Insurance and financial services company The Hartford (NYSE: HIG) will be announcing earnings results this Thursday after market hours. Here’s what to expect.
Hartford beat analysts’ revenue expectations last quarter, reporting revenues of $7.23 billion, up 6.1% year on year. It was a slower quarter for the company, with a significant miss of analysts’ book value per share and EPS estimates.
Is Hartford a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Hartford’s revenue to decline 27.9% year on year, a reversal from the 7.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Hartford has a history of exceeding Wall Street’s expectations.
Looking at Hartford’s peers in the insurance segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Travelers posted flat year-on-year revenue, missing analysts’ expectations by 0.9%, and W. R. Berkley reported revenues up 1.2%, falling short of estimates by 1.4%. Travelers traded up 8.9% following the results while W. R. Berkley’s stock price was unchanged.
Read our full analysis of Travelers’s results here and W. R. Berkley’s results here.
There has been positive sentiment among investors in the insurance segment, with share prices up 9.2% on average over the last month. Hartford is up 8.9% during the same time and is heading into earnings with an average analyst price target of $149.10 (compared to the current share price of $141.00).
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