Globeflex Capital L P purchased a new stake in The Hanover Insurance Group, Inc. (NYSE:THG – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,402 shares of the insurance provider’s stock, valued at approximately $728,000.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new position in The Hanover Insurance Group in the 2nd quarter valued at about $756,471,000. Norges Bank acquired a new position in The Hanover Insurance Group in the fourth quarter valued at $83,817,000. Alliancebernstein L.P. lifted its stake in shares of The Hanover Insurance Group by 36.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,280,418 shares of the insurance provider’s stock valued at $217,505,000 after purchasing an additional 339,896 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in The Hanover Insurance Group during the second quarter worth approximately $69,481,000. Finally, AQR Capital Management LLC boosted its position in The Hanover Insurance Group by 37.8% during the 3rd quarter. AQR Capital Management LLC now owns 763,431 shares of the insurance provider’s stock worth $137,967,000 after purchasing an additional 209,616 shares during the period. 86.61% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have weighed in on THG. Citigroup restated an “outperform” rating on shares of The Hanover Insurance Group in a report on Friday, July 10th. Oppenheimer boosted their price objective on shares of The Hanover Insurance Group from $205.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, May 21st. Keefe, Bruyette & Woods upped their price objective on shares of The Hanover Insurance Group from $220.00 to $222.00 and gave the company a “market perform” rating in a research report on Thursday, August 6th. BMO Capital Markets downgraded The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and raised their target price for the company from $194.00 to $203.00 in a research note on Tuesday, May 19th. Finally, Weiss Ratings upgraded The Hanover Insurance Group from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, July 30th. Two investment 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $225.71.
The Hanover Insurance Group Stock Up 2.0%
Shares of The Hanover Insurance Group stock opened at $227.72 on Tuesday. The company has a market capitalization of $7.93 billion, a P/E ratio of 10.87 and a beta of 0.27. The business’s fifty day moving average price is $217.59 and its two-hundred day moving average price is $193.88. The Hanover Insurance Group, Inc. has a 1-year low of $166.54 and a 1-year high of $236.07. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.38 and a quick ratio of 0.38.
The Hanover Insurance Group (NYSE:THG – Get Free Report) last released its earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $4.35 earnings per share. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, research analysts forecast that The Hanover Insurance Group, Inc. will post 20.17 EPS for the current year.
The Hanover Insurance Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a dividend of $0.95 per share. The ex-dividend date was Friday, June 12th. This represents a $3.80 annualized dividend and a dividend yield of 1.7%. The Hanover Insurance Group’s dividend payout ratio (DPR) is 18.14%.
The Hanover Insurance Group announced that its board has authorized a stock repurchase program on Wednesday, May 13th that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Insider Activity at The Hanover Insurance Group
In related news, EVP Dennis Francis Kerrigan sold 6,551 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $220.79, for a total transaction of $1,446,395.29. Following the completion of the sale, the executive vice president directly owned 12,003 shares of the company’s stock, valued at $2,650,142.37. This represents a 35.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jane D. Carlin sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $231.50, for a total transaction of $231,500.00. Following the sale, the director owned 2,270 shares of the company’s stock, valued at $525,505. The trade was a 30.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 9,655 shares of company stock worth $2,145,846 in the last ninety days. Corporate insiders own 2.80% 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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