Bank of America Corp DE Acquires Shares of 222,931 The Hanover Insurance Group, Inc. $THG

Key Points

• Bank of America acquired 222,931 shares of The Hanover Insurance Group worth approximately $47.7 million, representing about 0.64% of the company. Institutional investors collectively own 86.61% of THG.
• Hanover reported quarterly earnings of $5.31 per share, beating estimates of $3.84, while revenue rose 4.6% year over year to $1.73 billion. The company declared a quarterly dividend of $0.95 per share, equivalent to a 1.7% annual yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $227.14, near the stock’s reported price of $227.12; recent targets ranged from $232 to $240.

Bank of America Corp DE bought a new position in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 222,931 shares of the insurance provider's stock, valued at approximately $47,734,000. Bank of America Corp DE owned approximately 0.64% of The Hanover Insurance Group at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Man Group plc purchased a new stake in The Hanover Insurance Group in the 2nd quarter valued at $1,750,000. Jupiter Topco LLC acquired a new stake in The Hanover Insurance Group during the second quarter worth about $21,533,000. Hsbc Holdings PLC acquired a new stake in The Hanover Insurance Group during the second quarter worth about $777,000. Primecap Management Co. CA purchased a new position in The Hanover Insurance Group during the second quarter worth about $37,844,000. Finally, Palisade Capital Management LP purchased a new position in The Hanover Insurance Group during the second quarter worth about $2,764,000. 86.61% of the stock is currently owned by hedge funds and other institutional investors.

The Hanover Insurance Group Price Performance

THG stock opened at $227.12 on Monday. 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 company has a market capitalization of $7.91 billion, a PE ratio of 10.84 and a beta of 0.26. The Hanover Insurance Group, Inc. has a 12-month low of $166.54 and a 12-month high of $236.07. The business's fifty day moving average price is $224.14 and its 200 day moving average price is $200.93.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $5.31 EPS for the quarter, beating the consensus estimate of $3.84 by $1.47. The Hanover Insurance Group had a net margin of 11.17% and a return on equity of 21.72%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the firm posted $4.35 earnings per share. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. On average, sell-side 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 declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a $0.95 dividend. The ex-dividend date is Friday, September 11th. This represents a $3.80 dividend on an annualized basis and a yield of 1.7%. The Hanover Insurance Group's dividend payout ratio (DPR) is currently 18.14%.

Insider Transactions at The Hanover Insurance Group

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

Analysts Set New Price Targets

THG has been the subject of several analyst reports. Citizens Jmp increased their price target on shares of The Hanover Insurance Group from $225.00 to $240.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded The Hanover Insurance Group from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, July 30th. Citigroup reiterated an "outperform" rating on shares of The Hanover Insurance Group in a research report on Friday, July 10th. Royal Bank Of Canada raised their target price on The Hanover Insurance Group from $215.00 to $235.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods lifted their target price on The Hanover Insurance Group from $222.00 to $232.00 and gave the company a "market perform" rating in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $227.14.

About The Hanover Insurance Group

The Hanover Insurance Group, Inc is a holding company that provides property and casualty insurance products and services through a network of independent agents. Its offerings are designed for individuals, families, businesses and specialty-market customers, with a focus on helping policyholders manage risks involving property, automobiles, liability and business operations.

The company's personal lines business includes automobile, homeowners, renters, condominium, umbrella and related insurance products.

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