Meiji Yasuda Asset Management Co Ltd. Takes Position in The Hanover Insurance Group, Inc. $THG

Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of The Hanover Insurance Group, Inc. (NYSE:THG) during the second quarter, HoldingsChannel reports. The firm bought 29,298 shares of the insurance provider’s stock, valued at approximately $6,273,000.

Several other hedge funds also recently made changes to their positions in the company. Millennium Management LLC grew its stake in The Hanover Insurance Group by 61.0% during the 1st quarter. Millennium Management LLC now owns 88,367 shares of the insurance provider’s stock worth $15,371,000 after buying an additional 33,495 shares during the last quarter. NewEdge Advisors LLC raised 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 buying an additional 706 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in The Hanover Insurance Group by 21.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 218,753 shares of the insurance provider’s stock valued at $38,052,000 after purchasing an additional 38,905 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of 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 period. Finally, Invesco Ltd. boosted its position in shares of The Hanover Insurance Group by 7.7% during the 2nd quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider’s stock valued at $48,155,000 after purchasing an additional 20,294 shares in the last quarter. Institutional investors and hedge funds own 86.61% of the company’s stock.

The Hanover Insurance Group Stock Up 0.0%

NYSE THG opened at $223.23 on Monday. The stock’s 50 day simple moving average is $217.00 and its 200 day simple moving average is $193.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.38 and a quick ratio of 0.38. The firm has a market cap of $7.77 billion, a PE ratio of 10.66 and a beta of 0.27. The Hanover Insurance Group, Inc. has a one year low of $166.54 and a one year high of $236.07.

The Hanover Insurance Group (NYSE:THG) last posted its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, topping the consensus estimate of $3.84 by $1.47. The Hanover Insurance Group had a net margin of 11.17% and a return on equity of 21.72%. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the company posted $4.35 EPS. The Hanover Insurance Group’s revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts forecast that The Hanover Insurance Group, Inc. will post 20.17 earnings per share for the current fiscal year.

The Hanover Insurance Group declared that its Board of Directors has approved a stock buyback program on Wednesday, May 13th that allows the company to buyback $700.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

The Hanover Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, June 12th. The Hanover Insurance Group’s dividend payout ratio is presently 18.14%.

Insider Activity at The Hanover Insurance Group

In related news, EVP Dennis Francis Kerrigan sold 6,551 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $220.79, for a total value of $1,446,395.29. Following the completion of the transaction, the executive vice president directly owned 12,003 shares of the company’s stock, valued at approximately $2,650,142.37. This represents a 35.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jane D. Carlin sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $231.50, for a total transaction of $231,500.00. Following the transaction, the director directly owned 2,270 shares of the company’s stock, valued at $525,505. This represents a 30.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 9,655 shares of company stock valued at $2,145,846 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

THG has been the topic of a number of analyst reports. BMO Capital Markets cut The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $194.00 to $203.00 in a research note on Tuesday, May 19th. Oppenheimer boosted their target price on The Hanover Insurance Group from $205.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Weiss Ratings raised shares of The Hanover Insurance Group from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday, July 30th. Morgan Stanley upped their target price on The Hanover Insurance Group from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 19th. Finally, Royal Bank Of Canada lifted their target price on shares of The Hanover Insurance Group from $215.00 to $235.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $225.71.

About The Hanover Insurance Group

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.