Morgan Stanley Cuts The Hartford Financial Services Group (NYSE:HIG) Price Target to $109.00

The Hartford Financial Services Group (NYSE:HIG) had its target price lowered by Morgan Stanley from $110.00 to $109.00 in a research report report published on Friday, Benzinga reports. The firm currently has an equal weight rating on the insurance provider’s stock.

Several other research firms have also recently issued reports on HIG. Evercore ISI raised their price objective on The Hartford Financial Services Group from $96.00 to $104.00 and gave the stock an in-line rating in a report on Thursday, April 11th. Wells Fargo & Company raised their price objective on The Hartford Financial Services Group from $106.00 to $117.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Roth Mkm raised their price objective on The Hartford Financial Services Group from $80.00 to $90.00 and gave the stock a neutral rating in a report on Friday, February 2nd. Royal Bank of Canada increased their target price on The Hartford Financial Services Group from $77.00 to $95.00 and gave the stock a sector perform rating in a research report on Monday, February 5th. Finally, Raymond James reaffirmed an outperform rating and issued a $120.00 target price (up from $100.00) on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, The Hartford Financial Services Group currently has an average rating of Moderate Buy and a consensus price target of $105.81.

The Hartford Financial Services Group Price Performance

Shares of NYSE:HIG opened at $95.30 on Friday. The business’s fifty day moving average price is $98.50 and its two-hundred day moving average price is $86.45. The stock has a market cap of $28.33 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 1.34 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.32 and a current ratio of 0.32. The Hartford Financial Services Group has a one year low of $67.05 and a one year high of $103.64.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, April 25th. The insurance provider reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.09). The Hartford Financial Services Group had a return on equity of 21.04% and a net margin of 10.87%. The business had revenue of $6.42 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter last year, the business earned $1.68 EPS. The Hartford Financial Services Group’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, analysts forecast that The Hartford Financial Services Group will post 10.11 EPS for the current fiscal year.

The Hartford Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Monday, March 4th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Friday, March 1st. The Hartford Financial Services Group’s dividend payout ratio (DPR) is presently 21.36%.

Insider Buying and Selling at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, SVP Allison G. Niderno sold 1,332 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $89.74, for a total value of $119,533.68. Following the transaction, the senior vice president now directly owns 630 shares of the company’s stock, valued at $56,536.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP David C. Robinson sold 15,000 shares of The Hartford Financial Services Group stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $89.64, for a total transaction of $1,344,600.00. Following the sale, the executive vice president now directly owns 8,201 shares of the company’s stock, valued at $735,137.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Allison G. Niderno sold 1,332 shares of The Hartford Financial Services Group stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $89.74, for a total value of $119,533.68. Following the sale, the senior vice president now directly owns 630 shares in the company, valued at $56,536.20. The disclosure for this sale can be found here. Insiders have sold 106,501 shares of company stock valued at $10,141,126 over the last three months. 1.60% of the stock is owned by company insiders.

Institutional Trading of The Hartford Financial Services Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MV Capital Management Inc. increased its position in shares of The Hartford Financial Services Group by 8.9% during the fourth quarter. MV Capital Management Inc. now owns 1,416 shares of the insurance provider’s stock worth $114,000 after acquiring an additional 116 shares during the last quarter. United Asset Strategies Inc. grew its stake in The Hartford Financial Services Group by 4.3% in the first quarter. United Asset Strategies Inc. now owns 2,931 shares of the insurance provider’s stock worth $302,000 after purchasing an additional 121 shares in the last quarter. Realta Investment Advisors grew its stake in The Hartford Financial Services Group by 3.7% in the fourth quarter. Realta Investment Advisors now owns 3,635 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 129 shares in the last quarter. Gulf International Bank UK Ltd grew its stake in The Hartford Financial Services Group by 0.5% in the first quarter. Gulf International Bank UK Ltd now owns 25,528 shares of the insurance provider’s stock worth $2,630,000 after purchasing an additional 131 shares in the last quarter. Finally, Perigon Wealth Management LLC grew its stake in The Hartford Financial Services Group by 4.7% in the fourth quarter. Perigon Wealth Management LLC now owns 3,204 shares of the insurance provider’s stock worth $258,000 after purchasing an additional 143 shares in the last quarter. 93.42% of the stock is owned by hedge funds and other institutional investors.

About The Hartford Financial Services 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.