Empowered Funds LLC Invests $1.76 Million in The Hanover Insurance Group, Inc. $THG

Key Points

• Empowered Funds acquired 8,202 THG shares worth approximately $1.76 million in the second quarter, while institutional investors collectively own 86.61% of the company.
• The Hanover reported quarterly EPS of $5.31, exceeding the $3.84 analyst consensus, while revenue rose 4.6% year over year to $1.73 billion.
• THG declared a quarterly dividend of $0.95, representing a 1.6% yield, and authorized a $700 million share-repurchase program covering up to 10.6% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average $225.71 price target.

Empowered Funds LLC acquired a new stake in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 8,202 shares of the insurance provider's stock, valued at approximately $1,756,000.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in The Hanover Insurance Group in the 2nd quarter worth approximately $756,471,000. Alliancebernstein L.P. lifted its holdings in The Hanover Insurance Group by 36.1% during the second quarter. Alliancebernstein L.P. now owns 1,280,418 shares of the insurance provider's stock valued at $217,505,000 after purchasing an additional 339,896 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of The Hanover Insurance Group by 16.4% in the first quarter. Dimensional Fund Advisors LP now owns 970,177 shares of the insurance provider's stock worth $168,179,000 after purchasing an additional 136,998 shares during the period. AQR Capital Management LLC boosted its position in shares of The Hanover Insurance Group by 24.9% in the fourth quarter. AQR Capital Management LLC now owns 953,781 shares of the insurance provider's stock worth $174,322,000 after purchasing an additional 190,350 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of The Hanover Insurance Group by 3.2% in the first quarter. First Trust Advisors LP now owns 827,320 shares of the insurance provider's stock worth $143,416,000 after purchasing an additional 25,945 shares in the last quarter. 86.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

THG has been the topic of several recent analyst reports. Piper Sandler downgraded shares of The Hanover Insurance Group from an "overweight" rating to a "neutral" rating and set a $220.00 price objective on the stock. in a research report on Wednesday, July 15th. Royal Bank Of Canada upped their target price on shares of The Hanover Insurance Group from $215.00 to $235.00 and gave the stock a "sector perform" rating in a report on Thursday, July 30th. Citizens Jmp increased their price target on The Hanover Insurance Group from $225.00 to $240.00 and gave the stock a "market outperform" rating in a research note on Wednesday, July 29th. Oppenheimer raised their price target on The Hanover Insurance Group from $205.00 to $220.00 and gave the company an "outperform" rating in a report on Thursday, May 21st. Finally, Morgan Stanley boosted their price objective on The Hanover Insurance Group from $235.00 to $240.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $225.71.

Insider Activity

In other The Hanover Insurance Group news, EVP Dennis Kerrigan sold 6,551 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $220.79, for a total transaction of $1,446,395.29. Following the completion of the transaction, the executive vice president owned 12,003 shares of the company's stock, valued at $2,650,142.37. This represents a 35.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jane D. Carlin sold 1,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $231.50, for a total value of $231,500.00. Following the transaction, the director owned 2,270 shares of the company's stock, valued at approximately $525,505. The trade was a 30.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,655 shares of company stock valued at $2,145,846 in the last three months. Insiders own 2.80% of the company's stock.

The Hanover Insurance Group Trading Up 1.9%

The Hanover Insurance Group stock opened at $231.52 on Friday. The stock has a market cap of $8.06 billion, a P/E ratio of 11.05 and a beta of 0.26. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.38 and a quick ratio of 0.38. The Hanover Insurance Group, Inc. has a 1 year low of $166.54 and a 1 year high of $236.07. The firm's 50 day moving average price is $221.56 and its 200-day moving average price is $196.91.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last issued its earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, topping analysts' consensus estimates of $3.84 by $1.47. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.65 billion. The Hanover Insurance Group had a net margin of 11.17% and a return on equity of 21.72%. The Hanover Insurance Group's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.35 earnings per share. On average, equities analysts predict that The Hanover Insurance Group, Inc. will post 20.17 earnings per share for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The business 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 annualized dividend and a yield of 1.6%. The Hanover Insurance Group's payout ratio is presently 18.14%.

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

About The Hanover Insurance Group

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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