Goldman Sachs Group Initiates Coverage on Hartford Financial Services Group (HIG)

Goldman Sachs Group initiated coverage on shares of Hartford Financial Services Group (NYSE:HIG) in a note issued to investors on Monday. The firm set a “neutral” rating and a $59.00 price target on the insurance provider’s stock. Goldman Sachs Group’s target price would indicate a potential upside of 7.98% from the company’s current price.

A number of other brokerages have also recently commented on HIG. Wells Fargo & Company reaffirmed a “hold” rating and issued a $55.00 target price on shares of Hartford Financial Services Group in a report on Monday, October 23rd. Zacks Investment Research lowered shares of Hartford Financial Services Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. BidaskClub upgraded shares of Hartford Financial Services Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Barclays lifted their price objective on shares of Hartford Financial Services Group from $61.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, October 16th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $60.00 price objective on shares of Hartford Financial Services Group in a research report on Tuesday, October 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $57.54.

Hartford Financial Services Group (NYSE HIG) opened at $54.64 on Monday. The company has a market cap of $20,154.61, a price-to-earnings ratio of 15.19, a PEG ratio of 1.64 and a beta of 0.98. Hartford Financial Services Group has a 1-year low of $46.35 and a 1-year high of $58.61. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.40 and a quick ratio of 0.40.

Hartford Financial Services Group (NYSE:HIG) last announced its earnings results on Monday, October 23rd. The insurance provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Hartford Financial Services Group had a net margin of 2.63% and a return on equity of 8.21%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 EPS. analysts predict that Hartford Financial Services Group will post 3.64 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bronfman E.L. Rothschild L.P. boosted its position in shares of Hartford Financial Services Group by 1.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,111 shares of the insurance provider’s stock worth $216,000 after purchasing an additional 48 shares in the last quarter. First Allied Advisory Services Inc. boosted its position in shares of Hartford Financial Services Group by 0.5% during the 2nd quarter. First Allied Advisory Services Inc. now owns 12,501 shares of the insurance provider’s stock worth $659,000 after purchasing an additional 58 shares in the last quarter. Scotia Capital Inc. boosted its position in shares of Hartford Financial Services Group by 0.3% during the 2nd quarter. Scotia Capital Inc. now owns 33,319 shares of the insurance provider’s stock worth $1,751,000 after purchasing an additional 102 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Hartford Financial Services Group by 3.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,166 shares of the insurance provider’s stock worth $219,000 after purchasing an additional 127 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its position in shares of Hartford Financial Services Group by 2.3% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 6,526 shares of the insurance provider’s stock worth $343,000 after purchasing an additional 144 shares in the last quarter. Institutional investors own 88.62% of the company’s stock.

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