Hartford Financial, Splitting Up, Gets Upgrade

NEW YORK ( TheStreet) -- Insurance and financial services firm Hartford Financial Services Group ( HIG) received an upgrade on Wednesday, the same day the company announced it is splitting up.

The firm will focus more on its property and casualty insurance business, wind down its individual annuity division and try to sell or find alternatives for its retirement planning, individual life and Woodbury Financial Services divisions.

"With this portfolio and the actions we are taking, we are on the right path to unlock value and deliver superior, long-term returns for shareholders," CEO Liam McGee said in a statement.

Hartford Financial Services Group was upgraded to buy from hold by TheStreet Ratings.

Shares of Hartford Financial Services Group climbed 6.63% in premarket trading Wednesday to $23.15. The stock has risen 33.6% year to date.

TheStreet Ratings gives Hartford Financial Services Group a B- grade and a $25.06 price target.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to: tips@thestreet.com.

>To follow the writer on Twitter, go to Alexandra Zendrian.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever