GRIMES & Co WEALTH MANAGEMENT LLC Acquires 22,013 Shares of The Hanover Insurance Group, Inc. $THG

Key Points

• GRIMES & Co Wealth Management increased its Hanover Insurance Group stake by 1,027.2% in the third quarter, purchasing 22,013 additional shares and ending with a position worth approximately $5.17 million.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $235, although ratings range from “Strong Buy” to “Hold.”
• Hanover reported quarterly EPS of $5.15, exceeding estimates of $4.62, and maintains a quarterly dividend of $0.95 per share, equivalent to a 1.5% annualized yield.

GRIMES & Co WEALTH MANAGEMENT LLC lifted its holdings in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 1,027.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,156 shares of the insurance provider's stock after purchasing an additional 22,013 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC owned about 0.07% of The Hanover Insurance Group worth $5,172,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in THG. Mather Group LLC. acquired a new stake in The Hanover Insurance Group during the third quarter valued at approximately $29,000. Clearstead Trust LLC bought a new stake in The Hanover Insurance Group during the second quarter worth approximately $36,000. Elevation Wealth Partners LLC boosted its holdings in The Hanover Insurance Group by 106.4% during the third quarter. Elevation Wealth Partners LLC now owns 194 shares of the insurance provider's stock worth $42,000 after buying an additional 100 shares in the last quarter. Root Financial Partners LLC boosted its holdings in The Hanover Insurance Group by 69.3% during the first quarter. Root Financial Partners LLC now owns 237 shares of the insurance provider's stock worth $41,000 after buying an additional 97 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in The Hanover Insurance Group in the second quarter worth approximately $51,000. Institutional investors and hedge funds own 86.61% of the company's stock.

Insider Buying and Selling at The Hanover Insurance Group

In related news, EVP Dennis Kerrigan sold 6,551 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $220.79, for a total transaction of $1,446,395.29. Following the transaction, the executive vice president directly owned 12,003 shares of the company's stock, valued at approximately $2,650,142.37. The trade was a 35.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $260.00 price target on shares of The Hanover Insurance Group in a report on Tuesday, October 13th. Weiss Ratings upgraded The Hanover Insurance Group from a "buy (a)" rating to a "buy (a+)" rating in a research report on Thursday, October 8th. 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 note on Wednesday, July 15th. Citizens Jmp lifted their target price on The Hanover Insurance Group from $240.00 to $250.00 and gave the stock a "market outperform" rating in a report on Thursday, October 29th. Finally, Keefe, Bruyette & Woods lifted their target price on The Hanover Insurance Group from $222.00 to $232.00 and gave the stock a "market perform" rating in a report on Friday, September 18th. Two investment 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 MarketBeat, The Hanover Insurance Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.00.

The Hanover Insurance Group Trading Up 2.9%

The Hanover Insurance Group stock opened at $249.02 on Tuesday. The Hanover Insurance Group, Inc. has a 52 week low of $166.54 and a 52 week high of $250.67. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 11.91 and a beta of 0.23. The company has a 50 day moving average price of $226.94 and a 200 day moving average price of $200.45.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last announced its earnings results on Wednesday, October 28th. The insurance provider reported $5.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.62 by $0.53. The Hanover Insurance Group had a net margin of 10.97% and a return on equity of 21.39%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period in the previous year, the business earned $5.09 EPS. Research analysts forecast that The Hanover Insurance Group, Inc. will post 20.52 EPS for the current year.

The Hanover Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were issued a dividend of $0.95 per share. The ex-dividend date was Friday, September 11th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.5%. The Hanover Insurance Group's payout ratio is currently 18.17%.

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 principal operating subsidiary is The Hanover Insurance Company, which traces its roots to 1852 and is headquartered in Worcester, Massachusetts.

The company offers personal insurance products such as automobile, homeowners, condominium, renters and umbrella coverage. Its commercial insurance business serves small and midsize businesses with products that include commercial property, general liability, commercial automobile, workers' compensation and other specialized coverages.

The Hanover also provides specialty insurance solutions for select industries and risks, including professional liability, management liability, marine and other niche commercial exposures.

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