CoreCap Advisors LLC trimmed its stake in shares of The Hanover Insurance Group, Inc. (NYSE:THG – Free Report) by 99.4% during the second quarter, HoldingsChannel reports. The fund owned 178 shares of the insurance provider’s stock after selling 29,027 shares during the period. CoreCap Advisors LLC’s holdings in The Hanover Insurance Group were worth $38,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Basecamp Wealth Advisors LLC raised its stake in shares of The Hanover Insurance Group by 19.1% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 343 shares of the insurance provider’s stock valued at $59,000 after purchasing an additional 55 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of The Hanover Insurance Group by 5.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the insurance provider’s stock worth $195,000 after buying an additional 59 shares during the period. Crossmark Global Holdings Inc. grew its holdings in shares of The Hanover Insurance Group by 3.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 1,880 shares of the insurance provider’s stock worth $344,000 after buying an additional 64 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of The Hanover Insurance Group by 3.4% during the fourth quarter. Ballentine Partners LLC now owns 2,026 shares of the insurance provider’s stock worth $370,000 after buying an additional 66 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in The Hanover Insurance Group by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,020 shares of the insurance provider’s stock valued at $2,183,000 after buying an additional 66 shares during the last quarter. 86.61% of the stock is owned by institutional investors and hedge funds.
The Hanover Insurance Group Stock Performance
NYSE THG opened at $225.10 on Friday. The firm has a market capitalization of $7.84 billion, a P/E ratio of 10.74 and a beta of 0.27. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.22. The firm’s fifty day moving average price is $214.29 and its two-hundred day moving average price is $191.62. The Hanover Insurance Group, Inc. has a 1 year low of $165.50 and a 1 year high of $236.07.
The Hanover Insurance Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.95 dividend. The ex-dividend date was Friday, June 12th. This represents a $3.80 annualized dividend and a yield of 1.7%. The Hanover Insurance Group’s dividend payout ratio is currently 18.14%.
The Hanover Insurance Group declared that its Board of Directors has authorized a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities research analysts have commented on THG shares. Keefe, Bruyette & Woods boosted their target price on The Hanover Insurance Group from $220.00 to $222.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. Zacks Research upgraded shares of The Hanover Insurance Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Citizens Jmp lifted their price target on shares of The Hanover Insurance Group from $225.00 to $240.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 29th. Piper Sandler cut The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 price objective for the company. in a report on Wednesday, July 15th. Finally, Weiss Ratings raised The Hanover Insurance Group from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $223.57.
Read Our Latest Report on The Hanover Insurance Group
Insiders Place Their Bets
In related news, Director Jane D. Carlin sold 1,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $231.50, for a total value of $231,500.00. Following the sale, the director owned 2,270 shares in the company, valued at approximately $525,505. This represents a 30.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John C. Roche sold 8,358 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.74, for a total value of $1,619,278.92. Following the sale, the chief executive officer directly owned 141,011 shares of the company’s stock, valued at $27,319,471.14. This represents a 5.60% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 21,871 shares of company stock valued at $4,294,665. Corporate insiders own 2.80% of the company’s stock.
The Hanover Insurance Group 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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