Bank of America Reiterates Buy on Hartford Financial Services Group Following Updated Capital Plans Announcement

In a report published Wednesday, Bank of America analyst Jay A. Cohen reiterated a Buy rating and $32.00 price target on Hartford Financial Services Group HIG.

In the report, Bank of America noted, “The benefits of a dramatic restructuring are not fully reflected in the stock price, in our view. Through the sale of businesses, HIG has freed up capital with which we expect it will use to reduce leverage, repurchase shares and reduce risk in its run-off annuity business, all should be accretive. The non-life business remains a good franchise with unique aspects such as its direct distribution relationship with AARP. Higher commercial insurance prices are a positive and should aid margins.”

Hartford Financial Services Group closed on Tuesday at $29.18.