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.