The Hanover Insurance Group (NYSE:THG – Get Free Report) had its price objective raised by research analysts at Royal Bank Of Canada from $195.00 to $215.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the insurance provider’s stock. Royal Bank Of Canada’s price objective would indicate a potential downside of 0.31% from the company’s current price.
THG has been the subject of a number of other research reports. Oppenheimer upped their target price 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. Zacks Research cut shares of The Hanover Insurance Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Citigroup reaffirmed an “outperform” rating on shares of The Hanover Insurance Group in a research report on Friday. Piper Sandler upped their target price on shares of The Hanover Insurance Group from $212.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $220.00 price target (up from $211.00) on shares of The Hanover Insurance Group in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, The Hanover Insurance Group presently has a consensus rating of “Moderate Buy” and an average price target of $218.29.
View Our Latest Analysis on THG
The Hanover Insurance Group Stock Up 0.8%
The Hanover Insurance Group (NYSE:THG – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $5.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $1.11. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.58 billion. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.87 EPS. As a group, sell-side analysts predict that The Hanover Insurance Group will post 18.38 EPS for the current year.
The Hanover Insurance Group declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that permits the company to buyback $700.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
Insider Activity
In other news, Director Cynthia Egan sold 3,400 shares of The Hanover Insurance Group stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $188.50, for a total value of $640,900.00. Following the completion of the transaction, the director owned 9,359 shares in the company, valued at approximately $1,764,171.50. The trade was a 26.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Dennis Francis Kerrigan sold 6,262 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $192.99, for a total value of $1,208,503.38. Following the completion of the transaction, the executive vice president directly owned 11,988 shares in the company, valued at $2,313,564.12. The trade was a 34.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,508 shares of company stock valued at $5,704,651. Corporate insiders own 2.80% of the company’s stock.
Hedge Funds Weigh In On The Hanover Insurance Group
Several institutional investors have recently bought and sold shares of THG. Norges Bank acquired a new position in The Hanover Insurance Group in the fourth quarter worth $83,817,000. Alliancebernstein L.P. increased its stake in shares of The Hanover Insurance Group by 36.1% in the second quarter. Alliancebernstein L.P. now owns 1,280,418 shares of the insurance provider’s stock valued at $217,505,000 after buying an additional 339,896 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of The Hanover Insurance Group by 37.8% in the third quarter. AQR Capital Management LLC now owns 763,431 shares of the insurance provider’s stock valued at $137,967,000 after buying an additional 209,616 shares in the last quarter. Invesco Ltd. raised its holdings in shares of The Hanover Insurance Group by 44.1% in the fourth quarter. Invesco Ltd. now owns 646,910 shares of the insurance provider’s stock valued at $118,236,000 after buying an additional 197,930 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of The Hanover Insurance Group by 206.0% in the third quarter. Balyasny Asset Management L.P. now owns 292,121 shares of the insurance provider’s stock valued at $53,058,000 after buying an additional 196,655 shares during the last quarter. Institutional investors own 86.61% of the company’s stock.
About The Hanover Insurance Group
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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