The Hanover Insurance Group Inc. (NYSE:THG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Allmerica Financial Corp. is a non-insurance holding company. The Company offers financial products and services in two major areas: Risk Management and Asset Accumulation. Within these broad areas, the Company conducts business principally in three operating segments. These segments are Risk Management, Allmerica Financial Services, and Allmerica Asset Management. In addition to the three operating segments, the Company also has a Corporate segment, which consists primarily of cash, investments, Corporate debt and Capital Securities. “
Several other research analysts have also issued reports on THG. JMP Securities reissued an “outperform” rating and issued a $95.00 price target on shares of The Hanover Insurance Group in a research report on Monday, September 12th. BMO Capital Markets reissued an “outperform” rating and issued a $99.00 price target (up previously from $98.00) on shares of The Hanover Insurance Group in a research report on Tuesday, July 12th.
Shares of The Hanover Insurance Group (NYSE:THG) opened at 77.57 on Thursday. The firm has a 50-day moving average price of $76.42 and a 200-day moving average price of $82.79. The firm has a market capitalization of $3.32 billion, a P/E ratio of 14.44 and a beta of 1.01. The Hanover Insurance Group has a 52-week low of $74.06 and a 52-week high of $91.30.
The Hanover Insurance Group (NYSE:THG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.02. The Hanover Insurance Group had a net margin of 4.83% and a return on equity of 9.51%. The firm earned $1.22 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the business posted $1.56 earnings per share. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, equities research analysts anticipate that The Hanover Insurance Group will post $5.93 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Wednesday, September 14th. The Hanover Insurance Group’s payout ratio is 34.39%.
In other news, insider Christine Bilotti-Peterson sold 3,600 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $82.31, for a total transaction of $296,316.00. Following the completion of the sale, the insider now owns 6,390 shares of the company’s stock, valued at $525,960.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.49% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in THG. Vanguard Group Inc. boosted its stake in The Hanover Insurance Group by 4.6% in the second quarter. Vanguard Group Inc. now owns 3,585,420 shares of the company’s stock valued at $303,398,000 after buying an additional 158,764 shares during the period. BlackRock Fund Advisors boosted its position in shares of The Hanover Insurance Group by 4.0% in the second quarter. BlackRock Fund Advisors now owns 1,499,162 shares of the company’s stock worth $126,859,000 after buying an additional 58,111 shares during the last quarter. State Street Corp boosted its position in shares of The Hanover Insurance Group by 2.6% in the second quarter. State Street Corp now owns 1,383,268 shares of the company’s stock worth $117,053,000 after buying an additional 35,258 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of The Hanover Insurance Group by 7.1% in the second quarter. Bank of New York Mellon Corp now owns 748,708 shares of the company’s stock worth $63,355,000 after buying an additional 49,943 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of The Hanover Insurance Group by 8.9% in the second quarter. AQR Capital Management LLC now owns 622,049 shares of the company’s stock worth $52,638,000 after buying an additional 50,689 shares during the last quarter. 82.93% of the stock is currently owned by institutional investors and hedge funds.
The Hanover Insurance Group Company Profile
The Hanover Insurance Group, Inc is a holding company. The Company’s primary business operations are property and casualty insurance products and services. The Company operates through four segments: Commercial Lines, Personal Lines, Chaucer and Other. The Company’s Commercial Lines product suite provides agents and customers with products designed for small, middle and specialized markets.