Bank of America Raises The Hanover Insurance Group (NYSE:THG) Price Target to $170.00

The Hanover Insurance Group (NYSE:THG) had its target price lifted by Bank of America from $158.00 to $170.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

A number of other brokerages have also recently issued reports on THG. Piper Sandler raised their price objective on The Hanover Insurance Group from $147.00 to $162.00 and gave the company an overweight rating in a research note on Friday, August 2nd. JMP Securities lifted their price target on The Hanover Insurance Group from $150.00 to $160.00 and gave the stock a market outperform rating in a research note on Thursday, August 1st. Finally, Keefe, Bruyette & Woods increased their price objective on The Hanover Insurance Group from $142.00 to $144.00 and gave the company a market perform rating in a research note on Tuesday, August 13th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $160.20.

The Hanover Insurance Group Stock Performance

Shares of NYSE THG opened at $147.66 on Thursday. The stock’s 50-day moving average is $142.55 and its 200 day moving average is $134.55. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of 33.11 and a beta of 0.69. The Hanover Insurance Group has a 1-year low of $109.55 and a 1-year high of $150.95. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.31.

The Hanover Insurance Group (NYSE:THG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.88 EPS for the quarter, hitting the consensus estimate of $1.88. The Hanover Insurance Group had a net margin of 4.44% and a return on equity of 12.42%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the firm posted ($1.91) earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that The Hanover Insurance Group will post 10.99 EPS for the current fiscal year.

The Hanover Insurance Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.85 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.30%. The Hanover Insurance Group’s dividend payout ratio is currently 76.23%.

Insider Activity at The Hanover Insurance Group

In other news, Director Kathy S. Lane sold 1,884 shares of The Hanover Insurance Group stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $134.23, for a total transaction of $252,889.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Jeffrey M. Farber sold 1,200 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $150.11, for a total value of $180,132.00. Following the completion of the transaction, the executive vice president now owns 85,983 shares of the company’s stock, valued at approximately $12,906,908.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathy S. Lane sold 1,884 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $134.23, for a total value of $252,889.32. The disclosure for this sale can be found here. Insiders sold a total of 12,352 shares of company stock worth $1,766,623 over the last quarter. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On The Hanover Insurance Group

Several hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd purchased a new position in shares of The Hanover Insurance Group during the second quarter valued at approximately $25,000. Riverview Trust Co bought a new position in The Hanover Insurance Group during the 1st quarter valued at approximately $31,000. Quarry LP purchased a new position in The Hanover Insurance Group during the fourth quarter valued at $34,000. 1620 Investment Advisors Inc. bought a new stake in The Hanover Insurance Group in the second quarter worth $42,000. Finally, GHP Investment Advisors Inc. grew its stake in shares of The Hanover Insurance Group by 64.9% in the second quarter. GHP Investment Advisors Inc. now owns 427 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 168 shares during the last quarter. Institutional investors own 86.61% of the company’s stock.

The Hanover Insurance Group Company Profile

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.