The Hanover Insurance Group, Inc. $THG Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its stake in The Hanover Insurance Group, Inc. (NYSE:THG) by 25.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,992 shares of the insurance provider’s stock after selling 13,320 shares during the quarter. New York State Teachers Retirement System owned approximately 0.11% of The Hanover Insurance Group worth $6,759,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its holdings in The Hanover Insurance Group by 28.5% in the 3rd quarter. First Trust Advisors LP now owns 639,264 shares of the insurance provider’s stock worth $116,110,000 after buying an additional 141,835 shares during the last quarter. Legato Capital Management LLC acquired a new position in shares of The Hanover Insurance Group during the fourth quarter valued at approximately $1,238,000. Capula Management Ltd purchased a new position in shares of The Hanover Insurance Group in the third quarter valued at approximately $1,877,000. UBS Group AG lifted its position 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 acquiring an additional 55,220 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of The Hanover Insurance Group in the fourth quarter worth approximately $4,926,000. 86.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Citizens Jmp increased their price objective on The Hanover Insurance Group from $200.00 to $205.00 and gave the company a “market outperform” rating in a research note on Thursday, April 30th. Morgan Stanley lifted their target price on shares of The Hanover Insurance Group from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Monday. Piper Sandler increased their target price on shares of The Hanover Insurance Group from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. BMO Capital Markets downgraded shares of The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $194.00 to $203.00 in a research note on Tuesday, May 19th. Finally, Oppenheimer boosted their price target on shares of The Hanover Insurance Group from $205.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.57.

The Hanover Insurance Group Trading Up 2.2%

The Hanover Insurance Group stock traded up $4.84 during trading on Tuesday, reaching $225.03. 48,719 shares of the company were exchanged, compared to its average volume of 326,414. The Hanover Insurance Group, Inc. has a 52-week low of $160.97 and a 52-week high of $224.99. The company has a market capitalization of $7.87 billion, a P/E ratio of 11.33 and a beta of 0.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.37 and a quick ratio of 0.37. The stock’s 50 day simple moving average is $195.91 and its two-hundred day simple moving average is $183.02.

The Hanover Insurance Group (NYSE:THG) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.58 billion. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.87 earnings per share. On average, equities research analysts expect that The Hanover Insurance Group, Inc. will post 18.36 earnings per share for the current fiscal year.

The Hanover Insurance Group Announces Dividend

The company also recently declared 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 of this dividend was Friday, June 12th. This represents a $3.80 annualized dividend and a dividend yield of 1.7%. The Hanover Insurance Group’s payout ratio is presently 19.12%.

The Hanover Insurance Group declared that its Board of Directors has approved a stock buyback 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 buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at The Hanover Insurance Group

In other news, Director Francisco Aristeguieta sold 1,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $195.37, for a total value of $195,370.00. Following the completion of the sale, the director owned 4,053 shares of the company’s stock, valued at $791,834.61. This represents a 19.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Dennis Francis Kerrigan sold 6,262 shares of the firm’s stock in a transaction that occurred 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 $2,313,564.12. This represents a 34.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,508 shares of company stock valued at $5,704,651 in the last three months. 2.80% of the stock is currently owned by corporate insiders.

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.