The Hanover Insurance Group, Inc. (NYSE:THG) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has significantly reduced its stake in The Hanover Insurance Group, decreasing its holdings by 81.4% to just 1,910 shares, valued at approximately $332,000.
• The Hanover Insurance Group reported an earnings per share (EPS) of $4.35 for the last quarter, exceeding the consensus estimate by $1.28, despite a slight fall in revenue compared to expectations.
• Several analysts have recently upgraded their ratings on The Hanover Insurance Group, setting a target price range between $185.00 and $205.00, reflecting positive sentiment towards the stock.

Bank of Nova Scotia lessened its stake in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 81.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,910 shares of the insurance provider's stock after selling 8,360 shares during the quarter. Bank of Nova Scotia's holdings in The Hanover Insurance Group were worth $332,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of THG. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of The Hanover Insurance Group during the first quarter worth approximately $64,340,000. AQR Capital Management LLC raised its stake in shares of The Hanover Insurance Group by 75.7% during the fourth quarter. AQR Capital Management LLC now owns 287,356 shares of the insurance provider's stock worth $44,443,000 after purchasing an additional 123,793 shares during the last quarter. Woodline Partners LP grew its holdings in The Hanover Insurance Group by 1,575.5% during the fourth quarter. Woodline Partners LP now owns 129,848 shares of the insurance provider's stock worth $20,082,000 after acquiring an additional 122,098 shares during the period. Northern Trust Corp raised its position in The Hanover Insurance Group by 40.7% in the fourth quarter. Northern Trust Corp now owns 383,670 shares of the insurance provider's stock worth $59,338,000 after acquiring an additional 110,944 shares in the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new position in The Hanover Insurance Group in the fourth quarter worth $15,137,000. Hedge funds and other institutional investors own 86.61% of the company's stock.

Analysts Set New Price Targets

THG has been the subject of several research analyst reports. Citigroup reiterated an "outperform" rating on shares of The Hanover Insurance Group in a research report on Thursday, July 31st. Keefe, Bruyette & Woods upgraded The Hanover Insurance Group from a "market perform" rating to an "outperform" rating and set a $188.00 price objective for the company in a research report on Wednesday, July 9th. Wall Street Zen upgraded The Hanover Insurance Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. JMP Securities set a $205.00 price objective on The Hanover Insurance Group in a research report on Thursday, July 31st. Finally, Morgan Stanley increased their price objective on The Hanover Insurance Group from $170.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, The Hanover Insurance Group presently has an average rating of "Moderate Buy" and an average price target of $185.13.

The Hanover Insurance Group Trading Up 0.2%

NYSE THG traded up $0.32 during trading hours on Tuesday, hitting $169.64. 211,333 shares of the company's stock were exchanged, compared to its average volume of 251,914. The business's 50 day moving average is $167.87 and its 200-day moving average is $165.87. The Hanover Insurance Group, Inc. has a 12-month low of $131.63 and a 12-month high of $178.68. The firm has a market capitalization of $6.07 billion, a P/E ratio of 11.17 and a beta of 0.45. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.37 and a current ratio of 0.37.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $3.07 by $1.28. The Hanover Insurance Group had a return on equity of 20.24% and a net margin of 8.67%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the firm earned $1.88 EPS. The Hanover Insurance Group's quarterly revenue was up 3.1% on a year-over-year basis. As a group, analysts anticipate that The Hanover Insurance Group, Inc. will post 14.37 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were given a $0.90 dividend. The ex-dividend date was Friday, June 13th. This represents a $3.60 annualized dividend and a dividend yield of 2.1%. The Hanover Insurance Group's dividend payout ratio (DPR) is presently 23.70%.

The Hanover Insurance Group Company 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.