Engineers Gate Manager LP Sells 45,024 Shares of The Hanover Insurance Group, Inc. $THG

Key Points

• Engineers Gate Manager LP cut its Hanover Insurance stake by 82.4% in the second quarter, selling 45,024 shares and retaining 9,617 shares valued at approximately $2.06 million. Hedge funds and institutional investors collectively own 86.61% of THG.
• The Hanover reported strong quarterly results, with EPS of $5.31 versus the $3.84 consensus estimate and revenue of $1.73 billion, up 4.6% year over year. Shares opened at $232.95, near their 12-month high of $236.07.
• The company declared a quarterly dividend of $0.95 per share, equivalent to an annualized $3.80 payout and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $225.71.

Engineers Gate Manager LP lowered its stake in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 82.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,617 shares of the insurance provider's stock after selling 45,024 shares during the quarter. Engineers Gate Manager LP's holdings in The Hanover Insurance Group were worth $2,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Basecamp Wealth Advisors LLC grew its holdings in shares of The Hanover Insurance Group by 19.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 343 shares of the insurance provider's stock worth $59,000 after acquiring an additional 55 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of The Hanover Insurance Group by 5.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the insurance provider's stock worth $195,000 after acquiring an additional 59 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of The Hanover Insurance Group by 8.4% in the 2nd quarter. Versant Capital Management Inc now owns 861 shares of the insurance provider's stock valued at $184,000 after purchasing an additional 67 shares during the period. World Investment Advisors lifted its stake in shares of The Hanover Insurance Group by 3.1% in the 1st quarter. World Investment Advisors now owns 2,359 shares of the insurance provider's stock valued at $409,000 after purchasing an additional 71 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of The Hanover Insurance Group by 5.8% during the first quarter. Blue Trust Inc. now owns 1,470 shares of the insurance provider's stock valued at $255,000 after purchasing an additional 80 shares in the last quarter. 86.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at The Hanover Insurance Group

In other news, EVP Dennis Kerrigan sold 6,551 shares of the stock in a transaction that occurred on 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 sale, the executive vice president owned 12,003 shares in the company, valued at $2,650,142.37. This represents a 35.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jane D. Carlin sold 1,000 shares of the firm'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 sale, the director directly owned 2,270 shares of the company's stock, valued at $525,505. This trade represents a 30.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 9,655 shares of company stock worth $2,145,846. Insiders own 2.80% of the company's stock.

The Hanover Insurance Group Trading Up 0.8%

The Hanover Insurance Group stock opened at $232.95 on Wednesday. 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 business's fifty day simple moving average is $223.18 and its two-hundred day simple moving average is $199.89. The Hanover Insurance Group, Inc. has a 12 month low of $166.54 and a 12 month high of $236.07. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 11.12 and a beta of 0.26.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share for the quarter, beating the consensus estimate of $3.84 by $1.47. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.65 billion. The Hanover Insurance Group had a return on equity of 21.72% and a net margin of 11.17%.The company's revenue was up 4.6% on a year-over-year basis. During the same period last year, the company earned $4.35 earnings per share. As a group, 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 company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a $0.95 dividend. The ex-dividend date of this dividend 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 18.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Zacks Research raised The Hanover Insurance Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Piper Sandler lowered The Hanover Insurance Group from an "overweight" rating to a "neutral" rating and set a $220.00 price objective for the company. in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of The Hanover Insurance Group from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, July 30th. Citigroup reaffirmed an "outperform" rating on shares of The Hanover Insurance Group in a research report on Friday, July 10th. Finally, BMO Capital Markets lowered shares of The Hanover Insurance Group from an "outperform" rating to a "market perform" rating and increased their price target for the stock from $194.00 to $203.00 in a research note on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $225.71.

The Hanover Insurance Group Profile

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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