Wells Fargo Believes Hartford Financial (HIG) Still Has Room to Grow

In a report released today, Elyse Greenspan from Wells Fargo maintained a Buy rating on Hartford Financial (HIG), with a price target of $75.00. The company’s shares closed last Thursday at $66.66, close to its 52-week high of $69.60.

According to TipRanks.com, Greenspan is a 5-star analyst with an average return of 12.6% and a 66.7% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, United Insurance Holdings, and Arthur J Gallagher & Co.

Hartford Financial has an analyst consensus of Strong Buy, with a price target consensus of $72.08, representing a 9.6% upside. In a report issued on April 8, UBS also maintained a Buy rating on the stock with a $76.00 price target.

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Based on Hartford Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $5.13 billion and net profit of $537 million. In comparison, last year the company earned revenue of $5.13 billion and had a net profit of $548 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. It operates through the following segments: Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits and Hartford Funds. The Commercial Lines segment provides workers compensation, property, automobile, liability and umbrella coverage under several different products, primarily throughout the U.S., within its standard commercial lines, which consists of The Hartford’s small commercial and middle market lines of business. The Personal Lines segment includes automobile, homeowners and home-based business coverage to individuals across the U.S. The Property & Casualty Other Operations segment includes certain property and casualty operations, currently managed by the company, that have discontinued writing new business and substantially all of the company’s asbestos and environmental exposures. The Group Benefits segment offers group life, accident and disability coverage, group retiree health and voluntary benefits to individual members of employer groups, associations, affinity groups and financial institutions. The Hartford Funds segment offers investment products for retail and retirement accounts and provides investment management and administrative services such as product design, implementation and oversight. The Hartford Financial Services Group was founded on May 10, 1810 and is headquartered in Hartford, CT.

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