Allspring Global Investments Holdings LLC Sells 229,413 Shares of The Hanover Insurance Group, Inc. (NYSE:THG)

Allspring Global Investments Holdings LLC lessened its holdings in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 23.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 quarter.

A number of other large investors also recently added to or reduced their stakes in THG. Sanctuary Advisors LLC raised its position in shares of The Hanover Insurance Group by 4.3% during the fourth quarter. Sanctuary Advisors LLC now owns 4,186 shares of the insurance provider's stock valued at $652,000 after buying an additional 173 shares during the last quarter. Truist Financial Corp grew its stake in The Hanover Insurance Group by 4.7% during the fourth quarter. Truist Financial Corp now owns 2,025 shares of the insurance provider's stock valued at $313,000 after acquiring an additional 90 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in The Hanover Insurance Group in the 4th quarter valued at $661,000. Bank of New York Mellon Corp increased its holdings in The Hanover Insurance Group by 7.5% in the 4th quarter. Bank of New York Mellon Corp now owns 349,125 shares of the insurance provider's stock valued at $53,996,000 after acquiring an additional 24,290 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in The Hanover Insurance Group by 1.3% in the 4th quarter. Amalgamated Bank now owns 17,118 shares of the insurance provider's stock worth $2,647,000 after purchasing an additional 221 shares in the last quarter. 86.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Bryan J. Salvatore sold 10,526 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $166.60, for a total value of $1,753,631.60. Following the transaction, the executive vice president directly owned 25,864 shares in the company, valued at approximately $4,308,942.40. This represents a 28.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

The Hanover Insurance Group Trading Down 1.3%

Shares of The Hanover Insurance Group stock traded down $2.14 during trading on Tuesday, hitting $167.73. The stock had a trading volume of 384,045 shares, compared to its average volume of 215,489. The Hanover Insurance Group, Inc. has a 12 month low of $123.17 and a 12 month high of $178.68. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. The firm's fifty day simple moving average is $168.68 and its 200-day simple moving average is $163.26. The stock has a market cap of $6.02 billion, a PE ratio of 13.97 and a beta of 0.45.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $3.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.58 by $0.29. The Hanover Insurance Group had a return on equity of 18.23% and a net margin of 6.98%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the previous year, the business earned $3.08 earnings per share. The company's revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts expect that The Hanover Insurance Group, Inc. will post 14.37 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given 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 (DPR) is presently 29.98%.

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.