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HIG

Hartford Financial

$54.76

-0.4 (-0.73%)

16:16
01/08/18
01/08
16:16
01/08/18
16:16

Hartford sees Q4 results to be reduced by roughly $850M due to tax reform

The Hartford announced that it estimates fourth quarter 2017 financial results will be reduced by approximately $850M due to the impact of the new U.S. tax law and $117M, after tax, for catastrophe losses. The approximately $850M charge from the new U.S. tax law is primary due to the reduction in the U.S. corporate tax rate from 35 percent to 21 percent effective Jan. 1, 2018 and its impact on the company's net deferred tax asset position. The estimate is based on current accounting guidance and the company's net deferred tax assets as of Sept. 30, 2017, and the final amount will depend on fourth quarter 2017 financial results. The charge will not affect core earnings, a non-GAAP financial measure. Although the new U.S. tax law reduces the company's net deferred tax asset position, the company expects a net favorable future economic impact from both the lower corporate income tax rate and the repeal and refunding of the corporate alternative minimum tax credits. In addition, the company estimates that fourth quarter financial results will include approximately $180M of net catastrophe losses, before tax, or $117M, after tax. This estimate includes the benefit of favorable loss reserve development on prior quarter 2017 catastrophes and anticipated reinsurance recoveries for fourth quarter 2017 catastrophe losses ceded to the company's 2017 property catastrophe aggregate reinsurance treaty. Catastrophe losses in fourth quarter 2017 were primarily in the Personal Lines segment and from wildfires in California, with total estimated gross losses of $307 million, before tax, and before expected reinsurance recoveries.

HIG Hartford Financial
$54.76

-0.4 (-0.73%)

12/04/17
GSCO
12/04/17
INITIATION
Target $59
GSCO
Neutral
Hartford Financial initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Yaron Kinar started Hartford Financial Services with a Neutral rating and $59 price target. The analyst does not see enough upside potential to recommend the shares amid mounting competition in the underwriting business.
12/19/17
FBCO
12/19/17
UPGRADE
FBCO
Outperform
Hartford Financial upgraded to Outperform from Neutral at Credit Suisse
12/19/17
12/19/17
UPGRADE
Target $65

Outperform
Hartford Financial upgraded to Outperform at Credit Suisse
As previously reported, Credit Suisse analyst Ryan Tunis upgraded Hartford Financial to Outperform from Neutral and raised his price target on the shares to $65 from $57 as he believes the stock neither gives credit for the value of Hartford Financial's DTA nor any kind of takeout premium on the existing businesses.
12/20/17
SBSH
12/20/17
INITIATION
Target $59
SBSH
Neutral
Hartford Financial initiated with a Neutral at Citi
Citi analyst James Naklicki started Hartford Financial Services Group with a Neutral rating and $59 price target. The analyst views the valuation as "stretched" at current share levels and would get more constructive on a pullback.

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, BK

BNY Mellon

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ARNA

Arena Pharmaceuticals

$34.36

0.48 (1.42%)

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ROSE

Rosehill Resources

$7.96

0.01 (0.13%)

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HES

Hess Corp.

$54.02

0.48 (0.90%)

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OXY

Occidental Petroleum

$75.86

0.59 (0.78%)

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JUNO

Juno Therapeutics

$69.25

23.65 (51.86%)

19:53
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19:53
Downgrade
Juno Therapeutics rating change at Citi »

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WP

Worldpay

$77.89

-0.37 (-0.47%)

19:52
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Upgrade
Worldpay rating change at BMO Capital »

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FRAC

Keane Group

$18.51

0.63 (3.52%)

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Syndicate
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INTC

Intel

$44.39

1.25 (2.90%)

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TOSBF

Toshiba, also use TOSYY

, TOSYY

Toshiba, also use TOSBF

$16.95

-0.01 (-0.06%)

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Periodicals
Toshiba's Westinghouse to forgo bankruptcy, Reuters reports »

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TOSBF

Toshiba, also use TOSYY

TOSYY

Toshiba, also use TOSBF

$16.95

-0.01 (-0.06%)

BAM

Brookfield

$43.10

0.42 (0.98%)

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RDS.A

Royal Dutch Shell

$70.20

0.22 (0.31%)

, RDS.B

Royal Dutch Shell

$72.34

0.35 (0.49%)

19:02
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Periodicals
Shell, BP each agree to purchase Libyan oil, Bloomberg reports »

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RDS.A

Royal Dutch Shell

$70.20

0.22 (0.31%)

RDS.B

Royal Dutch Shell

$72.34

0.35 (0.49%)

BP

BP

$42.88

0.42 (0.99%)

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AAPL

Apple

$179.10

2.91 (1.65%)

18:31
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Trump says Apple investments 'huge win for American workers' »

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  • 01

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MPVD

Mountain Province Diamonds

$2.83

0.075 (2.73%)

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Mountain Province Diamonds provides update on Gahcho Kue Mine exploration »

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WAC

Walter Investment

$0.76

0.0347 (4.81%)

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TM

Toyota

$140.72

2.75 (1.99%)

, KBSTY

Kobe Steel

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Toyota not affected by Kobe Steel false data scandal, Nikkei reports »

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TM

Toyota

$140.72

2.75 (1.99%)

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Kobe Steel

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CBOE

Cboe Global Markets

$131.52

0.73 (0.56%)

, BTC

Bitcoin

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Hot Stocks
Cboe conducts first settlement of Cboe bitcoin futures »

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Cboe Global Markets

$131.52

0.73 (0.56%)

BTC

Bitcoin

BITCOIN

Bitcoin

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GWRE

Guidewire

$75.64

0.19 (0.25%)

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AAPL

Apple

$179.10

2.91 (1.65%)

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OBE

Obsidian Energy

$1.21

-0.03 (-2.42%)

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SN

Sanchez Energy

$5.81

0.16 (2.83%)

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NTDOY

Nintendo

$51.53

1.55 (3.10%)

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PTC

PTC

$66.70

1.41 (2.16%)

, ESIO

Electro Scientific

$22.01

1.91 (9.50%)

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PTC

PTC

$66.70

1.41 (2.16%)

ESIO

Electro Scientific

$22.01

1.91 (9.50%)

NEOT

Neothetics

$1.92

0.0793 (4.31%)

PLXS

Plexus

$64.36

0.59 (0.93%)

AA

Alcoa

$56.99

0.75 (1.33%)

SLM

Sallie Mae

$11.49

0.02 (0.17%)

ARWR

Arrowhead

$5.72

0.12 (2.14%)

PRTK

Paratek Pharmaceuticals

$17.68

-0.075 (-0.42%)

IIPR

Innovative Industrial Properties

$31.30

-2.49 (-7.37%)

ECC

Eagle Point Credit

$19.13

-0.39 (-2.00%)

AGIO

Agios Pharmaceuticals

$70.33

1.53 (2.22%)

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BTU

Peabody Energy

$40.00

0.42 (1.06%)

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MLNX

Mellanox

$64.30

-0.45 (-0.69%)

17:12
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Starboard to nominate nine directors for election at Mellanox »

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