The Hanover Insurance Group Inc. (THG) Lifted to “Buy” at Zacks Investment Research
The Hanover Insurance Group Inc. (NYSE:THG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $88.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 11.41% from the company’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. “
THG has been the topic of a number of other reports. JMP Securities reiterated an “outperform” rating and issued a $95.00 target price on shares of The Hanover Insurance Group in a report on Monday, September 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $99.00 target price (up from $98.00) on shares of The Hanover Insurance Group in a report on Tuesday, July 12th.
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The Hanover Insurance Group (NYSE:THG) opened at 78.99 on Tuesday. The Hanover Insurance Group has a 1-year low of $74.06 and a 1-year high of $91.30. The stock has a market cap of $3.38 billion, a P/E ratio of 14.71 and a beta of 1.01. The firm’s 50-day moving average is $76.54 and its 200-day moving average is $82.32.
The Hanover Insurance Group (NYSE:THG) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The Hanover Insurance Group had a net margin of 4.83% and a return on equity of 9.51%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm earned $1.56 EPS. The Hanover Insurance Group’s revenue was down 5.6% on a year-over-year basis. On average, analysts forecast that The Hanover Insurance Group will post $5.93 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Wednesday, September 14th. The Hanover Insurance Group’s dividend payout ratio (DPR) is currently 34.39%.
In other news, insider Christine Bilotti-Peterson sold 3,600 shares of The Hanover Insurance Group stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $82.31, for a total value of $296,316.00. Following the transaction, the insider now directly owns 6,390 shares of the company’s stock, valued at $525,960.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.49% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miles Capital Inc. increased its position in The Hanover Insurance Group by 0.4% in the first quarter. Miles Capital Inc. now owns 3,393 shares of the company’s stock valued at $306,000 after buying an additional 12 shares during the period. Northwestern Mutual Investment Management Company LLC increased its position in The Hanover Insurance Group by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 7,415 shares of the company’s stock valued at $627,000 after buying an additional 27 shares during the period. Hsbc Holdings PLC increased its position in The Hanover Insurance Group by 1.4% in the second quarter. Hsbc Holdings PLC now owns 2,667 shares of the company’s stock valued at $225,000 after buying an additional 38 shares during the period. PNC Financial Services Group Inc. increased its position in The Hanover Insurance Group by 0.7% in the second quarter. PNC Financial Services Group Inc. now owns 7,488 shares of the company’s stock valued at $634,000 after buying an additional 55 shares during the period. Finally, BlackRock Japan Co. Ltd increased its position in The Hanover Insurance Group by 3.4% in the second quarter. BlackRock Japan Co. Ltd now owns 3,805 shares of the company’s stock valued at $322,000 after buying an additional 124 shares during the period. 82.92% of the stock is currently owned by institutional investors and hedge funds.
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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