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

The Hartford Financial Services Group (NYSE:HIG) had its target price hoisted by Morgan Stanley from $115.00 to $130.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective points to a potential downside of 1.16% from the company’s previous close.

HIG has been the subject of a number of other research reports. Royal Bank of Canada reissued a “sector perform” rating and set a $125.00 price target on shares of The Hartford Financial Services Group in a report on Monday, February 3rd. UBS Group raised their price target on shares of The Hartford Financial Services Group from $139.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, April 28th. Barclays upped their price objective on shares of The Hartford Financial Services Group from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, April 25th. Keefe, Bruyette & Woods decreased their target price on shares of The Hartford Financial Services Group from $140.00 to $133.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, Piper Sandler increased their price target on The Hartford Financial Services Group from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, April 1st. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $129.71.

The Hartford Financial Services Group Stock Performance

Shares of NYSE:HIG traded up $0.41 on Monday, reaching $131.53. 197,423 shares of the company’s stock were exchanged, compared to its average volume of 1,565,889. The Hartford Financial Services Group has a twelve month low of $98.16 and a twelve month high of $132.49. The company has a fifty day moving average of $120.66 and a 200-day moving average of $116.32. The company has a market capitalization of $37.37 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.12 and a beta of 0.70. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.27.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, April 24th. The insurance provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.05. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.97 billion. The Hartford Financial Services Group had a return on equity of 19.55% and a net margin of 11.72%. The Hartford Financial Services Group’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.34 EPS. On average, research analysts predict that The Hartford Financial Services Group will post 11.11 EPS for the current fiscal year.

Insider Buying and Selling

In other The Hartford Financial Services Group news, EVP Robert W. Paiano sold 13,138 shares of The Hartford Financial Services Group stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $117.20, for a total value of $1,539,773.60. Following the completion of the sale, the executive vice president now directly owns 31,678 shares of the company’s stock, valued at approximately $3,712,661.60. The trade was a 29.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Allison G. Niderno sold 1,086 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $119.42, for a total transaction of $129,690.12. Following the transaction, the senior vice president now directly owns 622 shares in the company, valued at $74,279.24. This trade represents a 63.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,429 shares of company stock valued at $13,618,028 over the last 90 days. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in The Hartford Financial Services Group during the fourth quarter worth $416,340,000. GAMMA Investing LLC raised its holdings in shares of The Hartford Financial Services Group by 14,049.5% in the 1st quarter. GAMMA Investing LLC now owns 1,424,009 shares of the insurance provider’s stock worth $1,761,930,000 after acquiring an additional 1,413,945 shares during the last quarter. AustralianSuper Pty Ltd raised its holdings in shares of The Hartford Financial Services Group by 265.5% in the 4th quarter. AustralianSuper Pty Ltd now owns 1,213,074 shares of the insurance provider’s stock worth $132,710,000 after acquiring an additional 881,224 shares during the last quarter. Woodline Partners LP boosted its stake in The Hartford Financial Services Group by 28,218.5% during the 1st quarter. Woodline Partners LP now owns 757,804 shares of the insurance provider’s stock valued at $93,763,000 after purchasing an additional 755,128 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of The Hartford Financial Services Group by 48.1% during the fourth quarter. Ameriprise Financial Inc. now owns 2,264,397 shares of the insurance provider’s stock valued at $247,761,000 after buying an additional 735,170 shares during the last quarter. Institutional investors own 93.42% of the company’s stock.

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.