Citizens Jmp Increases The Hanover Insurance Group (NYSE:THG) Price Target to $240.00

The Hanover Insurance Group (NYSE:THG) had its target price raised by investment analysts at Citizens Jmp from $225.00 to $240.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the insurance provider’s stock. Citizens Jmp’s price objective would indicate a potential upside of 4.30% from the company’s current price.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings upgraded The Hanover Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, May 22nd. Royal Bank Of Canada raised their price objective on The Hanover Insurance Group from $195.00 to $215.00 and gave the company a “sector perform” rating in a report on Monday, July 13th. Morgan Stanley boosted their target price on The Hanover Insurance Group from $220.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Piper Sandler lowered The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 target price for the company. in a research note on Wednesday, July 15th. Finally, Zacks Research cut shares of The Hanover Insurance Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $220.43.

The Hanover Insurance Group Price Performance

NYSE:THG traded up $5.96 during midday trading on Wednesday, hitting $230.12. The company had a trading volume of 25,327 shares, compared to its average volume of 326,583. The Hanover Insurance Group has a 52-week low of $164.85 and a 52-week high of $228.97. The stock’s fifty day moving average price is $204.67 and its 200-day moving average price is $186.57. The company has a market capitalization of $8.05 billion, a PE ratio of 11.58 and a beta of 0.28. 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 Hanover Insurance Group (NYSE:THG) last released its earnings results on Tuesday, July 28th. The insurance provider reported $5.31 EPS for the quarter, beating analysts’ consensus estimates of $3.84 by $1.47. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the firm earned $4.35 earnings per share. The firm’s revenue was up 4.6% on a year-over-year basis. As a group, research analysts expect that The Hanover Insurance Group will post 18.38 earnings per share for the current year.

The Hanover Insurance Group announced that its board has authorized a share buyback program on Wednesday, May 13th that permits the company to buyback $700.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Dennis Francis Kerrigan sold 6,262 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly owned 11,988 shares of the company’s stock, valued at $2,313,564.12. This trade represents a 34.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Francisco Aristeguieta sold 1,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $195.37, for a total value of $195,370.00. Following the transaction, the director owned 4,053 shares in the company, valued at approximately $791,834.61. This represents a 19.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,508 shares of company stock valued at $5,704,651 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On The Hanover Insurance Group

Several hedge funds have recently made changes to their positions in THG. Legato Capital Management LLC purchased a new stake in The Hanover Insurance Group during the 4th quarter valued at about $1,238,000. Intech Investment Management LLC bought a new stake in The Hanover Insurance Group during the 4th quarter valued at about $4,926,000. UBS Group AG raised its holdings 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 worth $27,288,000 after buying an additional 55,220 shares during the last quarter. Norges Bank purchased a new position in The Hanover Insurance Group in the fourth quarter worth about $83,817,000. Finally, Dockside LLC bought a new position in The Hanover Insurance Group in the 4th quarter valued at approximately $1,225,000. 86.61% of the stock is owned by hedge funds and other institutional investors.

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.