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The Hartford Financial Services Group, Inc. (HIG), headquartered in Hartford, Connecticut, is a leading insurance and financial services provider with a market cap of $34.51 billion. Hartford offers a wide range of property and casualty insurance, group benefits, and mutual funds.
Companies valued at $10 billion or more are classified as "large-cap" stocks and Hartford Financial Services is a prime example of this, highlighting its significant scale, stability, and influence within the insurance and financial services sector.
HIG shares are trading marginally below their 52-week high of $117.84, which they hit on Sep. 18. However, the stock has gained 13.8% over the past three months, marginally outperforming the SPDR S&P Insurance ETF’s (KIE) 13.2% gain over the same time frame.
In the longer term, HIG is up 45.2% on a YTD basis, and the shares have gained 59.3% over the past 52 weeks. The KIE has gained 25.2% in 2024 and 30.1% over the past year.
To confirm the bullish price action, HIG has been trading above its 50-day moving average since late July and its 200-day moving average since late October 2023.
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.
Highlighting the contrast in performance, rival American International Group, Inc. (AIG) has underperformed HIG, with an 8.8% gain on a YTD basis.
Given HIG's recent outperformance compared to its sector, analysts are moderately bullish about its prospects. The stock has a consensus rating of "Moderate Buy" from 22 analysts in coverage. The mean price target is $118.11, suggesting a 1.2% premium to its 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.
