12,908 Shares in The Hanover Insurance Group, Inc. $THG Bought by Palisade Capital Management LP

Palisade Capital Management LP acquired a new position in The Hanover Insurance Group, Inc. (NYSE:THG) during the second quarter, Holdings Channel.com reports. The firm acquired 12,908 shares of the insurance provider’s stock, valued at approximately $2,764,000.

Several other large investors also recently modified their holdings of the business. Legal & General Group Plc purchased a new position in The Hanover Insurance Group in the second quarter valued at about $10,463,000. The Manufacturers Life Insurance Company purchased a new stake in The Hanover Insurance Group during the 2nd quarter worth approximately $5,393,000. Cibc World Market Inc. acquired a new position in shares of The Hanover Insurance Group in the 2nd quarter valued at approximately $620,000. Sanctuary Advisors LLC acquired a new position in shares of The Hanover Insurance Group in the 2nd quarter valued at approximately $2,214,000. Finally, Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of The Hanover Insurance Group during the 2nd quarter valued at approximately $6,273,000. 86.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on THG shares. Piper Sandler lowered shares of The Hanover Insurance Group from an “overweight” rating to a “neutral” rating and set a $220.00 price objective for the company. in a report on Wednesday, July 15th. Oppenheimer upped their target price on shares of The Hanover Insurance Group from $205.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Citizens Jmp increased their price target on shares of The Hanover Insurance Group from $225.00 to $240.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada increased their price target on shares of 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. Finally, Keefe, Bruyette & Woods lifted their price target on The Hanover Insurance Group from $220.00 to $222.00 and gave the stock a “market perform” rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, The Hanover Insurance Group has an average rating of “Moderate Buy” and a consensus price target of $225.71.

The Hanover Insurance Group Stock Down 0.1%

The Hanover Insurance Group stock opened at $227.22 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.38 and a current ratio of 0.38. The Hanover Insurance Group, Inc. has a one year low of $166.54 and a one year high of $236.07. The company has a 50-day simple moving average of $218.14 and a 200-day simple moving average of $194.24. The firm has a market capitalization of $7.91 billion, a P/E ratio of 10.85 and a beta of 0.27.

The Hanover Insurance Group (NYSE:THG) last issued its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the firm posted $4.35 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. As a group, equities analysts expect that The Hanover Insurance Group, Inc. will post 20.17 earnings per share for the current year.

The Hanover Insurance Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, June 12th. The Hanover Insurance Group’s payout ratio is currently 18.14%.

The Hanover Insurance Group announced that its Board of Directors has approved a stock buyback program on Wednesday, May 13th that allows the company to repurchase $700.00 million in shares. This repurchase authorization allows the insurance provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Dennis Francis Kerrigan sold 2,104 shares of The Hanover Insurance Group stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $222.41, for a total transaction of $467,950.64. Following the transaction, the executive vice president directly owned 12,003 shares of the company’s stock, valued at $2,669,587.23. The trade was a 14.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jane D. Carlin sold 1,000 shares of the business’s 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 completion of the sale, the director owned 2,270 shares in the company, valued at $525,505. The trade was a 30.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,655 shares of company stock worth $2,145,846 in the last three months. Company insiders own 2.80% of the company’s stock.

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.