 4.4 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Monday, March 5th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, March 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.92%. The Hartford’s dividend payout ratio is 36.50%.

In other news, EVP David C. Robinson sold 868 shares of The Hartford stock in a transaction on Monday, March 5th. The stock was sold at an average price of $51.39, for a total transaction of $44,606.52. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Scott R. Lewis sold 2,319 shares of The Hartford stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $53.87, for a total value of $124,924.53. Following the transaction, the senior vice president now owns 16,187 shares in the company, valued at approximately $871,993.69. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in The Hartford by 48.3% during the fourth quarter. Franklin Resources Inc. now owns 8,880,765 shares of the insurance provider’s stock valued at $499,810,000 after purchasing an additional 2,892,470 shares during the last quarter. Bank of New York Mellon Corp boosted its position in The Hartford by 0.4% during the fourth quarter. Bank of New York Mellon Corp now owns 7,517,341 shares of the insurance provider’s stock valued at $423,074,000 after purchasing an additional 31,502 shares during the last quarter. Janus Henderson Group PLC boosted its position in The Hartford by 31.0% during the third quarter. Janus Henderson Group PLC now owns 4,168,047 shares of the insurance provider’s stock valued at $231,034,000 after purchasing an additional 986,139 shares during the last quarter. Geode Capital Management LLC boosted its position in The Hartford by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 3,833,222 shares of the insurance provider’s stock valued at $215,287,000 after purchasing an additional 77,475 shares during the last quarter. Finally, Millennium Management LLC boosted its position in The Hartford by 15.8% during the fourth quarter. Millennium Management LLC now owns 1,958,892 shares of the insurance provider’s stock valued at $110,246,000 after purchasing an additional 267,950 shares during the last quarter. 89.87% of the stock is owned by hedge funds and other institutional investors.

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About The Hartford

The Hartford Financial Services Group, Inc, through its subsidiaries, provides insurance and financial services to individual and business customers in the United States. It operates through five segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits, and Mutual Funds.

Analyst Recommendations for The Hartford (NYSE:HIG)

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