Bank of New York Mellon Corp Buys 5,219 Shares of The Hanover Insurance Group, Inc. $THG

Bank of New York Mellon Corp raised its stake in The Hanover Insurance Group, Inc. (NYSE:THG) by 1.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 338,870 shares of the insurance provider’s stock after buying an additional 5,219 shares during the quarter. Bank of New York Mellon Corp’s holdings in The Hanover Insurance Group were worth $58,743,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Legato Capital Management LLC purchased a new position in The Hanover Insurance Group during the 4th quarter valued at $1,238,000. Intech Investment Management LLC bought a new position in shares of The Hanover Insurance Group in the fourth quarter worth about $4,926,000. UBS Group AG grew its holdings in shares of The Hanover Insurance Group by 58.7% in the fourth quarter. UBS Group AG now owns 149,300 shares of the insurance provider’s stock worth $27,288,000 after purchasing an additional 55,220 shares during the last quarter. Norges Bank purchased a new position in The Hanover Insurance Group in the 4th quarter worth about $83,817,000. Finally, Dockside LLC purchased a new position in The Hanover Insurance Group in the 4th quarter worth about $1,225,000. Institutional investors own 86.61% of the company’s stock.

The Hanover Insurance Group Stock Performance

Shares of THG stock opened at $214.10 on Friday. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 10.78 and a beta of 0.28. The Hanover Insurance Group, Inc. has a 52-week low of $163.18 and a 52-week high of $225.29. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average is $203.16 and its 200 day moving average is $185.68.

The Hanover Insurance Group (NYSE:THG) last announced its earnings results on Wednesday, April 29th. The insurance provider reported $5.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $1.11. The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.58 billion. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.87 EPS. On average, sell-side analysts anticipate that The Hanover Insurance Group, Inc. will post 18.38 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, June 12th. The Hanover Insurance Group’s payout ratio is 19.12%.

The Hanover Insurance Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 13th that allows the company to repurchase $700.00 million in shares. This repurchase authorization allows the insurance provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citizens Jmp raised their target price on shares of The Hanover Insurance Group from $205.00 to $225.00 and gave the stock a “market outperform” rating in a research report on Friday, July 10th. Piper Sandler downgraded The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 price objective on the stock. in a report on Wednesday, July 15th. Oppenheimer lifted their target price on The Hanover Insurance Group from $205.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, May 21st. Weiss Ratings upgraded The Hanover Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, May 22nd. Finally, Citigroup reissued an “outperform” rating on shares of The Hanover Insurance Group in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, The Hanover Insurance Group has a consensus rating of “Moderate Buy” and a consensus target price of $218.29.

Insiders Place Their Bets

In other news, EVP Dennis Francis Kerrigan sold 6,262 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $192.99, for a total value of $1,208,503.38. Following the sale, the executive vice president directly owned 11,988 shares in the company, valued at approximately $2,313,564.12. This trade represents a 34.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cynthia Egan sold 3,400 shares of The Hanover Insurance Group stock in a transaction on Friday, May 1st. The stock was sold at an average price of $188.50, for a total transaction of $640,900.00. Following the completion of the transaction, the director directly owned 9,359 shares in the company, valued at $1,764,171.50. This represents a 26.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 29,508 shares of company stock valued at $5,704,651 in the last three months. 2.80% of the stock is currently owned by insiders.

The Hanover Insurance Group Company Profile

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.