In a report released yesterday, Elyse Greenspan from Wells Fargo maintained a Hold rating on Hartford Financial (HIG), with a price target of $53. The company’s shares closed yesterday at $44.28, close to its 52-week low of $43.31.
Greenspan noted:
“We are not changing our EPS estimates at this time. HIG should preview its fire losses during a conference presentation next week (on 12/5). We expect the shares to not be significantly impacted by the meetings. Our sense is investors are more interested in The Hartford due to its lower valuation but are looking for a catalyst. We see the first catalyst as being either the company points to improved comp trends on its Q4 earnings call in February, or most likely when capital return becomes part of the story in H2 2019. We continue to have a Market Perform rating on the shares.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 3.9% and a 60.2% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.
Currently, the analyst consensus on Hartford Financial is a Strong Buy with an average price target of $58.22, which is a 31.5% upside from current levels. In a report issued on November 14, Credit Suisse also maintained a Hold rating on the stock with a $56 price target.
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Based on Hartford Financial’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $4.8 billion and net profit of $443 million. In comparison, last year the company earned revenue of $4.62 billion and had a net profit of $234 million.
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The Hartford Financial Services Group, Inc. is an insurance and financial services company. The company provides life insurance, group and employee benefits, automobile and homeowners insurance and business insurance, as well as investment products, annuities, mutual funds, and college savings plans.
