Hartford Financial’s Estimates Cut at FBR Capital (HIG)

in Gold Gold Investing Gold Investment by admin — March 17, 2010 6:07 am | no comments

Insurance and financial services provider Hartford Financial Services ( HIG ) saw its earnings estimates cut on Wednesday by analysts at FBR Capital Markets. The analyst lowered its estimates for HIG through 2011, citing the company’s decision to sell shares in order to pay back its TARP bailout loans. FBR Capital currently rates the stock as a “Market Perform” with a $29 price target. Hartford Financial shares, which had closed at $27.26 on Tuesday, rose $1.04, or +3.8%, in premarket trading Wednesday. 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 .73%, based on last night’s closing stock price of $27.26. The stock has technical support in the $21-$23 price area. If the shares can firm up, we see overhead resistance around the $30 price level. 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 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .