Hartford Financial's Huge Book Value
Hartford Financial Services (HIG) continues to report solid core earnings. The market seems to doubt the staying power of these earnings. Check out the book value for this $22 stock reported after the close with the Q4 earnings. Currently $38.92 or $47.56 if you exclude the AOCI. With core earnings approaching $4 in 2010 its perplexing to understand the multiple on this stock either based on earnings or book value. It won't last forever!
| Quarterly Results | ||||||||||||||
| 4Q '09 | 4Q '08 | Change | ||||||||||||
| Net income (loss) | $557 | $(806) | NM | |||||||||||
| Net income (loss) available to common | $1.19 | $(2.71) | NM | |||||||||||
| Core earnings (losses) | $689 | $(208) | NM | |||||||||||
| Core earnings (losses) available to common shareholders per diluted share* | $1.51 | $(0.72) | NM | |||||||||||
| Assets under management* | $380,834 | $345,451 | 10% | |||||||||||
| Book value per common share | $38.92 | $28.53 | 36% | |||||||||||
| Book value per common share (ex. AOCI)* | $47.56 | $51.69 | (8%) | |||||||||||
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