Hartford Financial Stock: Cheap With Catalysts NYSE:HIG

HIG derived 72% of its fiscal 2022 core earnings from the company’s Commercial Lines business segment as indicated in its investor presentation slides. Group Benefits, Hartford Funds, and Personal Lines accounted for 16%, 7%, and 5% of Hartford Financial’s FY 2022 bottom line, respectively. This initiative builds on HIG’s strategic priorities to emphasize digital and data and analytics to enhance customer experience and improve claims decision making and underwriting. The company is expected to accelerate profitable organic growth as a result.

Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next days. The Zacks Consensus Estimate for PRA’s 2024 earnings implies a year-over-year rise of 143.5%. The consensus estimate for PRA’s 2023 and 2024 earnings has moved up 25.9% and 2.5%, respectively, in the past 30 days. Upgrade to MarketBeat All Access to add more stocks to your watchlist. One share of HIG stock can currently be purchased for approximately $73.34. 839 employees have rated The Hartford Financial Services Group Chief Executive Officer Christopher Swift on Glassdoor.com.

The Hartford Financial Services Group Inc

This move bodes well for HIG, enhancing its digital capabilities and acting as a key differentiator. Moreover, as brokers and agents benefit from this, the company’s business will improve as a result. Agents and brokers can now easily request a quote of auto, general liability, property and workers’ compensation accounts and share submission data in a seamless way. Agents’ efficiency and policy sales will improve, thereby boosting the top line in the future.

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If the actual profitability of the workers’ compensation business turns out to be better than expected, the company’s ROEs in subsequent quarters and years should end up higher than the analysts’ consensus financial projections. Hartford Financial refers to itself as a “leader in property and casualty insurance, group benefits, and mutual funds” in the company’s media releases. High-growth stocks tend to represent the technology, healthcare, and communications sectors. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. More value-oriented stocks tend to represent financial services, utilities, and energy stocks. These are established companies that reliably pay dividends.

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Hartford Financial is the second-largest player in the US workers’ compensation market as indicated in the “Company Description” section of this article. The first potential catalyst for Hartford Financial is continued share buybacks. It is also worth noting that Hartford Financial’s historical ROEs have been higher than most of the company’s listed peers as highlighted in the chart below.

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This segment distributes its group insurance products and services through brokers, consultants, third-party administrators, trade associations, and private exchanges. The company was founded in 1810 and is headquartered in Hartford, Connecticut. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system.

The Hartford Financial Services Group, Inc. provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. The company’s Personal Lines segment provides features of statutory audit automobile, homeowners, and personal umbrella coverages through direct-to-consumer channel and independent agents. Its Property & Casualty Other Operations segment offers coverage for asbestos and environmental exposures.

Apart from expanding product breadth and distribution relationships, the company places equal importance on advancing technological expertise to enhance underwriting capabilities. The Hartford Financial Services Group’s stock is owned by a variety of retail and institutional investors. Top institutional shareholders include BlackRock Inc. (8.48%), State Street Corp (5.65%), Geode Capital Management LLC (2.14%), Dimensional Fund Advisors LP (1.87%), Hotchkis & Wiley Capital Management LLC (1.61%) and LSV Asset Management (1.59%).

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• HIG’s new digital capabilities will aid its brokers in writing mid-size and large accounts to improve accuracy, provide faster turnaround and reduce time taken.
• The industry with the worst average Zacks Rank (265 out of 265) would place in the bottom 1%.
• The technique has proven to be very useful for finding positive surprises.
• In contrast, Hartford Financial’s ROEs for full-year FY 2022 and Q were 14.5% and 13.6%, respectively, as disclosed in the company’s recent quarterly earnings presentation.
• Since 1988 it has more than doubled the S&P 500 with an average gain of +24.32% per year.

Investors of record on Friday, September 1st will be paid a dividend of $0.425 per share on Tuesday, October 3rd. This represents a $1.70 dividend on an annualized basis and a dividend yield of 2.32%. The company is scheduled to release its next quarterly earnings announcement on Thursday, October 26th 2023. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. The insurance company remains strong and has a lot of positives on the horizon.