Insurance Stock Breaking Out to New Highs — Buy Now

by Sam Collins | January 23, 2013 1:12 am

The Hartford Financial Services Group (NYSE:HIG[1]) — This is one of the leading U.S. multi-line insurance companies and a leading writer of property and casualty insurance. The company has had success in improving its balance sheet and realigning its distribution and, thus, its growth prospects. Earnings for 2012 are estimated at $2.62, up from $1.12 in 2011, and $3.50 is expected in 2013.

Technically, HIG completed a high-volume breakout from a cup-and-handle pattern with an impressive breakaway gap on Jan. 2. On Tuesday, it closed at a new 52-week high.

The stock is currently under heavy accumulation, and a trade to $30 is likely. Investors could see a much better reward for holding long term.

HIG Chart
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Trade of the Day Chart Key

  1. HIG:

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