Magnetar Financial LLC Makes New Investment in The Hanover Insurance Group, Inc. $THG

Key Points

• Magnetar Financial LLC has acquired 1,706 shares of The Hanover Insurance Group, Inc. (NYSE:THG) valued at approximately $297,000 during the first quarter of 2023.
• Analysts are optimistic about The Hanover Insurance Group, with a consensus rating of "Moderate Buy" and an average price target of $185.13.
• The company reported earnings of $4.35 per share for its latest quarter, significantly beating the consensus estimate of $3.07.

Magnetar Financial LLC purchased a new stake in shares of The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,706 shares of the insurance provider's stock, valued at approximately $297,000.

A number of other large investors also recently made changes to their positions in the company. Clearstead Trust LLC bought a new stake in The Hanover Insurance Group in the first quarter worth about $27,000. True Wealth Design LLC raised its position in The Hanover Insurance Group by 81.7% in the fourth quarter. True Wealth Design LLC now owns 307 shares of the insurance provider's stock worth $47,000 after acquiring an additional 138 shares during the period. Versant Capital Management Inc raised its position in The Hanover Insurance Group by 331.4% in the first quarter. Versant Capital Management Inc now owns 302 shares of the insurance provider's stock worth $53,000 after acquiring an additional 232 shares during the period. Harbor Capital Advisors Inc. bought a new stake in The Hanover Insurance Group in the first quarter worth about $53,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in The Hanover Insurance Group by 819.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 386 shares of the insurance provider's stock worth $67,000 after acquiring an additional 344 shares during the period. 86.61% of the stock is owned by institutional investors.

The Hanover Insurance Group Price Performance

NYSE:THG traded down $3.76 during mid-day trading on Friday, hitting $177.58. 194,133 shares of the stock traded hands, compared to its average volume of 183,708. The business's 50-day moving average price is $169.22 and its 200 day moving average price is $167.66. The company has a market cap of $6.35 billion, a PE ratio of 11.69 and a beta of 0.46. The Hanover Insurance Group, Inc. has a 12-month low of $142.48 and a 12-month high of $181.38. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.11.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $4.35 EPS for the quarter, beating the consensus estimate of $3.07 by $1.28. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. The Hanover Insurance Group had a net margin of 8.67% and a return on equity of 20.24%. The Hanover Insurance Group's revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.88 earnings per share. On average, analysts expect that The Hanover Insurance Group, Inc. will post 14.37 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 12th. The Hanover Insurance Group's payout ratio is currently 23.70%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of The Hanover Insurance Group from $170.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Keefe, Bruyette & Woods raised shares of The Hanover Insurance Group from a "market perform" rating to an "outperform" rating and set a $188.00 price target on the stock in a research report on Wednesday, July 9th. JMP Securities set a $205.00 price target on shares of The Hanover Insurance Group in a research report on Thursday, July 31st. Finally, Citigroup reissued an "outperform" rating on shares of The Hanover Insurance Group in a research report on Thursday, July 31st. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, The Hanover Insurance Group currently has an average rating of "Moderate Buy" and an average target price of $185.13.

About The Hanover Insurance Group

The Hanover Insurance Group, Inc, through its subsidiaries, provides various property and casualty insurance products and services in the United States. The company operates through four segments: Core Commercial, Specialty, Personal Lines, and Other. The Commercial Lines segment offers commercial multiple peril, commercial automobile, workers' compensation, and other commercial lines coverage.