Hartford Financial (HIG) Higher Following Positive Barron's Article
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Shares of Hartford Financial (NYSE: HIG) are 7% higher today after a positive Barron's article saying following the beat-down in the stock it may be a good bet on the recovery in the bond market.
Barron's notes the stock has been pummeled recently as unrealized gross bond losses jump from $700 million on Dec. 31, 2007, to $11.6 billion as of the end of October. As a result of the losses, book value fell.
The article says Hartford is now a compelling buy, as executives see a springback potential in book value once bond prices recover from current panic levels. Hartford's bond holdings are largely of high quality, with a negligible default risk, but are trading at levels worse than the Great Depression.
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