Piper Sandler Brokers Cut Earnings Estimates for The Hartford Financial Services Group, Inc. (NYSE:HIG)

The Hartford Financial Services Group, Inc. (NYSE:HIG) – Stock analysts at Piper Sandler reduced their Q2 2021 earnings estimates for The Hartford Financial Services Group in a research note issued on Thursday, April 22nd. Piper Sandler analyst P. Newsome now expects that the insurance provider will post earnings per share of $1.07 for the quarter, down from their previous estimate of $1.24. Piper Sandler also issued estimates for The Hartford Financial Services Group’s Q3 2021 earnings at $1.23 EPS, Q4 2021 earnings at $1.52 EPS, FY2021 earnings at $4.32 EPS and Q1 2022 earnings at $1.84 EPS.

The Hartford Financial Services Group (NYSE:HIG) last posted its quarterly earnings data on Thursday, April 22nd. The insurance provider reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.19). The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.18 billion. The Hartford Financial Services Group had a return on equity of 12.19% and a net margin of 8.50%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.34 EPS.

A number of other brokerages have also weighed in on HIG. Morgan Stanley raised their price target on shares of The Hartford Financial Services Group from $53.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, January 12th. Wells Fargo & Company reaffirmed a “buy” rating on shares of The Hartford Financial Services Group in a report on Monday, April 5th. Evercore ISI lifted their target price on shares of The Hartford Financial Services Group from $69.00 to $77.00 in a report on Friday. Citigroup lifted their target price on shares of The Hartford Financial Services Group from $54.00 to $67.00 in a report on Wednesday, March 31st. Finally, MKM Partners reissued a “neutral” rating and set a $70.00 price target (up from $65.00) on shares of The Hartford Financial Services Group in a research report on Thursday, March 25th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The Hartford Financial Services Group currently has an average rating of “Buy” and a consensus target price of $67.77.

NYSE HIG opened at $68.69 on Monday. The firm has a market cap of $24.54 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.37 and a beta of 1.05. The company has a 50 day moving average of $64.72 and a 200-day moving average of $51.16. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Hartford Financial Services Group has a 1-year low of $30.26 and a 1-year high of $69.60.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 2nd. Shareholders of record on Monday, March 1st were issued a $0.35 dividend. The ex-dividend date was Friday, February 26th. This represents a $1.40 dividend on an annualized basis and a yield of 2.04%. This is an increase from The Hartford Financial Services Group’s previous quarterly dividend of $0.33. The Hartford Financial Services Group’s payout ratio is currently 24.78%.

In other news, CEO Christopher Swift sold 148,448 shares of the company’s stock in a transaction that occurred on Monday, March 29th. The shares were sold at an average price of $65.91, for a total transaction of $9,784,207.68. Following the completion of the sale, the chief executive officer now owns 286,371 shares of the company’s stock, valued at approximately $18,874,712.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jonathan R. Bennett sold 1,865 shares of the company’s stock in a transaction that occurred on Wednesday, March 31st. The stock was sold at an average price of $68.00, for a total transaction of $126,820.00. Following the sale, the executive vice president now directly owns 25,641 shares of the company’s stock, valued at approximately $1,743,588. The disclosure for this sale can be found here. Insiders sold a total of 183,332 shares of company stock valued at $12,064,527 in the last three months. Insiders own 1.70% of the company’s stock.

Institutional investors have recently modified their holdings of the company. SOA Wealth Advisors LLC. lifted its holdings in shares of The Hartford Financial Services Group by 119.9% during the 1st quarter. SOA Wealth Advisors LLC. now owns 442 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 241 shares during the period. Arkadios Wealth Advisors bought a new position in The Hartford Financial Services Group in the 1st quarter valued at approximately $32,000. Perigon Wealth Management LLC bought a new position in The Hartford Financial Services Group in the 4th quarter valued at approximately $29,000. Accel Wealth Management bought a new position in The Hartford Financial Services Group in the 4th quarter valued at approximately $31,000. Finally, S.A. Mason LLC bought a new position in The Hartford Financial Services Group in the 1st quarter valued at approximately $43,000. 90.48% of the stock is owned by institutional investors.

About The Hartford Financial Services Group

The Hartford Financial Services Group, Inc provides insurance and financial services to individual and business customers in the United States, the United Kingdom, continental Europe, 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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Earnings History and Estimates for The Hartford Financial Services Group (NYSE:HIG)

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