Peregrine Capital Management LLC Reduces Holdings in The Hanover Insurance Group, Inc. $THG

Peregrine Capital Management LLC lessened its holdings in shares of The Hanover Insurance Group, Inc. (NYSE:THG) by 8.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,080 shares of the insurance provider’s stock after selling 2,419 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.07% of The Hanover Insurance Group worth $4,348,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. JPL Wealth Management LLC purchased a new stake in The Hanover Insurance Group during the 3rd quarter valued at about $26,000. Community Bank N.A. purchased a new position in The Hanover Insurance Group in the 3rd quarter worth approximately $27,000. McMillan Office Inc. purchased a new position in The Hanover Insurance Group in 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. Finally, IFP Advisors Inc boosted its holdings in shares of The Hanover Insurance Group by 146.2% during the 4th quarter. IFP Advisors Inc now owns 256 shares of the insurance provider’s stock worth $47,000 after purchasing an additional 152 shares during the last quarter. 86.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

THG has been the topic of a number of recent research reports. BMO Capital Markets lowered The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $194.00 to $203.00 in a research note on Tuesday, May 19th. Weiss Ratings raised shares of The Hanover Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, May 22nd. Piper Sandler lifted their target price on The Hanover Insurance Group from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Citizens Jmp increased their price objective on shares of The Hanover Insurance Group from $200.00 to $205.00 and gave the stock a “market outperform” rating in a research report on Thursday, April 30th. Finally, Citigroup reissued an “outperform” rating on shares of The Hanover Insurance Group in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $207.00.

Insider Activity at The Hanover Insurance Group

In other news, CEO John C. Roche sold 8,358 shares of The Hanover Insurance Group stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.74, for a total value of $1,619,278.92. Following the transaction, the chief executive officer directly owned 141,011 shares of the company’s stock, valued at $27,319,471.14. The trade was a 5.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Cynthia Egan sold 3,400 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $188.50, for a total value of $640,900.00. Following the transaction, the director directly owned 9,359 shares of the company’s stock, valued at approximately $1,764,171.50. This trade represents a 26.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,508 shares of company stock valued at $5,704,651 over the last 90 days. 2.80% of the stock is owned by insiders.

The Hanover Insurance Group Price Performance

Shares of NYSE:THG opened at $221.14 on Friday. The Hanover Insurance Group, Inc. has a 12 month low of $160.97 and a 12 month high of $221.70. The firm has a market capitalization of $7.74 billion, a P/E ratio of 11.13 and a beta of 0.28. 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 company’s fifty day moving average price is $194.30 and its 200 day moving average price is $182.53.

The Hanover Insurance Group (NYSE:THG) last released its quarterly earnings data on Wednesday, April 29th. The insurance provider reported $5.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $1.11. The Hanover Insurance Group had a net margin of 10.77% and a return on equity of 21.55%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm posted $3.87 earnings per share. The Hanover Insurance Group’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that The Hanover Insurance Group, Inc. will post 18.36 earnings per share for the current fiscal year.

The Hanover Insurance Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.95 per share. The ex-dividend date of this dividend 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 19.12%.

The Hanover Insurance Group announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.