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The Hartford Financial Services Group, Inc. (HIG), headquartered in Hartford, Connecticut, is a leading provider of insurance and financial services, specializing in property and casualty insurance, group benefits, and mutual funds, with a market cap of $34. 20 billion. HIG is scheduled to announce its Q3 earnings after the market closes on Thursday, Oct. 24.
Ahead of the event, analysts expect HIG to report a profit of $2.46 per share, up 7.4% from $2.29 in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in three of the last four quarters while missing on another occasion.
Its adjusted earnings of $2.50 per share for the last quarter surpassed the consensus estimate by 10.6%. Hartford's Q2 results were driven by strong commercial and personal lines performance.
For fiscal 2024, analysts expect HIG to report EPS of $10.09, up 13.6% from $8.88 in fiscal 2023.
HIG stock is up 43.8% on a YTD basis, significantly outperforming the broader S&P 500 Index's ($SPX) 20.6% gains and the SPDR S&P Insurance ETF’s (KIE) 24.6% returns over the same time frame.
HIG shares surged 7.1% following its Q2 earnings release on Jul. 25. The company reported a 35% increase in the second quarter net income to $733 million and a 28% rise in core earnings to $750 million compared to the same period in 2023.
The consensus opinion on HIG stock is moderately bullish, with an overall “Moderate Buy” rating. Of the 22 analysts covering the stock, seven advise a “Strong Buy” rating, two suggest a “Moderate Buy,” 12 indicate a “Hold,” and one suggests a “Strong Sell.”
HIG's average analyst price target is $119.70, indicating a potential upside of 3.5% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
