Hanover Insurance Group Inc (THG) Rating Increased to Market Perform at Keefe, Bruyette & Woods
Hanover Insurance Group Inc (NYSE:THG) was upgraded by investment analysts at Keefe, Bruyette & Woods from an “underperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, The Fly reports. The analysts noted that the move was a valuation call.
Separately, Zacks Investment Research cut shares of Hanover Insurance Group from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $91.20.
Shares of Hanover Insurance Group (NYSE:THG) opened at 80.59 on Wednesday. Hanover Insurance Group has a 52-week low of $74.06 and a 52-week high of $92.78. The company has a market capitalization of $3.43 billion, a P/E ratio of 28.43 and a beta of 1.10. The stock’s 50 day moving average is $86.82 and its 200 day moving average is $87.31.
Hanover Insurance Group (NYSE:THG) last posted its earnings results on Wednesday, May 3rd. The insurance provider reported $0.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.78. Hanover Insurance Group had a return on equity of 6.21% and a net margin of 3.14%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the business posted $1.64 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts expect that Hanover Insurance Group will post $6.00 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 9th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.48%. Hanover Insurance Group’s dividend payout ratio (DPR) is currently 55.71%.
In related news, insider Richard W. Lavey sold 26,250 shares of Hanover Insurance Group stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $90.07, for a total transaction of $2,364,337.50. Following the completion of the transaction, the insider now directly owns 12,285 shares of the company’s stock, valued at approximately $1,106,509.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeffrey M. Farber purchased 2,500 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were acquired at an average cost of $90.07 per share, with a total value of $225,175.00. Following the completion of the transaction, the insider now owns 2,500 shares in the company, valued at $225,175. The disclosure for this purchase can be found here. Company insiders own 2.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quantitative Systematic Strategies LLC acquired a new position in shares of Hanover Insurance Group during the third quarter worth about $634,000. Norges Bank acquired a new position in shares of Hanover Insurance Group during the fourth quarter worth about $44,040,000. Nordea Investment Management AB boosted its position in shares of Hanover Insurance Group by 877.4% in the third quarter. Nordea Investment Management AB now owns 264,878 shares of the insurance provider’s stock worth $19,977,000 after buying an additional 237,778 shares during the period. Renaissance Technologies LLC boosted its position in shares of Hanover Insurance Group by 0.6% in the fourth quarter. Renaissance Technologies LLC now owns 527,200 shares of the insurance provider’s stock worth $47,980,000 after buying an additional 3,100 shares during the period. Finally, Putnam Investments LLC boosted its position in shares of Hanover Insurance Group by 8.7% in the fourth quarter. Putnam Investments LLC now owns 109,431 shares of the insurance provider’s stock worth $9,959,000 after buying an additional 8,713 shares during the period. 81.51% of the stock is owned by institutional investors.
About Hanover Insurance Group
The Hanover Insurance Group, Inc is a holding company. The Company is engaged in providing property and casualty insurance products and services. The Company has four segments: Commercial Lines, Personal Lines, Chaucer and Other. It markets its domestic products and services through independent agents and brokers in the United States, and conducts business internationally through a subsidiary, Chaucer Holdings Limited, which operates through the Society and Corporation of Lloyd’s (Lloyd’s).
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