The Hanover Insurance Group (NYSE:THG) Receives Market Perform Rating from Keefe, Bruyette & Woods

The Hanover Insurance Group (NYSE:THG)‘s stock had its “market perform” rating restated by equities researchers at Keefe, Bruyette & Woods in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $220.00 target price on the insurance provider’s stock, up from their prior target price of $211.00. Keefe, Bruyette & Woods’ price objective points to a potential upside of 0.87% from the stock’s previous close.

Several other research analysts also recently commented on the company. BMO Capital Markets downgraded The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $194.00 to $203.00 in a research note on Tuesday, May 19th. Citizens Jmp lifted their target price on shares of The Hanover Insurance Group from $200.00 to $205.00 and gave the stock a “market outperform” rating in a research note on Thursday, April 30th. Zacks Research raised shares of The Hanover Insurance Group from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Citigroup reiterated an “outperform” rating on shares of The Hanover Insurance Group in a research report on Thursday, April 30th. Finally, Piper Sandler raised their price target on shares of The Hanover Insurance Group from $212.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $211.86.

The Hanover Insurance Group Price Performance

NYSE:THG opened at $218.11 on Wednesday. The stock has a 50 day moving average of $196.71 and a two-hundred day moving average of $183.26. The Hanover Insurance Group has a 12 month low of $160.97 and a 12 month high of $225.29. The firm has a market cap of $7.63 billion, a P/E ratio of 10.98 and a beta of 0.28. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22.

The Hanover Insurance Group (NYSE:THG) last released its earnings results on Wednesday, April 29th. The insurance provider reported $5.25 earnings per share for the quarter, beating the consensus estimate of $4.14 by $1.11. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.58 billion. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.87 earnings per share. On average, analysts expect that The Hanover Insurance Group will post 18.36 earnings per share for the current fiscal year.

The Hanover Insurance Group announced that its board has initiated a stock buyback program on Wednesday, May 13th that permits the company to buyback $700.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at The Hanover Insurance Group

In other news, EVP Dennis Francis Kerrigan sold 6,262 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $192.99, for a total value of $1,208,503.38. Following the completion of the sale, the executive vice president owned 11,988 shares of the company’s stock, valued at $2,313,564.12. This represents a 34.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Cynthia Egan sold 3,400 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $188.50, for a total transaction of $640,900.00. Following the sale, the director owned 9,359 shares of the company’s stock, valued at $1,764,171.50. This represents a 26.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 29,508 shares of company stock valued at $5,704,651 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On The Hanover Insurance Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in shares of The Hanover Insurance Group by 61.0% in the 1st quarter. Millennium Management LLC now owns 88,367 shares of the insurance provider’s stock valued at $15,371,000 after purchasing an additional 33,495 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of The Hanover Insurance Group by 1,568.9% during the 1st 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 last quarter. Goldman Sachs Group Inc. raised its holdings in The Hanover Insurance Group by 21.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 218,753 shares of the insurance provider’s stock valued at $38,052,000 after buying an additional 38,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in The Hanover Insurance Group by 6.4% in 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 valued at $22,445,000 after buying an additional 7,712 shares during the last quarter. Finally, Invesco Ltd. lifted its position in The Hanover Insurance Group by 7.7% in the second quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider’s stock valued at $48,155,000 after buying an additional 20,294 shares during the last quarter. Institutional investors and hedge funds 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.