Allspring Global Investments Holdings LLC Lowers Holdings in The Hanover Insurance Group, Inc. (NYSE:THG)

Allspring Global Investments Holdings LLC lowered its position in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 23.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 754,797 shares of the insurance provider's stock after selling 229,413 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.10% of The Hanover Insurance Group worth $132,052,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of THG. Norges Bank acquired a new stake in shares of The Hanover Insurance Group during the fourth quarter worth about $67,928,000. Vaughan Nelson Investment Management L.P. acquired a new position in The Hanover Insurance Group during the first quarter valued at $64,340,000. Franklin Resources Inc. lifted its position in The Hanover Insurance Group by 28.6% during the fourth quarter. Franklin Resources Inc. now owns 1,217,919 shares of the insurance provider's stock valued at $188,363,000 after purchasing an additional 270,491 shares during the period. Wealthfront Advisers LLC acquired a new position in The Hanover Insurance Group during the fourth quarter valued at $21,797,000. Finally, American Century Companies Inc. lifted its holdings in shares of The Hanover Insurance Group by 15.7% in the 4th quarter. American Century Companies Inc. now owns 958,858 shares of the insurance provider's stock valued at $148,297,000 after buying an additional 130,054 shares during the period. Institutional investors and hedge funds own 86.61% of the company's stock.

The Hanover Insurance Group Price Performance

Shares of THG stock traded down $1.20 during trading hours on Friday, hitting $167.69. 429,932 shares of the company's stock were exchanged, compared to its average volume of 215,149. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average of $168.44 and a two-hundred day moving average of $163.05. The firm has a market cap of $6.02 billion, a P/E ratio of 13.96 and a beta of 0.45. The Hanover Insurance Group, Inc. has a fifty-two week low of $122.79 and a fifty-two week high of $178.68.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $3.87 earnings per share for the quarter, topping analysts' consensus estimates of $3.58 by $0.29. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.55 billion. The Hanover Insurance Group had a net margin of 6.98% and a return on equity of 18.23%. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.08 earnings per share. Sell-side analysts forecast that The Hanover Insurance Group, Inc. will post 14.37 EPS for the current year.

The Hanover Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Friday, June 13th. The Hanover Insurance Group's dividend payout ratio is currently 29.98%.

Insider Activity at The Hanover Insurance Group

In other The Hanover Insurance Group news, EVP Bryan J. Salvatore sold 10,526 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $166.60, for a total value of $1,753,631.60. Following the completion of the sale, the executive vice president now directly owns 25,864 shares in the company, valued at $4,308,942.40. This represents a 28.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John C. Roche sold 301 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $175.00, for a total value of $52,675.00. Following the completion of the sale, the chief executive officer now owns 124,414 shares of the company's stock, valued at approximately $21,772,450. The trade was a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on THG. Wall Street Zen raised The Hanover Insurance Group from a "hold" rating to a "buy" rating in a report on Wednesday, April 30th. JMP Securities boosted their price target on The Hanover Insurance Group from $175.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, May 1st. Keefe, Bruyette & Woods boosted their price target on The Hanover Insurance Group from $171.00 to $173.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Morgan Stanley boosted their target price on shares of The Hanover Insurance Group from $163.00 to $170.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Finally, Piper Sandler boosted their target price on shares of The Hanover Insurance Group from $190.00 to $205.00 and gave the company an "overweight" rating in a research note on Tuesday, April 1st. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, The Hanover Insurance Group presently has a consensus rating of "Moderate Buy" and an average target price of $179.50.

The Hanover Insurance Group Profile

The Hanover Insurance Group, Inc, through its subsidiaries, provides various property and casualty insurance products and services in the United States. The company operates through four segments: Core Commercial, Specialty, Personal Lines, and Other. The Commercial Lines segment offers commercial multiple peril, commercial automobile, workers' compensation, and other commercial lines coverage.