Cantor Fitzgerald Issues Pessimistic Forecast for The Hartford Insurance Group (NYSE:HIG) Stock Price
by Michael Walen · The Markets DailyThe Hartford Insurance Group (NYSE:HIG – Get Free Report) had its price objective dropped by research analysts at Cantor Fitzgerald from $165.00 to $160.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 14.58% from the company’s current price.
Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $149.00 price target (down from $163.00) on shares of The Hartford Insurance Group in a report on Monday, March 30th. Morgan Stanley lifted their price objective on shares of The Hartford Insurance Group from $140.00 to $142.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 3rd. Wells Fargo & Company upped their price objective on shares of The Hartford Insurance Group from $153.00 to $156.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Weiss Ratings upgraded shares of The Hartford Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, February 13th. Finally, Citigroup raised their target price on shares of The Hartford Insurance Group from $138.00 to $143.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $148.00.
Read Our Latest Research Report on The Hartford Insurance Group
The Hartford Insurance Group Stock Performance
HIG traded up $0.74 on Thursday, reaching $139.64. 54,887 shares of the stock were exchanged, compared to its average volume of 1,545,071. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.31 and a quick ratio of 0.31. The company’s 50-day moving average price is $137.89 and its 200 day moving average price is $134.24. The firm has a market capitalization of $38.52 billion, a PE ratio of 10.46, a PEG ratio of 1.32 and a beta of 0.53. The Hartford Insurance Group has a fifty-two week low of $112.81 and a fifty-two week high of $144.50.
The Hartford Insurance Group (NYSE:HIG – Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The insurance provider reported $4.06 earnings per share for the quarter, beating analysts’ consensus estimates of $3.22 by $0.84. The Hartford Insurance Group had a return on equity of 21.92% and a net margin of 13.52%.The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $7.29 billion. During the same period in the prior year, the company earned $2.94 earnings per share. The company’s revenue was up 6.7% on a year-over-year basis. As a group, sell-side analysts forecast that The Hartford Insurance Group will post 11.11 EPS for the current fiscal year.
Insider Buying and Selling
In other news, EVP Lori A. Rodden sold 40,693 shares of The Hartford Insurance Group stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $138.05, for a total transaction of $5,617,668.65. Following the completion of the transaction, the executive vice president directly owned 25,392 shares of the company’s stock, valued at $3,505,365.60. The trade was a 61.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Swift sold 201,938 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $136.41, for a total transaction of $27,546,362.58. Following the completion of the transaction, the chief executive officer owned 194,817 shares of the company’s stock, valued at approximately $26,574,986.97. This represents a 50.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 349,282 shares of company stock valued at $48,184,324 over the last three months. 1.50% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HIG. Ashton Thomas Private Wealth LLC acquired a new position in shares of The Hartford Insurance Group in the first quarter worth about $207,000. CW Advisors LLC increased its stake in shares of The Hartford Insurance Group by 4.8% in the 2nd quarter. CW Advisors LLC now owns 2,663 shares of the insurance provider’s stock valued at $338,000 after purchasing an additional 123 shares in the last quarter. Baird Financial Group Inc. raised its holdings in The Hartford Insurance Group by 15.1% in the 2nd quarter. Baird Financial Group Inc. now owns 29,470 shares of the insurance provider’s stock worth $3,739,000 after purchasing an additional 3,873 shares during the period. Cerity Partners LLC raised its holdings in The Hartford Insurance Group by 6.0% in the 2nd quarter. Cerity Partners LLC now owns 78,900 shares of the insurance provider’s stock worth $10,010,000 after purchasing an additional 4,473 shares during the period. Finally, Ossiam boosted its position in The Hartford Insurance Group by 47.4% during the second quarter. Ossiam now owns 1,937 shares of the insurance provider’s stock worth $246,000 after purchasing an additional 623 shares in the last quarter. Hedge funds and other institutional investors own 93.42% of the company’s stock.
The Hartford Insurance Group Company Profile
The Hartford Financial Services Group, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.
Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.