Vestcor Inc cut its position in The Hanover Insurance Group, Inc. (NYSE:THG – Free Report) by 45.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,530 shares of the insurance provider’s stock after selling 6,253 shares during the quarter. Vestcor Inc’s holdings in The Hanover Insurance Group were worth $1,376,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. JPL Wealth Management LLC purchased a new position in shares of The Hanover Insurance Group in the 3rd quarter worth approximately $26,000. Community Bank N.A. purchased a new stake in The Hanover Insurance Group during the third quarter valued at approximately $27,000. Entrust Financial LLC purchased a new stake in The Hanover Insurance Group during the fourth quarter valued at approximately $33,000. Clearstead Advisors LLC boosted its stake in The Hanover Insurance Group by 300.0% in the third quarter. Clearstead Advisors LLC now owns 200 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 150 shares in the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new stake in The Hanover Insurance Group in the third quarter valued at approximately $43,000. 86.61% of the stock is currently owned by institutional investors.
Insider Activity
In other The Hanover Insurance Group news, EVP Dennis Francis Kerrigan sold 6,262 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $192.99, for a total transaction of $1,208,503.38. Following the completion of the transaction, the executive vice president directly owned 11,988 shares of the company’s stock, valued at approximately $2,313,564.12. This trade represents a 34.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Denise Lowsley sold 4,175 shares of The Hanover Insurance Group stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $191.73, for a total transaction of $800,472.75. Following the sale, the executive vice president owned 3,883 shares of the company’s stock, valued at approximately $744,487.59. The trade was a 51.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 29,508 shares of company stock valued at $5,704,651. 2.80% of the stock is owned by insiders.
The Hanover Insurance Group Price Performance
The Hanover Insurance Group (NYSE:THG – Get Free Report) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $5.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.14 by $1.11. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $3.87 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts predict that The Hanover Insurance Group, Inc. will post 18.36 EPS for the current year.
The Hanover Insurance Group announced that its board has approved a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The Hanover Insurance Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.0%. The Hanover Insurance Group’s payout ratio is 19.12%.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the company. Oppenheimer upped their price target on The Hanover Insurance Group from $205.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Citigroup reissued an “outperform” rating on shares of The Hanover Insurance Group in a research report on Thursday, April 30th. Keefe, Bruyette & Woods upped their target price on The Hanover Insurance Group from $208.00 to $211.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Piper Sandler upped their target price on The Hanover Insurance Group from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, BMO Capital Markets downgraded The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $194.00 to $203.00 in a report on Tuesday, May 19th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, The Hanover Insurance Group currently has an average rating of “Moderate Buy” and an average target price of $207.00.
View Our Latest Analysis on THG
The Hanover Insurance Group Company Profile
The Hanover Insurance Group, Inc (NYSE: THG) is a property and casualty insurance company that provides a range of commercial and personal insurance products. Through its subsidiary companies, Hanover offers coverage for businesses of all sizes, including workers’ compensation, general liability, commercial auto, and professional liability. On the personal lines side, the company underwrites homeowners, personal auto, flood, and umbrella policies designed to meet the needs of individuals and families.
In addition to its core commercial and personal insurance offerings, Hanover maintains a specialty arm that focuses on niche markets through tailored product solutions.
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