CoreCap Advisors LLC Sells 29,027 Shares of The Hanover Insurance Group, Inc. $THG

Key Points

• CoreCap Advisors cut its Hanover Insurance stake by 99.4% in the second quarter, selling 29,027 shares and retaining just 178 shares valued at approximately $38,000. Institutional investors and hedge funds still collectively own 86.61% of THG.
• Hanover reported quarterly EPS of $5.31, exceeding estimates by $1.47, while revenue rose 4.6% year over year to $1.73 billion. The company also authorized a $700 million share-repurchase program and pays a quarterly dividend of $0.95.
• Insiders sold 21,871 shares worth approximately $4.3 million over the past 90 days. Despite the selling, analysts maintain a consensus “Moderate Buy” rating with an average price target of $223.57.

CoreCap Advisors LLC decreased its holdings in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 99.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 178 shares of the insurance provider's stock after selling 29,027 shares during the quarter. CoreCap Advisors LLC's holdings in The Hanover Insurance Group were worth $38,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Millennium Management LLC raised its holdings 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 valued at $15,371,000 after buying an additional 33,495 shares during the last quarter. NewEdge Advisors LLC grew its holdings in The Hanover Insurance Group by 1,568.9% during the 1st quarter. NewEdge Advisors LLC now owns 751 shares of the insurance provider's stock worth $131,000 after acquiring an additional 706 shares during the last quarter. Goldman Sachs Group Inc. increased 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 valued at $38,052,000 after acquiring an additional 38,905 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in The Hanover Insurance Group by 6.4% in 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 valued at $22,445,000 after acquiring an additional 7,712 shares in the last quarter. Finally, Invesco Ltd. raised its position in The Hanover Insurance Group by 7.7% in the 2nd quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider's stock worth $48,155,000 after purchasing an additional 20,294 shares during the last quarter. Institutional investors and hedge funds own 86.61% of the company's stock.

Insider Activity

In other news, EVP Dennis Francis Kerrigan sold 6,262 shares of The Hanover Insurance Group stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $192.99, for a total transaction of $1,208,503.38. Following the transaction, the executive vice president directly owned 11,988 shares of the company's stock, valued at $2,313,564.12. This trade represents a 34.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Francisco Aristeguieta sold 1,000 shares of the business's stock in a transaction 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 directly owned 4,053 shares of the company's stock, valued at $791,834.61. This trade represents a 19.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 21,871 shares of company stock valued at $4,294,665. 2.80% of the stock is currently owned by company insiders.

The Hanover Insurance Group Price Performance

Shares of THG opened at $225.10 on Friday. 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 Hanover Insurance Group, Inc. has a 1 year low of $165.50 and a 1 year high of $236.07. The stock has a market cap of $7.84 billion, a P/E ratio of 10.74 and a beta of 0.27. The stock's 50-day moving average price is $214.29 and its two-hundred day moving average price is $191.62.

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

The Hanover Insurance Group announced that its board has initiated a share repurchase program on Wednesday, May 13th that allows the company to buyback $700.00 million in shares. This buyback authorization allows the insurance provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

The Hanover Insurance Group Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on THG shares. Keefe, Bruyette & Woods upped their price target on The Hanover Insurance Group from $220.00 to $222.00 and gave the company a "market perform" rating in a research note on Thursday, August 6th. Citizens Jmp lifted their price objective on The Hanover Insurance Group from $225.00 to $240.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 29th. Citigroup reissued an "outperform" rating on shares of The Hanover Insurance Group in a report on Friday, July 10th. Zacks Research upgraded shares of The Hanover Insurance Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Finally, Oppenheimer lifted their price target on shares of The Hanover Insurance Group from $205.00 to $220.00 and gave the stock an "outperform" rating in a research report on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $223.57.

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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