FBR Capital Downgrades Hartford Financial Services (HIG) to Market Perform on Valuation

January 23, 2013 8:13 AM EST Send to a Friend
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Price: $41.30 +0.41%

Rating Summary:
    13 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 3 | Down: 17 | New: 2
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FBR Capital downgraded Hartford Financial Services (NYSE: HIG) from Outperform to Market Perform with a price target of $25.00 on valuation after last year's 38.1% surge versus S&P P/C Insurance Index (+18.7%), the S&P 500 (+13.4%), and the S&P Life Insurance Index (+11.8%).

The analyst comments, "Optimism around divestitures, which freed up $2.2B in statutory capital, drove our bullish sentiment, particularly as the stock traded at a discount to our sum-of-the-parts valuation. At this point however, we think capital deployment expectations are reflected in the stock, with some risk that the buyback, debt retirement, and runoff capital allocation combination announced at the spring investor day could leave some investors disappointed."

For an analyst ratings summary and ratings history on Hartford Financial Services click here. For more ratings news on Hartford Financial Services click here.

Shares of Hartford Financial Services closed at $24.63 yesterday.


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