Madison Asset Management LLC Purchases Shares of 17,777 The Hanover Insurance Group, Inc. $THG

Madison Asset Management LLC acquired a new stake in shares of The Hanover Insurance Group, Inc. (NYSE:THG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 17,777 shares of the insurance provider’s stock, valued at approximately $3,806,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of The Hanover Insurance Group in the second quarter worth approximately $756,471,000. Norges Bank purchased a new position in shares of The Hanover Insurance Group during the 4th quarter valued at $83,817,000. Alliancebernstein L.P. boosted its holdings in The Hanover Insurance Group by 36.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,280,418 shares of the insurance provider’s stock worth $217,505,000 after buying an additional 339,896 shares during the period. Bank of New York Mellon Corp purchased a new stake in The Hanover Insurance Group in the 2nd quarter worth $69,481,000. Finally, AQR Capital Management LLC raised its holdings in The Hanover Insurance Group by 37.8% during the third quarter. AQR Capital Management LLC now owns 763,431 shares of the insurance provider’s stock valued at $137,967,000 after acquiring an additional 209,616 shares during the period. Institutional investors own 86.61% of the company’s stock.

Insider Transactions at The Hanover Insurance Group

In other The Hanover Insurance Group 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 value of $231,500.00. Following the sale, the director owned 2,270 shares of the company’s stock, valued at $525,505. The trade was a 30.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on THG. Weiss Ratings raised The Hanover Insurance Group from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, July 30th. Citigroup reissued an “outperform” rating on shares of The Hanover Insurance Group in a research note on Friday, July 10th. Piper Sandler cut The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 price target on the stock. in a report on Wednesday, July 15th. Citizens Jmp upped their price target on The Hanover Insurance Group from $225.00 to $240.00 and gave the stock a “market outperform” rating in a research note on Wednesday, July 29th. Finally, Zacks Research raised shares of The Hanover Insurance Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, The Hanover Insurance Group presently has an average rating of “Moderate Buy” and an average target price of $225.71.

The Hanover Insurance Group Stock Up 2.1%

THG opened at $223.48 on Friday. The company has a market capitalization of $7.78 billion, a PE ratio of 10.67 and a beta of 0.27. The firm has a 50-day simple moving average of $216.49 and a two-hundred day simple moving average of $193.15. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.22. The Hanover Insurance Group, Inc. has a 52 week low of $166.54 and a 52 week high of $236.07.

The Hanover Insurance Group (NYSE:THG) last issued its earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.84 by $1.47. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.65 billion. The Hanover Insurance Group had a return on equity of 21.72% and a net margin of 11.17%.The business’s revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.35 earnings per share. Analysts forecast that The Hanover Insurance Group, Inc. will post 20.17 earnings per share for the current fiscal year.

The Hanover Insurance Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 13th that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

The Hanover Insurance Group Dividend Announcement

The company also recently declared 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. This represents a $3.80 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, June 12th. The Hanover Insurance Group’s dividend payout ratio (DPR) is currently 18.14%.

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.