HIG The Hartford Financial Services Group, Inc Stock Price and Quote

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• HIG derived 72% of its fiscal 2022 core earnings from the company’s Commercial Lines business segment as indicated in its investor presentation slides.
• Arch Capital’s earnings surpassed estimates in all the last four quarters, the average beat being 26.8%.
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• Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next days.
• Axis Capital delivered a trailing four-quarter average earnings surprise of 9.8%.

ProAssurance’s earnings surpassed estimates in two of the last four quarters while missing in the other two. This new launch adds to the company’s existing Electronic Business Center agent portal, which gives access to digital tools, enhancing transparency, in one centralized location. As the company continues to invest in technology, it aims to drive growth using this as a competitive advantage and save on expenses in the future. The Hartford Financial Services Group announced a quarterly dividend on Wednesday, July 19th.

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Arch Capital’s earnings surpassed estimates in all the last four quarters, the average beat being 26.8%. Some better-ranked stocks from the insurance space are Arch Capital Group (ACGL Quick QuoteACGL – Free Report) , Axis Capital Holdings (AXS Quick QuoteAXS – Free Report) and ProAssurance (PRA Quick QuotePRA – Free Report) . Each of these companies presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. © 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed.

Hartford Financial responded to this question by noting at its most recent quarterly earnings call that its “medical severity trends (for Q2 2023) are consistent with” its Q1 commentary and “lower than the 5% that we assume in our pricing and reserving.” The Hartford Financial Services Group, Inc. (HIG Quick QuoteHIG – Free Report) recently announced the launch of its new submission and quote Application Programming Interfaces and portal options. HIG’s new digital capabilities will aid its brokers in writing mid-size and large accounts to improve accuracy, provide faster turnaround and reduce time taken.

Investors of record on Friday, September 1st will be paid a dividend of $0.425 per share on Tuesday, October 3rd. This represents a $1.70 dividend on an annualized basis and a dividend yield of 2.32%. The company is scheduled to release its next quarterly earnings announcement on Thursday, October 26th 2023. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. The insurance company remains strong and has a lot of positives on the horizon.

Hartford Financial is the second-largest player in the US workers’ compensation market as indicated in the “Company Description” section of this article. The first potential catalyst for Hartford Financial https://1investing.in/ is continued share buybacks. It is also worth noting that Hartford Financial’s historical ROEs have been higher than most of the company’s listed peers as highlighted in the chart below.

Christopher Swift has an approval rating of 89% among the company’s employees. Click the link below and we’ll send you MarketBeat’s list of seven stocks and why their long-term outlooks are very promising. Sign-up to receive the latest news and ratings for The Hartford Financial Services Group and its competitors with MarketBeat’s FREE daily newsletter. MarketRank is calculated as an average of available category scores, with extra weight given to analysis and valuation. HIG earnings call for the period ending September 30, 2021.

HIG’s beta can be found in Trading Information at the top of this page. A stock’s beta measures how closely tied its price movements have been to the performance of the overall market. Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Data may be intentionally delayed pursuant to supplier requirements. But despite hotter inflation, traders are still largely expecting the Fed to pause interest rate hikes at its next policy meeting.

Is It Time to Sell HIG? Shares are down today.

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Consumer prices rose 3.7% year over year during the month of August, higher than the expected 3.6% rate and up from July’s 3.2% increase. US stocks rose Wednesday as traders digested hotter-than-expected inflation during the month of August. HIG’s shares are cheap, and I expect catalysts relating to its workers’ compensation business and share repurchases to be supportive of a positive re-rating. Therefore, I have decided to rate Hartford Financial as a Buy. Consistent share buybacks will help to provide support for Hartford Financial’s share price and boost the company’s ROE with the shrinkage of its equity base. With the company consistently generating ROEs in the low-to-mid teens percentage range, I think that HIG deserves to command a P/E multiple of 10 times or higher.

12 Wall Street analysts have issued “buy,” “hold,” and “sell” ratings for The Hartford Financial Services Group in the last twelve months. There are currently 5 hold ratings and 7 buy ratings for the stock. The consensus among Wall Street analysts is that investors should “moderate buy” HIG shares.

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Looking forward, HIG stressed at its Q results call that “we are confident in our ability to deliver core earnings ROE in the 14% to 15% range” going forward. The new portal will improve speed to market, make data and information sharing quicker, simplify submissions, improve accuracy and streamline workflow. The company has partnered with Highwing, Inc., which provides processing and data management solutions for carriers and brokers. Highwing connects brokers and agents with carriers, improving transparency and ensuring accurate data transfer and open communication. The Hartford Financial Services Group’s stock was trading at $75.83 at the start of the year. Since then, HIG shares have decreased by 3.3% and is now trading at $73.34.

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US stocks rise as traders brush off hotter-than-expected August inflation report

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I view Hartford Financial’s shares as cheap based on historical and peer valuation comparisons. Future share buybacks and the resilience of the workers’ compensation business are expected to act as favorable re-rating catalysts for HIG. As such, I am bullish on HIG, which translates into a Buy rating for the stock. The proof is in the pudding, and I expect HIG to prove to the market over time that medical inflation will have a very limited impact on its workers’ compensation business and the company’s overall performance. A sell-side analyst from BMO questioned at HIG’s Q results briefing whether “an uptick in medical inflation” has affected the company’s workers’ compensation business.

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HIG’s historical performance
against its industry peers and the overall market. Chubb Ltd., one of the nation’s biggest, oldest and best-known property-casualty insurers, has made a preliminary proposal to acquire features of centrally planned economy Hartford Financial Services Group Inc., another storied name in the industry. HIG’s second potential catalyst is the alleviation of the market’s concerns regarding the future profitability of its workers’ compensation business.

Apart from expanding product breadth and distribution relationships, the company places equal importance on advancing technological expertise to enhance underwriting capabilities. The Hartford Financial Services Group’s stock is owned by a variety of retail and institutional investors. Top institutional shareholders include BlackRock Inc. (8.48%), State Street Corp (5.65%), Geode Capital Management LLC (2.14%), Dimensional Fund Advisors LP (1.87%), Hotchkis & Wiley Capital Management LLC (1.61%) and LSV Asset Management (1.59%).

Recent stocks from this report have soared up to +178.7% in 3 months – this month’s picks could be even better. The Zacks Consensus Estimate for AXS’s 2023 and 2024 earnings indicates a 44.8% and 10.7% year-over-year increase, respectively. The consensus estimate for AXS’s 2023 and 2024 earnings has moved up 2.8% and 1.5%, respectively, in the past 30 days. Axis Capital delivered a trailing four-quarter average earnings surprise of 9.8%. The Zacks Consensus Estimate for ACGL’s 2023 and 2024 earnings indicates a 38.2% and 10.4% year-over-year increase, respectively. The consensus estimate for 2023 and 2024 has moved up 2.3% and 2.5%, respectively, in the past 60 days.

The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. “As long as the economy remains resilient and inflation doesn’t re-ignite, the market can rally into year-end, once we get past the seasonally weak months of September and October,” Independent Advisor Alliance chief investment officer Chris Zaccarelli said in a statement.

Markets are pricing a 97% chance the Fed will keep rates level at the 5.25%-5.5% target range, according to the CME FedWatch tool, the highest rates have been since 2001. The quickening pace of inflation is largely due to rising gas prices, in addition to rising shelter prices, which increased for the 40th straight month in August, the Bureau of Labor Statistics said in a statement. In the first half of this year, HIG spent approximately $700 million on share repurchases, and the company still has around $2 billion remaining from its current buyback authorization, which lasts till the end of next year. Separately, California, New York, Texas, and Florida represented 12%, 10%, 8%, and 5% of HIG’s earned premiums for the most recent fiscal year, respectively, as highlighted in its 10-K filing. Apart from these four markets, no other region contributed over 5% of Hartford Financial’s fiscal 2022 earned premiums.

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Style is calculated by combining value and growth scores, which are first individually calculated. Thirdly, there is a significant mismatch between Hartford Financial’s high single-digit P/E multiple and the company’s low-to-mid-teens percentage ROE. In contrast, Hartford Financial’s ROEs for full-year FY 2022 and Q were 14.5% and 13.6%, respectively, as disclosed in the company’s recent quarterly earnings presentation.

This will further improve the company’s operating efficiency and improve customer experience. As an investor, you want to buy stocks with the highest probability of success. That means you want to buy stocks with a Zacks Rank #1 or #2, Strong Buy or Buy, which also has a Score of an A or a B in your personal trading style. Style is an investment factor that has a meaningful impact on investment risk and returns.

The technique has proven to be very useful for finding positive surprises. In fact, when combining a Zacks Rank #3 or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time, while they also saw 28.3% annual returns on average, according to our 10 year backtest. Shares of Hartford Financial Services Group Inc. dropped 1.1% in premarket trading Tuesday, after the property and casualty insurer said it has rejected Chubb Ltd.’s unsolicited buyout bid.