NEW YORK (TheStreet) --Shares of Hartford Financial Services (HIG) - Get Hartford Financial Services Group Inc. (The) Report are down by 7.64% to $45.11 in early afternoon trading on Tuesday, as the stock continues to tumble following yesterday afternoon's release of the company's 2015 third quarter earnings results.
The insurance and financial services company posted a 24% year over year drop in its core earnings, as a result of a drop in investment income and a rise in catastrophe and loss costs, the Wall Street Journal reports.
Earnings came in at 86 cents per share on revenue of $4.56 billion versus the 99 cents per share on revenue of $4.75 million analysts surveyed by Thomson Reuters had forecast.
"While The Hartford delivered strong underlying performance in Commercial Lines and Group Benefits, our results this quarter reflect headwinds in several areas, resulting in a decrease in core earnings," company CEO Christopher Swift said in a statement.
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, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel its strengths outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: HIG