The Hanover Insurance Group Inc. (THG) Downgraded by Zacks Investment Research
The Hanover Insurance Group Inc. (NYSE:THG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
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. “
A number of other research firms have also recently commented on THG. BMO Capital Markets reiterated an “outperform” rating and issued a $94.00 price objective (down from $99.00) on shares of The Hanover Insurance Group in a report on Wednesday, August 3rd. JMP Securities restated an “outperform” rating and set a $95.00 price target on shares of The Hanover Insurance Group in a research note on Monday, September 12th.
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The Hanover Insurance Group (NYSE:THG) opened at 74.10 on Wednesday. The Hanover Insurance Group has a one year low of $74.08 and a one year high of $91.30. The stock has a 50 day moving average price of $77.98 and a 200-day moving average price of $83.69. The stock has a market capitalization of $3.17 billion, a P/E ratio of 13.80 and a beta of 0.91.
The Hanover Insurance Group (NYSE:THG) last released its quarterly earnings data on Thursday, July 28th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The Hanover Insurance Group had a return on equity of 9.51% and a net margin of 4.83%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the firm posted $1.56 earnings per share. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. Analysts anticipate that The Hanover Insurance Group will post $5.93 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Wednesday, September 14th. The Hanover Insurance Group’s dividend payout ratio (DPR) is 34.39%.
In other The Hanover Insurance Group news, insider Christine Bilotti-Peterson sold 3,600 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $82.31, for a total transaction of $296,316.00. Following the transaction, the insider now directly owns 6,390 shares in the company, valued at $525,960.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.49% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in The Hanover Insurance Group during the fourth quarter worth approximately $35,320,000. Emerald Acquisition Ltd. bought a new stake in The Hanover Insurance Group during the second quarter worth $25,881,000. UBS Asset Management Americas Inc. raised its stake in The Hanover Insurance Group by 144.0% in the second quarter. UBS Asset Management Americas Inc. now owns 400,282 shares of the company’s stock worth $33,872,000 after buying an additional 236,240 shares in the last quarter. Mesirow Financial Investment Management Equity Management bought a new stake in The Hanover Insurance Group during the second quarter worth $19,822,000. Finally, Vanguard Group Inc. raised 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 worth $303,398,000 after buying an additional 158,764 shares in the last quarter. Institutional investors own 82.93% of the company’s stock.
About The Hanover Insurance Group
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.
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