Hartford Financial Services Group (NYSE:HIG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Hartford Financial’s shares have 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. However, being a property and casualty insurer, the company is severely exposed to catastrophic losses. Moreover, softness in Personal Lines and Talcott Resolution segment remains a major headwind. The company has been witnessing a continuous decline in revenues since 2013. The company expects its fourth quarter results (to be reported on Feb 8, after market close) to witness a reduction of nearly $850 million due to the recent tax cut. “
Other equities analysts have also issued research reports about the company. ValuEngine upgraded Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. UBS Group increased their price objective on Hartford Financial Services Group from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Wells Fargo & Co reissued a “hold” rating and issued a $55.00 price objective on shares of Hartford Financial Services Group in a research note on Monday, October 23rd. 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 price objective for the company. Finally, B. Riley reissued a “neutral” rating on shares of Hartford Financial Services Group in a research note on Monday, November 6th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $58.92.
Several institutional investors and hedge funds have recently bought and sold shares of the company. PGGM Investments grew its holdings in Hartford Financial Services Group by 195.7% in the 3rd quarter. PGGM Investments now owns 752,785 shares of the insurance provider’s stock valued at $41,727,000 after buying an additional 498,249 shares during the last quarter. California Public Employees Retirement System grew its holdings in Hartford Financial Services Group by 3.7% in 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 buying an additional 42,330 shares during the last quarter. Marathon Asset Management LLP grew its holdings in Hartford Financial Services Group by 3.6% in the 4th quarter. Marathon Asset Management LLP now owns 965,265 shares of the insurance provider’s stock valued at $54,552,000 after buying an additional 33,367 shares during the last quarter. AMP Capital Investors Ltd grew its holdings in Hartford Financial Services Group by 2.2% in the 3rd quarter. AMP Capital Investors Ltd now owns 273,812 shares of the insurance provider’s stock valued at $15,175,000 after buying an additional 5,830 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its holdings in Hartford Financial Services Group by 5.9% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 77,207 shares of the insurance provider’s stock valued at $4,280,000 after buying an additional 4,299 shares during the last quarter. 88.28% of the stock is owned by institutional investors.
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Hartford Financial Services Group Company Profile
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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