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Hartford Financial Receives Strong Buy Rating as TD Cowen Analyst Raises Price Target

By Don Francis, Editor
April 4, 2024 5:14 AM UTC
Hartford Financial Receives Strong Buy Rating as TD Cowen Analyst Raises Price Target

TD Cowen's Andrew Kligerman raised their price target on Hartford Financial Services Group (NYSE: HIG) by 6.7% from $135 to $144 on 2024/04/03. The analyst maintained their Strong Buy rating on the stock.

As we approach the release of Hartford Financial Services Group's Q1 2024 earnings on April 26th, TD Cowen has revised its estimates for the company. Kligerman, the analyst responsible for the rating, cited "higher peer benchmarks as well as their modestly higher earnings estimates" as the reasons behind the adjustment. This move comes as 75% of top-rated analysts currently rate HIG as a Strong Buy or Buy, while 25% see it as a Hold. Notably, no analysts are recommending or strongly recommending selling the stock.

Looking ahead, analysts have a consensus forecast that HIG will deliver earnings per share (EPS) of $9.08 for the upcoming year. If these predictions hold true, it would represent a 12.2% increase on a year-over-year basis.

Investors will be pleased to note that since Hartford Financial Services Group's last quarterly report on December 31, 2023, the stock price has risen by 27%. Furthermore, on a year-over-year basis, the stock has seen an impressive increase of 45.6%. During this period, HIG has outperformed the S&P 500, which has experienced a 26.4% increase.

Andrew Kligerman, the TD Cowen analyst behind the revised rating, is ranked in the top 9% of Wall Street analysts by WallStreetZen. With an average return of 19.9% and a 61.4% win rate, Kligerman is certainly a respected figure in the industry. Their expertise lies in the Communication Services and Financial Services sectors.

Hartford Financial Services Group, Inc. is an investment and insurance company that operates in multiple sectors. The company's earnings are derived from property-and-casualty operations, as well as group benefits and mutual funds products and services. Hartford sells its offerings through a network of agents and brokers. With a history dating back to 1810, the company is headquartered in Hartford, CT.

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