-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：我们将12个月目标价下调2美元至22美元，相当于2027年每股收益预期值的11.1倍，高于同业平均水平10.2倍，这主要得益于资产负债表的强劲增长势头。估值溢价也反映了净利息收入和非利息收入均超出预期，以及对卡罗来纳州和德克萨斯州业务扩张的乐观预期。我们将2026年每股收益预期下调0.11美元至1.65美元，并将2027年每股收益预期下调0.02美元至1.98美元。尽管HBAN在收购Veritex和Cadence后效率比率暂时下降，但我们预计这种情况只是暂时的。随着这些交易带来的成本节约和收入协同效应逐步显现，公司业绩有望在未来几个季度得到改善。我们预计，HBAN的效率比率（非利息支出/收入，数值越低越好）在2025年达到60%后，将在2026年小幅提升至59%，然后在2027年大幅下降至54%。这一提升将使HBAN从效率最低的区域性银行之一跃升至效率最高的区域性银行之列，同时保持稳健的信贷损失准备金。
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Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
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