Norges Bank Buys New Shares in The Hanover Insurance Group, Inc. $THG

Norges Bank bought a new stake in The Hanover Insurance Group, Inc. (NYSE:THG) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 458,591 shares of the insurance provider’s stock, valued at approximately $83,817,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Rothschild Investment LLC raised its position in The Hanover Insurance Group by 9.9% in the fourth quarter. Rothschild Investment LLC now owns 1,058 shares of the insurance provider’s stock worth $193,000 after purchasing an additional 95 shares in the last quarter. Intech Investment Management LLC bought a new position in The Hanover Insurance Group in the 4th quarter valued at $4,926,000. Geode Capital Management LLC raised its position in shares of The Hanover Insurance Group by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 727,958 shares of the insurance provider’s stock worth $133,073,000 after acquiring an additional 29,870 shares during the last quarter. AlphaQuest LLC raised its position in shares of The Hanover Insurance Group by 22.8% during the fourth quarter. AlphaQuest LLC now owns 16,323 shares of the insurance provider’s stock worth $2,983,000 after acquiring an additional 3,027 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in The Hanover Insurance Group by 6.7% in the fourth quarter. William Blair Investment Management LLC now owns 149,219 shares of the insurance provider’s stock valued at $27,273,000 after acquiring an additional 9,327 shares during the last quarter. Institutional investors and hedge funds own 86.61% of the company’s stock.

Insider Activity at The Hanover Insurance Group

In other news, Director Francisco Aristeguieta sold 1,000 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $195.37, for a total transaction of $195,370.00. Following the completion of the sale, the director directly owned 4,053 shares in the company, valued at $791,834.61. This represents a 19.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Dennis Francis Kerrigan sold 6,262 shares of the stock in a transaction on 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,508 shares of company stock valued at $5,704,651 over the last 90 days. 2.80% of the stock is owned by company insiders.

The Hanover Insurance Group Stock Performance

NYSE THG opened at $193.38 on Friday. The firm has a 50-day moving average price of $183.87 and a two-hundred day moving average price of $179.62. The Hanover Insurance Group, Inc. has a 12-month low of $160.70 and a 12-month high of $199.59. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $6.77 billion, a P/E ratio of 9.73 and a beta of 0.30.

The Hanover Insurance Group (NYSE:THG) last issued its quarterly earnings results on Wednesday, April 29th. The insurance provider reported $5.25 earnings per share for the quarter, topping analysts’ consensus estimates of $4.14 by $1.11. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.58 billion. The Hanover Insurance Group had a net margin of 10.77% and a return on equity of 21.55%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.87 EPS. Analysts anticipate that The Hanover Insurance Group, Inc. will post 18.36 earnings per share for the current year.

The Hanover Insurance Group declared that its board has authorized a share repurchase plan on Wednesday, May 13th that permits the company to buyback $700.00 million in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The Hanover Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, June 12th. The Hanover Insurance Group’s dividend payout ratio is 19.12%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of The Hanover Insurance Group from $208.00 to $211.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Morgan Stanley set a $195.00 price objective on shares of The Hanover Insurance Group in a report on Friday, May 1st. Zacks Research upgraded shares of The Hanover Insurance Group from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. BMO Capital Markets lowered shares of The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $194.00 to $203.00 in a research note on Tuesday, May 19th. Finally, Citizens Jmp boosted their price objective on shares of The Hanover Insurance Group from $200.00 to $205.00 and gave the stock a “market outperform” rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, The Hanover Insurance Group currently has a consensus rating of “Moderate Buy” and an average target price of $207.00.

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.