The Hanover Insurance Group (NYSE:THG) Price Target Raised to $240.00

The Hanover Insurance Group (NYSE:THG) had its price target lifted by equities research analysts at Morgan Stanley from $235.00 to $240.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective points to a potential upside of 7.95% from the company’s current price.

A number of other equities analysts have also recently issued reports on THG. Piper Sandler cut 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 research report on Wednesday, July 15th. BMO Capital Markets lowered shares of The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $194.00 to $203.00 in a research note on Tuesday, May 19th. Keefe, Bruyette & Woods raised their price objective on shares of The Hanover Insurance Group from $220.00 to $222.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. Royal Bank Of Canada lifted their price objective on shares of The Hanover Insurance Group from $215.00 to $235.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Finally, Zacks Research raised shares of The Hanover Insurance Group from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.71.

The Hanover Insurance Group Stock Up 0.1%

Shares of THG opened at $222.32 on Wednesday. The firm has a 50 day simple moving average of $215.51 and a two-hundred day simple moving average of $192.48. The company has a market cap of $7.74 billion, a P/E ratio of 10.61 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 $166.54 and a one year high of $236.07.

The Hanover Insurance Group (NYSE:THG) last posted its earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, topping analysts’ consensus estimates of $3.84 by $1.47. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.65 billion. The Hanover Insurance Group had a net margin of 11.17% and a return on equity of 21.72%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.35 EPS. Research analysts forecast that The Hanover Insurance Group will post 20.15 EPS for the current fiscal year.

The Hanover Insurance Group declared that its Board of Directors has approved a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at The Hanover Insurance Group

In related news, Director Jane D. Carlin sold 1,000 shares of The Hanover Insurance Group stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $231.50, for a total transaction of $231,500.00. Following the sale, the director directly owned 2,270 shares in the company, valued at $525,505. The trade was a 30.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Francisco Aristeguieta sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 4,053 shares of the company’s stock, valued at $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 own 2.80% of the company’s stock.

Institutional Investors Weigh In On The Hanover Insurance Group

A number of large investors have recently made changes to their positions in the company. Millennium Management LLC increased its stake in shares of The Hanover Insurance Group by 61.0% in the first quarter. Millennium Management LLC now owns 88,367 shares of the insurance provider’s stock worth $15,371,000 after purchasing an additional 33,495 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of The Hanover Insurance Group by 1,568.9% in the first quarter. NewEdge Advisors LLC now owns 751 shares of the insurance provider’s stock worth $131,000 after buying an additional 706 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of The Hanover Insurance Group by 21.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 218,753 shares of the insurance provider’s stock valued at $38,052,000 after acquiring an additional 38,905 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of The Hanover Insurance Group by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 129,031 shares of the insurance provider’s stock worth $22,445,000 after buying an additional 7,712 shares during the last quarter. Finally, Invesco Ltd. raised its position in The Hanover Insurance Group by 7.7% during the second quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider’s stock valued at $48,155,000 after purchasing an additional 20,294 shares during the period. 86.61% of the stock is currently owned by 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.