Hartford Financial Services (HIG) Maintains Hold Rating
By Benzinga Staff
March 17, 2010 2:40 PM
March 17, 2010 2:40 PM
Symbols: HIG
Analysts Michael Paisan and Mariza Costa at Stifel Nicolaus have released an update on Hartford Financial Services (NYSE: HIG). The company announced on Tuesday that it will raise funds through equity, debt and convertible stock offering.
The company is planning to use the proceeds from the offering to fully repurchase $3.4 billion of its preferred shares issued to the U.S. Treasury under the TARP. Analysts were expecting this move from Hartford Financial Services for some time and believe that the dilution will affect shares in short-term. Analysts have lowered the 2010 EPS estimates due to the offering. EPS has been lowered from $5.53 to $3.07.
Analysts at Stifel Nicolaus have maintained their Hold rating for Hartford Financial Services.
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