M&T Bank Corp Boosts Position in The Hanover Insurance Group, Inc. $THG

Key Points

• M&T Bank Corp increased its stake in The Hanover by 429.5% in Q4 to 12,649 shares (worth about $2.31M); several other institutions also added to positions, leaving institutional ownership at 86.61%.
• Company insiders have been selling: Director Jane D. Carlin sold 1,200 shares (a 33.12% reduction) and EVP Richard W. Lavey sold 24,420 shares (a 43.15% reduction), with insiders now owning 2.8% of the stock.
• Analysts are mixed but show a consensus "Moderate Buy" with a $197 target; Hanover trades at a P/E of ~9.95, market cap ~$6.36B, reported $5.46 EPS for the quarter, and pays a $0.95 quarterly dividend (2.1% yield).

M&T Bank Corp increased its stake in The Hanover Insurance Group, Inc. (NYSE:THG - Free Report) by 429.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,649 shares of the insurance provider's stock after buying an additional 10,260 shares during the period. M&T Bank Corp's holdings in The Hanover Insurance Group were worth $2,312,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in THG. Millennium Management LLC increased its stake in The Hanover Insurance Group by 61.0% in the 1st quarter. Millennium Management LLC now owns 88,367 shares of the insurance provider's stock worth $15,371,000 after buying an additional 33,495 shares during the period. NewEdge Advisors LLC increased its stake in The Hanover Insurance Group by 1,568.9% in the 1st quarter. NewEdge Advisors LLC now owns 751 shares of the insurance provider's stock worth $131,000 after buying an additional 706 shares during the period. Goldman Sachs Group Inc. increased its stake in The Hanover Insurance Group by 21.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 218,753 shares of the insurance provider's stock worth $38,052,000 after buying an additional 38,905 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in The Hanover Insurance Group by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 129,031 shares of the insurance provider's stock worth $22,445,000 after buying an additional 7,712 shares during the period. Finally, Invesco Ltd. increased its stake in The Hanover Insurance Group by 7.7% in the 2nd quarter. Invesco Ltd. now owns 283,484 shares of the insurance provider's stock worth $48,155,000 after buying an additional 20,294 shares during the period. Hedge funds and other institutional investors own 86.61% of the company's stock.

Insider Activity

In other The Hanover Insurance Group news, Director Jane D. Carlin sold 1,200 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $180.91, for a total transaction of $217,092.00. Following the transaction, the director directly owned 2,423 shares in the company, valued at $438,344.93. This represents a 33.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Richard W. Lavey sold 24,420 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $178.92, for a total transaction of $4,369,226.40. Following the transaction, the executive vice president owned 32,174 shares in the company, valued at approximately $5,756,572.08. The trade was a 43.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on THG shares. Royal Bank Of Canada reduced their price target on shares of The Hanover Insurance Group from $200.00 to $190.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 7th. Morgan Stanley reduced their price target on shares of The Hanover Insurance Group from $194.00 to $190.00 and set an "equal weight" rating on the stock in a research note on Monday, April 6th. Wall Street Zen downgraded shares of The Hanover Insurance Group from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. Keefe, Bruyette & Woods raised their price target on shares of The Hanover Insurance Group from $207.00 to $208.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of The Hanover Insurance Group in a research note on Monday, April 20th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $197.00.

The Hanover Insurance Group Stock Up 0.9%

Shares of The Hanover Insurance Group stock opened at $180.88 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.44 and a quick ratio of 0.44. The Hanover Insurance Group, Inc. has a 1 year low of $160.70 and a 1 year high of $188.18. The firm's 50-day moving average is $176.00 and its two-hundred day moving average is $176.89. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of 9.95 and a beta of 0.29.

The Hanover Insurance Group (NYSE:THG - Get Free Report) last issued its earnings results on Friday, February 20th. The insurance provider reported $5.46 earnings per share (EPS) for the quarter. The Hanover Insurance Group had a net margin of 10.05% and a return on equity of 21.00%. The company had revenue of $1.67 billion for the quarter. As a group, research analysts expect that The Hanover Insurance Group, Inc. will post 16.92 earnings per share for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, March 13th. The Hanover Insurance Group's dividend payout ratio is presently 20.91%.

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.