12,383 The Hanover Insurance Group, Inc. $THG Shares Purchased by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its Hanover Insurance Group position by 22.3% in the third quarter, purchasing 12,383 shares and bringing its holdings to 67,810 shares valued at approximately $14.5 million. Institutional investors collectively own 86.61% of THG.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $225.71. Recent target prices range from $220 to $235, although Morgan Stanley and Piper Sandler reduced their ratings or targets.
• Hanover reported quarterly EPS of $5.31, beating estimates of $3.84, while revenue rose 4.6% year over year to $1.73 billion. The company also paid a quarterly dividend of $0.95, equivalent to a $3.80 annualized payout and a 1.7% yield.

Congress Asset Management Co. raised its position in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 22.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,810 shares of the insurance provider's stock after purchasing an additional 12,383 shares during the quarter. Congress Asset Management Co. owned 0.19% of The Hanover Insurance Group worth $14,519,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of The Hanover Insurance Group during the second quarter worth about $756,471,000. Dimensional Fund Advisors LP lifted its position in shares of The Hanover Insurance Group by 16.4% in the first quarter. Dimensional Fund Advisors LP now owns 970,177 shares of the insurance provider's stock worth $168,179,000 after purchasing an additional 136,998 shares in the last quarter. First Trust Advisors LP lifted its position in shares of The Hanover Insurance Group by 3.2% in the first quarter. First Trust Advisors LP now owns 827,320 shares of the insurance provider's stock worth $143,416,000 after purchasing an additional 25,945 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in The Hanover Insurance Group during the second quarter worth $69,481,000. Finally, Bank of America Corp DE acquired a new position in The Hanover Insurance Group during the second quarter worth $47,734,000. 86.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on THG. Morgan Stanley lowered their price target on shares of The Hanover Insurance Group from $240.00 to $230.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Citigroup restated an "outperform" rating on shares of The Hanover Insurance Group in a research note on Friday, July 10th. Piper Sandler cut The Hanover Insurance Group from an "overweight" rating to a "neutral" rating and set a $220.00 price objective for the company. in a report on Wednesday, July 15th. Weiss Ratings raised The Hanover Insurance Group from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada upped their target price on The Hanover Insurance Group from $215.00 to $235.00 and gave the stock a "sector perform" rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $225.71.

Insider Buying and Selling

In other news, EVP Dennis Kerrigan sold 2,104 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $222.41, for a total value of $467,950.64. Following the completion of the sale, the executive vice president directly owned 12,003 shares of the company's stock, valued at $2,669,587.23. This trade represents a 14.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jane D. Carlin sold 1,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $231.50, for a total value of $231,500.00. Following the transaction, the director directly owned 2,270 shares in the company, valued at $525,505. The trade was a 30.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 9,655 shares of company stock valued at $2,145,846. Insiders own 2.80% of the company's stock.

The Hanover Insurance Group Stock Performance

NYSE THG opened at $220.03 on Wednesday. The firm has a market capitalization of $7.66 billion, a P/E ratio of 10.50 and a beta of 0.23. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.22. The firm's fifty day moving average price is $225.07 and its two-hundred day moving average price is $204.58. The Hanover Insurance Group, Inc. has a 1 year low of $166.54 and a 1 year high of $236.07.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, topping the consensus estimate of $3.84 by $1.47. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.65 billion. The Hanover Insurance Group had a net margin of 11.17% and a return on equity of 21.72%. The Hanover Insurance Group's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the previous year, the business earned $4.35 EPS. As a group, research analysts anticipate that The Hanover Insurance Group, Inc. will post 20.17 EPS for the current year.

The Hanover Insurance Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were paid a $0.95 dividend. The ex-dividend date was Friday, September 11th. This represents a $3.80 annualized dividend and a yield of 1.7%. The Hanover Insurance Group's dividend payout ratio is currently 18.14%.

About The Hanover Insurance Group

The Hanover Insurance Group, Inc NYSE: THG is a property and casualty insurance holding company headquartered in Worcester, Massachusetts. Founded in 1852, the company operates through a network of independent agents and provides insurance products and services primarily in the United States.

The company's business is organized around personal, commercial and specialty insurance. Its personal lines include automobile, homeowners, condominium, renters and umbrella coverage. Commercial offerings include property, liability, workers' compensation, commercial automobile and package policies for small and middle-market businesses, while specialty products serve selected industries and professional risks.

The Hanover also provides risk-management resources, claims services and related support to policyholders and agents.

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