The Hartford Financial Services Group (NYSE:HIG) Issues Quarterly Earnings Results

The Hartford Financial Services Group (NYSE:HIG) posted its quarterly earnings results on Thursday. The insurance provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.24 by $0.26, Briefing.com reports. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.02 billion. The Hartford Financial Services Group had a return on equity of 20.64% and a net margin of 10.87%. The Hartford Financial Services Group’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.88 earnings per share.

The Hartford Financial Services Group Price Performance

NYSE HIG traded up $6.35 during trading hours on Friday, reaching $108.68. 798,930 shares of the company’s stock were exchanged, compared to its average volume of 1,655,658. The firm has a fifty day moving average of $101.42 and a 200-day moving average of $97.19. The Hartford Financial Services Group has a one year low of $68.82 and a one year high of $109.36. The stock has a market cap of $32.14 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 0.85 and a beta of 0.93. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.29.

The Hartford Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 3rd will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Tuesday, September 3rd. The Hartford Financial Services Group’s payout ratio is 21.36%.

The Hartford Financial Services Group declared that its board has initiated a share repurchase plan on Thursday, July 25th that permits the company to repurchase $3.30 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at The Hartford Financial Services Group

In related news, CFO Beth Ann Costello sold 72,076 shares of The Hartford Financial Services Group stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $99.71, for a total value of $7,186,697.96. Following the completion of the transaction, the chief financial officer now directly owns 69,169 shares of the company’s stock, valued at $6,896,840.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other The Hartford Financial Services Group news, EVP Jonathan R. Bennett sold 18,335 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $100.78, for a total transaction of $1,847,801.30. Following the sale, the executive vice president now directly owns 25,643 shares in the company, valued at approximately $2,584,301.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Beth Ann Costello sold 72,076 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $99.71, for a total transaction of $7,186,697.96. Following the completion of the transaction, the chief financial officer now owns 69,169 shares of the company’s stock, valued at approximately $6,896,840.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,499 shares of company stock worth $9,449,309. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on HIG shares. TD Cowen lifted their price objective on shares of The Hartford Financial Services Group to $144.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Argus boosted their price objective on shares of The Hartford Financial Services Group from $104.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. The Goldman Sachs Group upped their price objective on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Roth Mkm lifted their target price on shares of The Hartford Financial Services Group from $90.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Finally, Evercore ISI upped their price target on shares of The Hartford Financial Services Group from $96.00 to $104.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, The Hartford Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

The Hartford Financial Services Group Company Profile

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.