Piper Sandler Forecasts Strong Price Appreciation for The Hartford Financial Services Group (NYSE:HIG) Stock

The Hartford Financial Services Group (NYSE:HIG) had its target price lifted by research analysts at Piper Sandler from $127.00 to $130.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Piper Sandler’s price target would suggest a potential upside of 16.52% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. UBS Group boosted their target price on shares of The Hartford Financial Services Group from $134.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. BMO Capital Markets lifted their target price on The Hartford Financial Services Group from $100.00 to $141.00 and gave the company a “market perform” rating in a report on Wednesday, November 27th. Barclays upgraded The Hartford Financial Services Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $130.00 to $135.00 in a research note on Monday, January 6th. Jefferies Financial Group lifted their price objective on The Hartford Financial Services Group from $113.00 to $127.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company cut their price target on shares of The Hartford Financial Services Group from $130.00 to $126.00 and set an “overweight” rating on the stock in a report on Monday. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $122.33.

The Hartford Financial Services Group Price Performance

The Hartford Financial Services Group stock traded up $0.02 during midday trading on Monday, reaching $111.57. 697,955 shares of the company were exchanged, compared to its average volume of 1,602,619. The company has a market capitalization of $32.34 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 0.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.32 and a current ratio of 0.32. The firm’s 50-day simple moving average is $112.91 and its 200-day simple moving average is $113.55. The Hartford Financial Services Group has a 1 year low of $88.81 and a 1 year high of $124.90.

The Hartford Financial Services Group (NYSE:HIG) last issued its quarterly earnings results on Thursday, January 30th. The insurance provider reported $2.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.68 by $0.26. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. On average, analysts anticipate that The Hartford Financial Services Group will post 11.46 EPS for the current year.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, EVP Adin M. Tooker sold 6,865 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $117.04, for a total transaction of $803,479.60. Following the transaction, the executive vice president now directly owns 25,820 shares in the company, valued at $3,021,972.80. This trade represents a 21.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HIG. Sanctuary Advisors LLC bought a new position in The Hartford Financial Services Group during the 2nd quarter worth $2,871,000. Czech National Bank lifted its position in The Hartford Financial Services Group by 5.9% in the 3rd quarter. Czech National Bank now owns 59,690 shares of the insurance provider’s stock valued at $7,020,000 after purchasing an additional 3,331 shares during the last quarter. GAMMA Investing LLC boosted its stake in The Hartford Financial Services Group by 24.8% during the 3rd quarter. GAMMA Investing LLC now owns 9,483 shares of the insurance provider’s stock valued at $1,115,000 after purchasing an additional 1,884 shares during the period. McLean Asset Management Corp acquired a new stake in shares of The Hartford Financial Services Group in the third quarter valued at approximately $208,000. Finally, Clean Yield Group bought a new stake in shares of The Hartford Financial Services Group during the third quarter valued at approximately $33,000. 93.42% of the stock is currently owned by 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.