NEW YORK (TheStreet) -- Hartford Financial Services Group (HIG) - Get Report price target was raised to $55 from $45 at MKM Partners, which reiterated its "buy" rating.

The firm also increased 2015 earnings estimates to $4 from $3.85 per share.

Shares of Hartford Financial are rising 2.98% to $47.01 in afternoon trading on Tuesday. 

Yesterday, the company announced its 2015 second quarter financial results with earnings of $0.91 per share on revenue of $4.69 billion, ahead of consensus estimate of $0.76 earnings per share.

The company also announced an increase in its share repurchase plan of $1.6 billion, bringing the total authorization to $2 billion to be repurchased by December 31, 2016.

"Hartford produced very good core P&C results with results improving in both the commercial and personal lines," MKM Partners analysts said.

Moreover, personal lines generated a 2.0 point underlying improvement due predominantly to better homeowners' result, the firm added.

The Hartford Financial Services Group, based in Hartford, CT, is an insurance and financial services holding company that provides property and casualty insurance and group life and disability products to individual and business customers.

Separately, TheStreet Ratings team rates HARTFORD FINANCIAL SERVICES as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate HARTFORD FINANCIAL SERVICES (HIG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

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