NEW YORK (TheStreet) -- Shares of Hartford Financial Services (HIG) - Get Report are falling 9.11% to $39.93 on heavy trading volume Friday afternoon after the company posted weak earnings and revenue for the 2016 second quarter.
After yesterday's closing bell, the Hartford, CT-based insurance and financial services company posted core earnings of 31 cents per diluted share, while analysts were expecting earnings of 80 cents per share.
Revenue for the quarter was $4.68 billion, lower than analysts' estimates of $4.71 billion
"Although many of our segments continued to generate solid results, the second quarter bottom line was disappointing, principally due to personal lines auto and P&C other operations asbestos and environmental," CEO Christopher Swift said in a statement.
Higher-than-anticipated mesothelioma claim filings for some defendants in asbestos cases helped propel the company's loss in its property and casualty "other" category to $154 million from $111 million last year, the Wall Street Journal noted.
Additionally, Hartford's auto business continued to slump with new business premiums down 14% year-over-year.
About 12.02 million of the company's shares were traded today vs. its average 30-day volume of 2.48 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and notable return on equity.
The team believes its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HIG