The Hanover Insurance Group (NYSE:THG) Price Target Raised to $220.00 at Oppenheimer

The Hanover Insurance Group (NYSE:THG) had its price target increased by investment analysts at Oppenheimer from $205.00 to $220.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the insurance provider’s stock. Oppenheimer’s price target points to a potential upside of 12.61% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Weiss Ratings raised shares of The Hanover Insurance Group from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, May 8th. Morgan Stanley set a $195.00 target price on The Hanover Insurance Group in a report on Friday, May 1st. Citizens Jmp upped their target price on The Hanover Insurance Group from $200.00 to $205.00 and gave the company a “market outperform” rating in a report on Thursday, April 30th. Royal Bank Of Canada upped their target price on The Hanover Insurance Group from $190.00 to $195.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Finally, Piper Sandler upped their target price on The Hanover Insurance Group from $204.00 to $212.00 and gave the company an “overweight” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.86.

The Hanover Insurance Group Stock Up 0.4%

THG traded up $0.80 during trading on Thursday, hitting $195.36. 88,523 shares of the company’s stock were exchanged, compared to its average volume of 326,237. 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 business’s 50 day moving average is $179.45 and its two-hundred day moving average is $178.55. The Hanover Insurance Group has a fifty-two week low of $160.70 and a fifty-two week high of $199.59. The stock has a market cap of $6.84 billion, a P/E ratio of 9.83 and a beta of 0.31.

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 the consensus estimate of $4.14 by $1.11. The Hanover Insurance Group had a net margin of 10.77% and a return on equity of 21.55%. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $3.87 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. As a group, equities analysts expect that The Hanover Insurance Group will post 18.45 earnings per share for the current fiscal year.

The Hanover Insurance Group declared that its board has authorized a stock buyback plan on Wednesday, May 13th that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at The Hanover Insurance Group

In related news, Director Jane D. Carlin sold 1,200 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $180.91, for a total transaction of $217,092.00. Following the completion of the transaction, the director owned 2,423 shares in the company, valued at approximately $438,344.93. This represents a 33.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Cynthia Egan sold 3,400 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $188.50, for a total transaction of $640,900.00. Following the transaction, the director owned 9,359 shares of the company’s stock, valued at approximately $1,764,171.50. The trade was a 26.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 15,088 shares of company stock worth $2,898,590 in the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On The Hanover Insurance Group

Several institutional investors have recently added to or reduced their stakes in THG. Millennium Management LLC boosted its position in The Hanover Insurance Group by 61.0% during 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 during the period. NewEdge Advisors LLC boosted its position in The Hanover Insurance Group by 1,568.9% during the first quarter. NewEdge Advisors LLC now owns 751 shares of the insurance provider’s stock worth $131,000 after purchasing an additional 706 shares during the period. Goldman Sachs Group Inc. boosted its position in The Hanover Insurance Group by 21.6% during the first quarter. Goldman Sachs Group Inc. now owns 218,753 shares of the insurance provider’s stock worth $38,052,000 after purchasing an additional 38,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in The Hanover Insurance Group by 6.4% during the first 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 purchasing an additional 7,712 shares during the period. Finally, Invesco Ltd. boosted 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 worth $48,155,000 after purchasing an additional 20,294 shares during the period. Institutional investors own 86.61% of the company’s stock.

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.