Assenagon Asset Management S.A. Invests $7.37 Million in The Hanover Insurance Group, Inc. $THG

Key Points

• Assenagon Asset Management initiated a $7.37 million position in The Hanover Insurance Group, purchasing 34,438 shares. Institutional investors collectively own 86.61% of THG.
• Hanover reported quarterly EPS of $5.31, beating estimates of $3.84, while revenue rose 4.6% year over year to $1.73 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $223.57.
• The company authorized a $700 million share buyback and pays a quarterly dividend of $0.95 per share, equivalent to a 1.7% yield; insiders sold about $5.1 million of stock over the past three months.

Assenagon Asset Management S.A. bought a new stake in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,438 shares of the insurance provider's stock, valued at approximately $7,374,000. Assenagon Asset Management S.A. owned approximately 0.10% of The Hanover Insurance Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Millennium Management LLC raised its stake in shares of The Hanover Insurance Group by 61.0% in the first quarter. Millennium Management LLC now owns 88,367 shares of the insurance provider's stock worth $15,371,000 after acquiring an additional 33,495 shares during the last quarter. NewEdge Advisors LLC raised its position 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 during the last quarter. Goldman Sachs Group Inc. raised its position 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in The Hanover Insurance Group by 6.4% during 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 buying an additional 7,712 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in The Hanover Insurance Group by 7.7% during the 2nd quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider's stock worth $48,155,000 after buying an additional 20,294 shares in the last quarter. 86.61% of the stock is owned by institutional investors.

The Hanover Insurance Group Stock Performance

Shares of The Hanover Insurance Group stock opened at $222.31 on Wednesday. The firm has a fifty day moving average of $212.22 and a two-hundred day moving average of $190.65. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 10.61 and a beta of 0.27. The Hanover Insurance Group, Inc. has a 52 week low of $165.50 and a 52 week high of $236.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.38 and a current ratio of 0.38.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, beating analysts' consensus estimates of $3.84 by $1.47. The Hanover Insurance Group had a return on equity of 21.72% and a net margin of 11.17%.The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the business posted $4.35 EPS. The firm's quarterly revenue was up 4.6% on a year-over-year basis. As a group, equities research analysts predict that The Hanover Insurance Group, Inc. will post 20.15 EPS for the current year.

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

The Hanover Insurance Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, June 12th. The Hanover Insurance Group's payout ratio is presently 18.14%.

Insider Activity at The Hanover Insurance Group

In related news, Director Francisco Aristeguieta sold 1,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director owned 4,053 shares in the company, valued at approximately $791,834.61. The trade was a 19.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jane D. Carlin sold 1,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $231.50, for a total transaction of $231,500.00. Following the completion of the sale, the director directly owned 2,270 shares of the company's stock, valued at $525,505. The trade was a 30.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 26,046 shares of company stock worth $5,095,138. 2.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on THG shares. 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 note on Wednesday, July 8th. Oppenheimer upped their price target on The Hanover Insurance Group from $205.00 to $220.00 and gave the company an "outperform" rating in a research note on Thursday, May 21st. Weiss Ratings upgraded The Hanover Insurance Group from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, July 30th. Royal Bank Of Canada lifted their price objective on The Hanover Insurance Group from $215.00 to $235.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Finally, Zacks Research raised The Hanover Insurance Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, The Hanover Insurance Group presently has an average rating of "Moderate Buy" and a consensus target price of $223.57.

The Hanover Insurance Group Company 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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