Illinois Municipal Retirement Fund Buys 6,359 Shares of The Hanover Insurance Group, Inc. $THG

Key Points

• Illinois Municipal Retirement Fund boosted its stake in The Hanover Insurance Group by 40.1% in the first quarter, buying 6,359 additional shares and bringing its total holdings to 22,200 shares worth about $3.85 million.
• The company posted strong first-quarter results, with EPS of $5.25 versus estimates of $4.14 and revenue of $1.70 billion versus expectations of $1.58 billion. Revenue rose 6.1% year over year, and the company maintained solid profitability metrics.
• The Hanover’s board authorized a $700 million share buyback program, allowing repurchases of up to 10.6% of outstanding shares. The company also recently paid a quarterly dividend of $0.95 per share, implying a 1.8% annualized yield.

Illinois Municipal Retirement Fund increased its stake in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 40.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,200 shares of the insurance provider's stock after purchasing an additional 6,359 shares during the period. Illinois Municipal Retirement Fund owned 0.06% of The Hanover Insurance Group worth $3,848,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. JPL Wealth Management LLC acquired a new stake in shares of The Hanover Insurance Group during the third quarter worth $26,000. McMillan Office Inc. bought a new position in shares of The Hanover Insurance Group during the fourth quarter worth about $31,000. Entrust Financial LLC bought a new position in shares of The Hanover Insurance Group during the 4th quarter worth approximately $33,000. Root Financial Partners LLC increased its stake in The Hanover Insurance Group by 69.3% in the 1st quarter. Root Financial Partners LLC now owns 237 shares of the insurance provider's stock valued at $41,000 after buying an additional 97 shares during the last quarter. Finally, IFP Advisors Inc raised its holdings in The Hanover Insurance Group by 146.2% during the fourth quarter. IFP Advisors Inc now owns 256 shares of the insurance provider's stock worth $47,000 after acquiring an additional 152 shares in the last quarter. Institutional investors and hedge funds own 86.61% of the company's stock.

The Hanover Insurance Group Price Performance

The Hanover Insurance Group stock opened at $213.42 on Friday. The firm has a market cap of $7.47 billion, a P/E ratio of 10.74 and a beta of 0.28. The Hanover Insurance Group, Inc. has a one year low of $163.18 and a one year high of $225.29. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.37 and a quick ratio of 0.37. The stock's 50 day moving average is $201.24 and its 200 day moving average is $184.78.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $5.25 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $1.11. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.58 billion. The Hanover Insurance Group had a net margin of 10.77% and a return on equity of 21.55%. The company's quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.87 EPS. As a group, research analysts expect that The Hanover Insurance Group, Inc. will post 18.38 EPS for the current year.

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

The Hanover Insurance Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, June 12th. The Hanover Insurance Group's dividend payout ratio is presently 19.12%.

Insider Buying and Selling at The Hanover Insurance Group

In other The Hanover Insurance Group news, EVP Denise Lowsley sold 4,175 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $191.73, for a total value of $800,472.75. Following the completion of the sale, the executive vice president owned 3,883 shares of the company's stock, valued at approximately $744,487.59. This trade represents a 51.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John C. Roche sold 8,358 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.74, for a total transaction of $1,619,278.92. Following the transaction, the chief executive officer owned 141,011 shares in the company, valued at approximately $27,319,471.14. The trade was a 5.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,508 shares of company stock valued at $5,704,651 over the last 90 days. Insiders own 2.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on THG. Citizens Jmp increased their price target on shares of The Hanover Insurance Group from $205.00 to $225.00 and gave the company a "market outperform" rating in a research note on Friday, July 10th. Weiss Ratings raised The Hanover Insurance Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, May 22nd. Piper Sandler cut The Hanover Insurance Group from an "overweight" rating to a "neutral" rating and set a $220.00 price target for the company. in a research note on Wednesday. Royal Bank Of Canada raised their target price on shares of The Hanover Insurance Group from $195.00 to $215.00 and gave the company a "sector perform" rating in a report on Monday, July 13th. Finally, Zacks Research lowered The Hanover Insurance Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $218.29.

The Hanover Insurance Group Company 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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