The Hartford Financial Services Group (NYSE:HIG) Hits New 12-Month High After Strong Earnings

Shares of Hartford Financial Services Group, Inc. (NYSE:HIG – Get Free Report ) reached a new 52-week high in midday trading on Friday after a better-than-expected earnings announcement. The company traded as high as $108.16, and was last traded at $108.08, with volume of 222,656 shares trading hands. The stock previously closed at $102.33.

The insurance company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.26. Hartford Financial Services Group had a net margin of 10.87% and a return on equity of 20.64%. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same period a year ago, the company earned $1.88 EPS. Hartford Financial Services Group’s revenue increased 7.2% compared to the same quarter a year ago.

Hartford Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd will receive a dividend of $0.47. This represents an annualized dividend of $1.88 and a dividend yield of 1.71%. The ex-dividend date for this dividend is Tuesday, September 3rd. Hartford Financial Services Group’s payout ratio is 21.36%.

Hartford Financial Services Group said its board of directors approved a stock repurchase plan on Thursday, July 25, that allows the company to buy back $3.3 billion worth of stock. This repurchase authorization allows the insurance company to buy back up to 10.9% of its shares through open market purchases. Stock repurchase plans are often an indication that a company’s board of directors believes its stock is undervalued.

Wall Street analysts predict growth

Several equities analysts have recently commented on HIG shares. Raymond James reiterated an “outperform” rating and set a $120.00 price target (up from $100.00) on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Evercore ISI raised their price target on shares of The Hartford Financial Services Group from $96.00 to $104.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. The Goldman Sachs Group raised their price target on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Bank of America lowered their price target on shares of The Hartford Financial Services Group from $113.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Piper Sandler reiterated an “overweight” rating and set a $115.00 price target on shares of The Hartford Financial Services Group in a research report on Monday, April 1st. Eight equities analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, The Hartford Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Read our latest stock report on HIG

Insider transactions at The Hartford Financial Services Group

In other The Hartford Financial Services Group news, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated Monday, July 1. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the completion of the transaction, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed at this link . In related news, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction dated Wednesday, May 8. The shares were sold at an average price of $99.71, for a total value of $7,186,697.96. Following the transaction, the chief financial officer now owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The sale was disclosed in a document filed with the SEC, which is available on the SEC website. Also, EVP Michael R. Fisher sold 4,088 shares of the company’s stock in a transaction dated Monday, July 1. The shares were sold at an average price of $101.47, for a total transaction of $414,809.36. Following the sale, the executive vice president now owns 14,818 shares of the company’s stock, valued at $1,503,582.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,499 shares of the company’s stock for $9,449,309. Company insiders own 1.60% of the company’s stock.

Institutional Trading from The Hartford Financial Services Group

Several institutional investors have recently added to or reduced their stakes in HIG. Bailard Inc. increased its position in The Hartford Financial Services Group by 0.5% in the 2nd quarter. Bailard Inc. now owns 19,378 shares of the insurance company worth $1,948,000 after purchasing an additional 101 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its position in The Hartford Financial Services Group by 3.1% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,736 shares of the insurance company worth $385,000 after purchasing an additional 114 shares during the period. MV Capital Management Inc. increased its holding in The Hartford Financial Services Group by 8.9% in the 4th quarter. MV Capital Management Inc. now owns 1,416 shares of the insurance company worth $114,000 after purchasing an additional 116 shares in the last quarter. Covestor Ltd. increased its holdings in The Hartford Financial Services Group by 28.8% in the first quarter. Covestor Ltd. now owns 519 shares of the insurance company worth $54,000 after purchasing an additional 116 shares during the period. Finally, United Asset Strategies Inc. increased its stake in shares of The Hartford Financial Services Group by 4.3% in the first quarter. United Asset Strategies Inc. now owns 2,931 shares of the insurance company worth $302,000 after purchasing an additional 121 shares in the last quarter. 93.42% of the shares are currently held by hedge funds and other institutional investors.

The stock price of Hartford Financial Services Group

The company has a market cap of $32.42 billion, a price/earnings ratio of 12.46, a price/earnings/growth ratio of 0.85, and a beta of 0.93. The company has a quick ratio of 0.31, a current ratio of 0.31, and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $101.55 and a two-hundred day simple moving average of $97.38.

About Hartford Financial Services Group

(Get free report)

The Hartford Financial Services Group, Inc., together with its subsidiaries, provides insurance and financial services to personal and business customers in the United States, the United Kingdom and internationally. The Commercial Lines segment offers insurance coverages including workers’ compensation, property, auto, general and professional liability, parcel, umbrella, fidelity and surety, marine, livestock, casualty, health and reinsurance through regional offices, branches, policyholder sales and service centers, independent retail agents and brokers, wholesale agents and reinsurance brokers.

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