The Hartford Financial Services Group (NYSE:HIG) Price Target Raised to $104.00 at Credit Suisse Group

The Hartford Financial Services Group (NYSE:HIG – Get Rating) had its target price hoisted by investment analysts at Credit Suisse Group from $93.00 to $104.00 in a note issued to investors on Friday, The Fly reports. Credit Suisse Group’s price objective points to a potential upside of 44.54% from the stock’s previous close.

Several other brokerages have also issued reports on HIG. Morgan Stanley cut their target price on shares of The Hartford Financial Services Group from $77.00 to $73.00 and set an “equal weight” rating on the stock in a research note on Monday, May 23rd. Citigroup started coverage on shares of The Hartford Financial Services Group in a research note on Monday, May 23rd. They set a “buy” rating and a $81.00 target price on the stock. StockNews.com started coverage on shares of The Hartford Financial Services Group in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Raymond James increased their target price on shares of The Hartford Financial Services Group from $80.00 to $85.00 in a research note on Tuesday, May 3rd. Finally, Barclays increased their target price on shares of The Hartford Financial Services Group from $85.00 to $86.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 12th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $81.15.

Shares of NYSE HIG opened at $71.95 on Friday. The Hartford Financial Services Group has a 52-week low of $59.86 and a 52-week high of $78.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a 50 day moving average price of $71.62 and a two-hundred day moving average price of $70.42. The stock has a market cap of $23.66 billion, a P/E ratio of 9.90, a price-to-earnings-growth ratio of 1.47 and a beta of 0.97.

The Hartford Financial Services Group (NYSE:HIG – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The insurance provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.10. The Hartford Financial Services Group had a net margin of 11.39% and a return on equity of 14.84%. The company had revenue of $5.39 billion during the quarter, compared to analysts’ expectations of $5.60 billion. During the same period in the prior year, the company posted $0.56 earnings per share. The Hartford Financial Services Group’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts predict that The Hartford Financial Services Group will post 6.95 earnings per share for the current fiscal year.

In related news, CFO Beth Ann Costello sold 47,214 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $73.18, for a total transaction of $3,455,120.52. Following the transaction, the chief financial officer now directly owns 50,503 shares of the company’s stock, valued at $3,695,809.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott R. Lewis sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $75.00, for a total transaction of $375,000.00. Following the transaction, the senior vice president now directly owns 20,121 shares in the company, valued at $1,509,075. The disclosure for this sale can be found here. Insiders sold 122,597 shares of company stock worth $8,980,210 over the last ninety days. Insiders own 1.80% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd bought a new position in shares of The Hartford Financial Services Group during the fourth quarter valued at about $27,000. Confluence Wealth Services Inc. purchased a new stake in The Hartford Financial Services Group during the fourth quarter worth about $28,000. Parkside Investments LLC purchased a new stake in The Hartford Financial Services Group during the first quarter worth about $30,000. James Reed Financial Services Inc. purchased a new stake in The Hartford Financial Services Group during the fourth quarter worth about $34,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in The Hartford Financial Services Group during the first quarter worth about $36,000. 93.01% of the stock is currently owned by institutional investors.

About The Hartford Financial Services Group (Get Rating)

The Hartford Financial Services Group, Inc provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers workers' compensation, property, automobile, liability, umbrella, bond, marine, livestock, and reinsurance; and customized insurance products and risk management services, including professional liability, bond, surety, and specialty casualty coverages through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.

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