Legal & General Group Plc Takes Position in The Hanover Insurance Group, Inc. $THG

Key Points

• Legal & General Group Plc acquired 48,866 shares of The Hanover Insurance Group worth approximately $10.5 million, joining institutional investors that collectively own 86.61% of THG.
• Hanover reported quarterly EPS of $5.31, well above the $3.84 consensus estimate, while revenue rose 4.6% year over year to $1.73 billion. The company also authorized a $700 million share buyback covering up to 10.6% of outstanding shares.
• The insurer declared a quarterly dividend of $0.95, equivalent to a 1.7% annualized yield. Analysts maintain a “Moderate Buy” consensus with a $225.71 average price target, near the stock’s reported $226.07 price.

Legal & General Group Plc purchased a new position in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 48,866 shares of the insurance provider's stock, valued at approximately $10,463,000. Legal & General Group Plc owned approximately 0.14% of The Hanover Insurance Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of THG. JPL Wealth Management LLC acquired a new stake in The Hanover Insurance Group in the 3rd quarter valued at about $26,000. McMillan Office Inc. acquired a new position in shares of The Hanover Insurance Group during the 4th quarter worth approximately $31,000. Entrust Financial LLC acquired a new position in shares of The Hanover Insurance Group during the 4th quarter worth approximately $33,000. Clearstead Trust LLC purchased a new stake in shares of The Hanover Insurance Group in the second quarter valued at approximately $36,000. Finally, Root Financial Partners LLC increased its holdings in shares of The Hanover Insurance Group by 69.3% in the first 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. 86.61% of the stock is currently owned by institutional investors and hedge funds.

The Hanover Insurance Group Price Performance

THG stock opened at $226.07 on Tuesday. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of 10.79 and a beta of 0.27. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.22. The Hanover Insurance Group, Inc. has a fifty-two week low of $166.54 and a fifty-two week high of $236.07. The business has a 50 day moving average price of $220.39 and a 200 day moving average price of $195.72.

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 (EPS) for the quarter, beating the consensus estimate of $3.84 by $1.47. The Hanover Insurance Group had a net margin of 11.17% and a return on equity of 21.72%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.65 billion. During the same quarter in the prior year, the business posted $4.35 EPS. The company's revenue for the quarter was up 4.6% on a year-over-year basis. Equities research analysts anticipate that The Hanover Insurance Group, Inc. will post 20.17 earnings per share for the current fiscal year.

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

The Hanover Insurance Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.95 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.7%. The Hanover Insurance Group's dividend payout ratio is 18.14%.

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 transaction of $231,500.00. Following the transaction, the director owned 2,270 shares of the company's stock, valued at $525,505. The trade was a 30.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Dennis Francis 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 value of $1,446,395.29. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,655 shares of company stock worth $2,145,846 in the last 90 days. 2.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on THG. Royal Bank Of Canada lifted their price objective 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. 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 shares of The Hanover Insurance Group from an "overweight" rating to a "neutral" rating and set a $220.00 price target on the stock. in a research report on Wednesday, July 15th. Oppenheimer lifted their price target on shares of The Hanover Insurance Group from $205.00 to $220.00 and gave the company an "outperform" rating in a research report on Thursday, May 21st. Finally, Citigroup reissued an "outperform" rating on shares of The Hanover Insurance Group in a research note on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $225.71.

The Hanover Insurance Group 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.

Want to see what other hedge funds are holding THG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Hanover Insurance Group, Inc. (NYSE:THG - Free Report).

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