Sterne Agee Reduces Estimates On Hartford Financial Services

According to Sterne Agee, Hartford Financial Services Group HIG estimates were reduced. Sterne Agee said that HIG pre-announced 2Q11 “core” operating earnings of $2m, or $0.02, well below its estimate of $281m, or $0.55. “We note HIG did not quantify PY development, whereas our estimate includes +$0.03.” Hartford Financial Services Group closed yesterday at $25.60.