Analysts at FBR Capital Markets on Monday said its expects third quarter earnings results for insurance and financial services company Hartford Financial Services( HIG
The firm maintained its "Market Perform" rating on HIG, commenting "We estimate $1.18 in 3Q10E EPS for HIG, well above the $0.88 Street consensus. This is driven by market tailwinds similar to LNC, as well as lower P/C catastrophe incidence in 3Q10. However, HIG shares are up 22% since late August, 10% better than the group, so some of this may already be priced in."
Hartford Financial shares rose 13 cents, or +0.5%, in premarket trading Monday.
The Bottom Line
We have avoided shares of HIG since our early June 2008 coverage began, when the stock was trading at $71 a share. The company has a dividend yield of .84%, based on Friday's closing stock price of $23.91. The stock has technical support in the $19-$20 price area. If the shares can firm up, we see overhead resistance around the $26-$28 price levels. We would remain on the sidelines for now.
Hartford Financial Services( HIG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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