California State Teachers Retirement System raised its holdings in The Hanover Insurance Group, Inc. (NYSE:THG – Free Report) by 30.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 43,399 shares of the insurance provider’s stock after acquiring an additional 10,188 shares during the period. California State Teachers Retirement System’s holdings in The Hanover Insurance Group were worth $7,523,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the business. Legato Capital Management LLC acquired a new stake in The Hanover Insurance Group during the 4th quarter worth approximately $1,238,000. Intech Investment Management LLC acquired a new stake in The Hanover Insurance Group in the fourth quarter valued at approximately $4,926,000. UBS Group AG lifted its position in shares of The Hanover Insurance Group by 58.7% during the fourth quarter. UBS Group AG now owns 149,300 shares of the insurance provider’s stock worth $27,288,000 after purchasing an additional 55,220 shares in the last quarter. Norges Bank purchased a new position in shares of The Hanover Insurance Group in the fourth quarter valued at $83,817,000. Finally, Dockside LLC acquired a new stake in The Hanover Insurance Group during the 4th quarter valued at $1,225,000. 86.61% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, Director Francisco Aristeguieta sold 1,000 shares of The Hanover Insurance Group stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $195.37, for a total value of $195,370.00. Following the sale, the director owned 4,053 shares of the company’s stock, valued at approximately $791,834.61. This trade represents a 19.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dennis Francis Kerrigan sold 6,262 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $192.99, for a total transaction of $1,208,503.38. Following the sale, the executive vice president directly owned 11,988 shares in the company, valued at $2,313,564.12. This trade represents a 34.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 27,108 shares of company stock worth $5,295,251 in the last three months. 2.80% of the stock is owned by corporate insiders.
The Hanover Insurance Group Stock Performance
The Hanover Insurance Group (NYSE:THG – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.84 by $1.47. The Hanover Insurance Group had a return on equity of 21.72% and a net margin of 11.17%.The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the business earned $4.35 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. Sell-side analysts forecast that The Hanover Insurance Group, Inc. will post 19.15 EPS for the current year.
The Hanover Insurance Group declared that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that allows the company to buyback $700.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The Hanover Insurance Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, June 12th. The Hanover Insurance Group’s payout ratio is presently 18.14%.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on THG shares. Royal Bank Of Canada upped their price target on shares of The Hanover Insurance Group from $215.00 to $235.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Citigroup restated an “outperform” rating on shares of The Hanover Insurance Group in a research report on Friday, July 10th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $220.00 target price (up from $211.00) on shares of The Hanover Insurance Group in a report on Wednesday, July 8th. Weiss Ratings upgraded The Hanover Insurance Group from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, July 30th. Finally, BMO Capital Markets cut The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $194.00 to $203.00 in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $223.29.
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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