Primecap Management Co. CA acquired a new stake in The Hanover Insurance Group, Inc. (NYSE:THG – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 176,740 shares of the insurance provider’s stock, valued at approximately $37,844,000.
A number of other large investors also recently bought and sold shares of THG. Legato Capital Management LLC acquired a new stake in shares of The Hanover Insurance Group during the fourth quarter worth about $1,238,000. Intech Investment Management LLC purchased a new position in shares of The Hanover Insurance Group in the fourth quarter valued at approximately $4,926,000. UBS Group AG grew its holdings in shares of The Hanover Insurance Group by 58.7% in the fourth quarter. UBS Group AG now owns 149,300 shares of the insurance provider’s stock valued at $27,288,000 after purchasing an additional 55,220 shares in the last quarter. Norges Bank acquired a new position in shares of The Hanover Insurance Group in the fourth quarter valued at approximately $83,817,000. Finally, Dockside LLC purchased a new stake in The Hanover Insurance Group during the 4th quarter worth approximately $1,225,000. Institutional investors and hedge funds own 86.61% of the company’s stock.
The Hanover Insurance Group Stock Up 0.6%
THG stock opened at $228.40 on Thursday. The company’s 50 day moving average price is $218.72 and its 200 day moving average price is $194.60. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 10.90 and a beta of 0.27. The Hanover Insurance Group, Inc. has a fifty-two week low of $166.54 and a fifty-two week high of $236.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.38 and a current ratio of 0.38.
The Hanover Insurance Group declared that its board has approved a share 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 reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The Hanover Insurance Group Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, June 12th. The Hanover Insurance Group’s dividend payout ratio (DPR) is presently 18.14%.
Insider Buying and Selling at The Hanover Insurance Group
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 transaction, the director owned 2,270 shares of the company’s stock, valued at $525,505. This represents a 30.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Dennis Francis Kerrigan sold 2,104 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $222.41, for a total value of $467,950.64. Following the completion of the sale, the executive vice president owned 12,003 shares in the company, valued at approximately $2,669,587.23. This represents a 14.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 9,655 shares of company stock valued at $2,145,846. Corporate insiders own 2.80% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on THG. 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. BMO Capital Markets downgraded shares of The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $194.00 to $203.00 in a research note on Tuesday, May 19th. Morgan Stanley upped their price objective on The Hanover Insurance Group from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 19th. Piper Sandler cut The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 price objective on the stock. in a research note on Wednesday, July 15th. 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 equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $225.71.
Read 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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