Allspring Global Investments Holdings LLC Has $69.19 Million Stock Position in The Hanover Insurance Group, Inc. $THG

Allspring Global Investments Holdings LLC lowered its position in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 7.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 401,539 shares of the insurance provider's stock after selling 30,018 shares during the period. Allspring Global Investments Holdings LLC owned about 1.15% of The Hanover Insurance Group worth $69,189,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of The Hanover Insurance Group during the 4th quarter valued at about $83,817,000. Alliancebernstein L.P. lifted its stake in The Hanover Insurance Group by 36.1% in the second quarter. Alliancebernstein L.P. now owns 1,280,418 shares of the insurance provider's stock valued at $217,505,000 after buying an additional 339,896 shares in the last quarter. AQR Capital Management LLC lifted its stake in The Hanover Insurance Group by 37.8% in the third quarter. AQR Capital Management LLC now owns 763,431 shares of the insurance provider's stock valued at $137,967,000 after buying an additional 209,616 shares in the last quarter. Invesco Ltd. increased its holdings in The Hanover Insurance Group by 44.1% during the 4th quarter. Invesco Ltd. now owns 646,910 shares of the insurance provider's stock worth $118,236,000 after purchasing an additional 197,930 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in The Hanover Insurance Group by 206.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 292,121 shares of the insurance provider's stock worth $53,058,000 after purchasing an additional 196,655 shares in the last quarter. Institutional investors and hedge funds own 86.61% of the company's stock.

Insiders Place Their Bets

In related news, Director Francisco Aristeguieta sold 1,000 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $195.37, for a total transaction of $195,370.00. Following the completion of the sale, the director owned 4,053 shares of the company's stock, valued at $791,834.61. This represents a 19.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Denise Lowsley sold 4,175 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $191.73, for a total transaction of $800,472.75. Following the completion of the transaction, the executive vice president owned 3,883 shares of the company's stock, valued at $744,487.59. The trade was a 51.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,508 shares of company stock valued at $5,704,651 over the last 90 days. 2.80% of the stock is owned by company insiders.

The Hanover Insurance Group Trading Up 3.1%

Shares of THG stock opened at $213.42 on Friday. The stock has a market cap of $7.47 billion, a P/E 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 company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22. The stock has a 50 day simple moving average of $201.24 and a 200 day simple moving average of $184.78.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $5.25 EPS for the quarter, topping analysts' consensus estimates of $4.14 by $1.11. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.58 billion. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The company's revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company earned $3.87 EPS. On average, research analysts predict that The Hanover Insurance Group, Inc. will post 18.38 earnings per share for the current fiscal year.

The Hanover Insurance Group announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 13th that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

The Hanover Insurance Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on THG. Weiss Ratings upgraded The Hanover Insurance Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, May 22nd. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $220.00 price objective (up from $211.00) on shares of The Hanover Insurance Group in a report on Wednesday, July 8th. Morgan Stanley lifted their target price on The Hanover Insurance Group from $220.00 to $225.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Citizens Jmp boosted their target price on The Hanover Insurance Group from $205.00 to $225.00 and gave the company a "market outperform" rating in a research note on Friday, July 10th. Finally, Piper Sandler downgraded The Hanover Insurance Group from an "overweight" rating to a "neutral" rating and set a $220.00 price target for the company. in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target 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.

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