Fifth Third Bancorp Boosts Stock Position in The Hanover Insurance Group, Inc. $THG

Fifth Third Bancorp boosted its holdings in shares of The Hanover Insurance Group, Inc. (NYSE:THG) by 1,133.1% during the first quarter, Holdings Channel reports. The firm owned 19,853 shares of the insurance provider’s stock after acquiring an additional 18,243 shares during the quarter. Fifth Third Bancorp’s holdings in The Hanover Insurance Group were worth $3,442,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of THG. Millennium Management LLC raised its holdings in shares of The Hanover Insurance Group by 61.0% during the first quarter. Millennium Management LLC now owns 88,367 shares of the insurance provider’s stock valued at $15,371,000 after acquiring an additional 33,495 shares in the last quarter. NewEdge Advisors LLC raised its holdings in The Hanover Insurance Group by 1,568.9% in the 1st quarter. NewEdge Advisors LLC now owns 751 shares of the insurance provider’s stock worth $131,000 after purchasing an additional 706 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in The Hanover Insurance Group by 21.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 218,753 shares of the insurance provider’s stock worth $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 raised its holdings in The Hanover Insurance Group by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 129,031 shares of the insurance provider’s stock worth $22,445,000 after purchasing an additional 7,712 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of The Hanover Insurance Group by 7.7% in the 2nd quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider’s stock worth $48,155,000 after purchasing an additional 20,294 shares during the period. Institutional investors own 86.61% of the company’s stock.

Insider Transactions at The Hanover Insurance Group

In related news, CEO John C. Roche sold 8,358 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.74, for a total transaction of $1,619,278.92. Following the completion of the transaction, the chief executive officer owned 141,011 shares of the company’s stock, valued at $27,319,471.14. This trade represents a 5.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dennis Francis Kerrigan sold 6,262 shares of The Hanover Insurance Group stock in a transaction on 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 transaction, the executive vice president owned 11,988 shares of the company’s stock, valued at $2,313,564.12. The trade was a 34.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 29,508 shares of company stock worth $5,704,651. Company insiders own 2.80% of the company’s stock.

The Hanover Insurance Group Stock Up 0.1%

Shares of The Hanover Insurance Group stock opened at $213.42 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.37 and a quick ratio of 0.37. The company has a 50-day moving average of $201.24 and a 200 day moving average of $184.78. The firm has a market cap of $7.47 billion, a price-to-earnings ratio of 10.74 and a beta of 0.28. The Hanover Insurance Group, Inc. has a 1 year low of $163.18 and a 1 year high of $225.29.

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

The Hanover Insurance Group declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 13th that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the insurance provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors 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. Stockholders of record on Friday, June 12th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, June 12th. The Hanover Insurance Group’s dividend payout ratio (DPR) is presently 19.12%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on THG shares. Citigroup reaffirmed an “outperform” rating on shares of The Hanover Insurance Group in a research note on Friday, July 10th. Zacks Research lowered shares of The Hanover Insurance Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings raised The Hanover Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, May 22nd. Citizens Jmp upped their target price on The Hanover Insurance Group from $205.00 to $225.00 and gave the stock a “market outperform” rating in a report on Friday, July 10th. Finally, Piper Sandler lowered The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 target price for the company. in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, The Hanover Insurance Group presently has an average rating of “Moderate Buy” and a consensus target price of $218.29.

The Hanover Insurance Group 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.