Jupiter Topco LLC Makes New Investment in The Hanover Insurance Group, Inc. $THG

Key Points

• Jupiter Topco LLC acquired 100,557 shares of The Hanover Insurance Group during the second quarter, valued at approximately $21.5 million and representing a 0.29% stake. Institutional investors collectively own 86.61% of the company.
• The Hanover reported quarterly earnings of $5.31 per share, surpassing estimates of $3.84, while revenue rose 4.6% year over year to $1.73 billion. Shares recently traded at $227.73, near their 12-month high.
• The company maintains a $0.95 quarterly dividend, yielding about 1.7%, and authorized a $700 million share-repurchase program. Analysts rate the stock a “Moderate Buy,” with an average price target of $225.71.

Jupiter Topco LLC bought a new position in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,557 shares of the insurance provider's stock, valued at approximately $21,533,000. Jupiter Topco LLC owned 0.29% of The Hanover Insurance Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in THG. JPL Wealth Management LLC purchased a new stake in The Hanover Insurance Group in the third quarter valued at approximately $26,000. McMillan Office Inc. purchased a new position in The Hanover Insurance Group during the fourth quarter worth approximately $31,000. Entrust Financial LLC purchased a new position in The Hanover Insurance Group during the fourth quarter worth approximately $33,000. Clearstead Trust LLC acquired a new position in shares of The Hanover Insurance Group in the 2nd quarter valued at $36,000. Finally, Root Financial Partners LLC boosted its holdings in shares of 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 purchasing an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 86.61% of the company's stock.

The Hanover Insurance Group Stock Performance

The Hanover Insurance Group stock opened at $227.73 on Friday. 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 debt-to-equity ratio of 0.22, a current ratio of 0.38 and a quick ratio of 0.38. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 10.87 and a beta of 0.27. The firm's fifty day moving average price is $219.90 and its 200 day moving average price is $195.19.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last announced its 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 Hanover Insurance Group had a return on equity of 21.72% and a net margin of 11.17%.The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the firm earned $4.35 earnings per share. The company's revenue was up 4.6% on a year-over-year basis. On average, research analysts forecast that The Hanover Insurance Group, Inc. will post 20.17 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date was Friday, June 12th. This represents a $3.80 annualized dividend and a yield of 1.7%. The Hanover Insurance Group's payout ratio is currently 18.14%.

The Hanover Insurance Group declared that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $700.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on THG shares. Royal Bank Of Canada increased their target price on The Hanover Insurance Group from $215.00 to $235.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Piper Sandler downgraded 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 report on Wednesday, July 15th. Citigroup restated an "outperform" rating on shares of The Hanover Insurance Group in a research note on Friday, July 10th. Morgan Stanley lifted 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 note on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods boosted their target price on The Hanover Insurance Group from $220.00 to $222.00 and gave the stock a "market perform" rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $225.71.

Insider Buying and Selling

In other The Hanover Insurance Group news, Director Jane D. Carlin sold 1,000 shares of The Hanover Insurance Group stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $231.50, for a total value of $231,500.00. Following the completion of the transaction, the director directly owned 2,270 shares in the company, valued at $525,505. The trade was a 30.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Dennis Francis Kerrigan sold 6,551 shares of the business's 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 transaction, the executive vice president directly owned 12,003 shares of the company's stock, valued at $2,650,142.37. The trade was a 35.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 9,655 shares of company stock worth $2,145,846. 2.80% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source