Opinions
Jonathen Wellum, B. Comm, B. Sc
Hartford Financial
HIG-N
TOP PICK
Oct 10, 2006
Has both property and casualty as well as life insurance, but trades off P&C mainly. Trades at 10-11 X earnings. Big in wealth management. Diversified into the far east and Japan.
$88.790
Stock price when the opinion was issued
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COMMENT
Chubb's failed to take over HIG-N. HIG kept rejecting Chubb's bids, even though HIB shares jumped after the initial news. Last Thursday, HIG rejected yet another bid as HIG reported an okay, though imperfect quarter. Though Chubb has backed down, HIG shares aren't sliding, but rallying since the takeover died. Shares are up 76% in the last 6 months.
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TOP PICK
Stockchase Research Editor: Michael O'Reilly This $20 billion market cap provider of multi-line insurance including group disability and casualty insurance is a TOP PICK. The company is partnering with Yale Medical to develop training in addiction and pain management to help provide reduce opioid use disorders. It trades at 11x earnings and 1.2x book value. We like how it has managed its cash reserves while buying back stock aggressively and retiring debt. Its dividend has grown by over 8% annually over the past five years and is backed by a payout ratio under 30% of cash flow. We recommend placing a stop loss at $52.50, looking to achieve $82.50 -- upside potential over 30%. Yield 2.49% (Analysts’ price target is $82.35)
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TOP PICK
Stockchase Research Editor: Michael O'Reilly We reiterate this $20 billion market cap provider of multi-line insurance including group disability and casualty insurance as a TOP PICK. The company is embarking on a major cost saving initiative and reports lower losses related to COVID and commercial lines. It trades at 13x earnings and 1.9x book value. We like how it has managed its cash reserves while buying back stock aggressively and retiring debt. Its dividend has grown by over 8% annually over the past five years and is backed by a payout ratio under 30% of cash flow. We recommend trailing up the stop loss from ($60.50) to $68.50, looking to achieve $85.50 -- upside potential over 14%. Yield 2.3% (Analysts’ price target is $85.44)
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PAST TOP PICK
(A Top Pick Dec 20/22, Down 8.6%)Stockchase Research Editor: Michael O’Reilly
Our PAST TOP PICK with HIG has triggered its stop at $68.50. To remain disciplined, we recommend covering the position at this time. When combined with our previous buy recommendation, this will result in a net investment gain of 0.3%.
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