The Hanover Insurance Group (NYSE:THG) Price Target Raised to $222.00

The Hanover Insurance Group (NYSE:THG) had its price target hoisted by Keefe, Bruyette & Woods from $220.00 to $222.00 in a report released on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

Several other analysts have also recently commented on the company. BMO Capital Markets cut The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $194.00 to $203.00 in a report on Tuesday, May 19th. Oppenheimer raised their target price on The Hanover Insurance Group from $205.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Citigroup reaffirmed an “outperform” rating on shares of The Hanover Insurance Group in a report on Friday, July 10th. Zacks Research downgraded shares of The Hanover Insurance Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Piper Sandler lowered shares of The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 price objective on the stock. in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $223.57.

The Hanover Insurance Group Stock Down 1.1%

Shares of THG opened at $228.98 on Thursday. The company has a market capitalization of $7.97 billion, a P/E ratio of 10.93 and a beta of 0.27. 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 has a one year low of $165.50 and a one year high of $236.07. The business’s 50 day simple moving average is $210.72 and its 200-day simple moving average is $189.77.

The Hanover Insurance Group (NYSE:THG) last released its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $5.31 EPS 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 business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the company earned $4.35 EPS. The Hanover Insurance Group’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, sell-side analysts predict that The Hanover Insurance Group will post 20.15 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend 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 approved a share buyback plan on Wednesday, May 13th that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at The Hanover Insurance Group

In other news, EVP Dennis Francis Kerrigan sold 6,262 shares of The Hanover Insurance Group stock in a transaction 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 sale, the executive vice president directly owned 11,988 shares of the company’s stock, valued at approximately $2,313,564.12. This trade represents a 34.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Denise Lowsley sold 4,175 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $191.73, for a total value of $800,472.75. Following the transaction, the executive vice president directly owned 3,883 shares in the company, valued at $744,487.59. This trade represents a 51.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 26,046 shares of company stock worth $5,095,138. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of The Hanover Insurance Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legato Capital Management LLC bought a new stake in shares of The Hanover Insurance Group during the fourth quarter worth approximately $1,238,000. Intech Investment Management LLC bought a new position in The Hanover Insurance Group in the fourth quarter valued at approximately $4,926,000. UBS Group AG boosted its stake in 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 acquiring an additional 55,220 shares during the last quarter. Norges Bank acquired a new stake in The Hanover Insurance Group during the 4th quarter worth $83,817,000. Finally, Dockside LLC acquired a new stake in The Hanover Insurance Group during the 4th quarter worth $1,225,000. 86.61% of the stock is owned by institutional investors.

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.