Hanover Insurance Group (NYSE:THG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, Zacks.com reports. The brokerage currently has a $113.00 target price on the insurance provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.91% from the stock’s previous close.
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. “
Other equities analysts also recently issued research reports about the stock. Piper Sandler lifted their price target on shares of Hanover Insurance Group from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Wednesday, June 3rd. JMP Securities lowered their target price on shares of Hanover Insurance Group from $150.00 to $140.00 and set a “market outperform” rating on the stock in a report on Thursday, April 16th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Hanover Insurance Group presently has an average rating of “Buy” and a consensus target price of $128.00.
Shares of Hanover Insurance Group stock opened at $101.88 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.40 and a current ratio of 0.40. Hanover Insurance Group has a 52-week low of $75.11 and a 52-week high of $144.71. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 12.45 and a beta of 0.89. The company’s 50 day moving average price is $99.39 and its 200-day moving average price is $108.12.
Hanover Insurance Group (NYSE:THG) last issued its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.13. Hanover Insurance Group had a net margin of 6.39% and a return on equity of 10.93%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the business earned $1.88 EPS. Hanover Insurance Group’s quarterly revenue was down 5.0% compared to the same quarter last year. As a group, equities research analysts forecast that Hanover Insurance Group will post 7.9 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in THG. Signaturefd LLC lifted its holdings in shares of Hanover Insurance Group by 60.5% in the second quarter. Signaturefd LLC now owns 297 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Hanover Insurance Group in the fourth quarter worth $31,000. Eudaimonia Partners LLC bought a new stake in Hanover Insurance Group in the first quarter worth $62,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Hanover Insurance Group in the first quarter worth $75,000. Finally, FinTrust Capital Advisors LLC bought a new stake in Hanover Insurance Group in the first quarter worth $90,000. 85.20% of the stock is currently owned by hedge funds and other institutional investors.
About Hanover Insurance Group
The Hanover Insurance Group, Inc, through its subsidiaries, provides various property and casualty insurance products and services in the United States. The company operates in three segments: Commercial Lines, Personal Lines, and Other. The Commercial Lines segment offers commercial multiple peril, commercial automobile, workers' compensation, umbrella, healthcare, mono-line general liability, and miscellaneous commercial property insurance products; and other commercial coverages, including inland marine, specialty program business, management and professional liability, surety, and specialty property.
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