Congress Asset Management Co. Has $7.69 Million Stake in The Hanover Insurance Group, Inc. (NYSE:THG)

Congress Asset Management Co. reduced its holdings in The Hanover Insurance Group, Inc. (NYSE:THG) by 4.1% during the 1st quarter, HoldingsChannel reports. The firm owned 44,212 shares of the insurance provider’s stock after selling 1,879 shares during the quarter. Congress Asset Management Co.’s holdings in The Hanover Insurance Group were worth $7,691,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC grew its position in The Hanover Insurance Group by 61.5% during the third quarter. Barclays PLC now owns 27,155 shares of the insurance provider’s stock worth $4,022,000 after buying an additional 10,341 shares in the last quarter. Empowered Funds LLC bought a new position in shares of The Hanover Insurance Group in the fourth quarter valued at approximately $1,292,000. Entropy Technologies LP bought a new position in shares of The Hanover Insurance Group in the fourth quarter valued at approximately $851,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of The Hanover Insurance Group in the fourth quarter valued at approximately $1,074,000. Finally, Chevy Chase Trust Holdings LLC raised its position in The Hanover Insurance Group by 9.4% in the 4th quarter. Chevy Chase Trust Holdings LLC now owns 2,676 shares of the insurance provider’s stock worth $414,000 after purchasing an additional 230 shares during the last quarter. 86.61% of the stock is owned by institutional investors and hedge funds.

The Hanover Insurance Group Stock Up 1.7%

Shares of THG stock opened at $175.29 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.40 and a current ratio of 0.40. The firm’s 50-day moving average is $165.56 and its 200-day moving average is $162.36. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 14.99 and a beta of 0.45. The Hanover Insurance Group, Inc. has a 52-week low of $119.66 and a 52-week high of $178.68.

The Hanover Insurance Group (NYSE:THG) last issued its earnings results on Wednesday, April 30th. The insurance provider reported $3.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.58 by $0.29. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.55 billion. The Hanover Insurance Group had a net margin of 6.83% and a return on equity of 18.01%. The Hanover Insurance Group’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.08 EPS. Sell-side analysts predict that The Hanover Insurance Group, Inc. will post 14.37 EPS for the current year.

The Hanover Insurance Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, June 13th. This represents a $3.60 annualized dividend and a yield of 2.05%. The Hanover Insurance Group’s dividend payout ratio (DPR) is presently 29.98%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on THG shares. Morgan Stanley boosted their price objective on shares of The Hanover Insurance Group from $163.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Wall Street Zen raised shares of The Hanover Insurance Group from a “hold” rating to a “buy” rating in a report on Wednesday, April 30th. JMP Securities boosted their price target on shares of The Hanover Insurance Group from $175.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, May 1st. Piper Sandler boosted their price objective on shares of The Hanover Insurance Group from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday, April 1st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of The Hanover Insurance Group from $171.00 to $173.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $179.50.

Insiders Place Their Bets

In other The Hanover Insurance Group news, CEO John C. Roche sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $175.01, for a total transaction of $35,002.00. Following the completion of the sale, the chief executive officer now directly owns 124,278 shares in the company, valued at $21,749,892.78. This trade represents a 0.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Bryan J. Salvatore sold 10,526 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $166.60, for a total transaction of $1,753,631.60. Following the sale, the executive vice president now owns 25,864 shares of the company’s stock, valued at $4,308,942.40. This trade represents a 28.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,027 shares of company stock worth $1,841,309 over the last three months. Insiders own 2.50% of the company’s stock.

About The 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 through four segments: Core Commercial, Specialty, Personal Lines, and Other. The Commercial Lines segment offers commercial multiple peril, commercial automobile, workers' compensation, and other commercial lines coverage.