State Board of Administration of Florida Retirement System boosted its position in Hanover Insurance Group Inc (NYSE:THG) by 1.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,010 shares of the insurance provider’s stock after buying an additional 901 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.15% of Hanover Insurance Group worth $7,699,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC bought a new stake in Hanover Insurance Group in the second quarter valued at $25,000. Bartlett & Co. LLC boosted its holdings in Hanover Insurance Group by 159.0% during the second quarter. Bartlett & Co. LLC now owns 202 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 124 shares during the last quarter. Financial Advantage Inc. purchased a new position in Hanover Insurance Group in the second quarter valued at about $32,000. Resources Investment Advisors Inc. boosted its stake in Hanover Insurance Group by 80.1% in the first quarter. Resources Investment Advisors Inc. now owns 362 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 161 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Hanover Insurance Group by 55.2% in the second quarter. Signaturefd LLC now owns 346 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 123 shares during the last quarter. Institutional investors and hedge funds own 86.98% of the company’s stock.
A number of research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Hanover Insurance Group from a “hold” rating to a “buy” rating and set a $144.00 target price on the stock in a research note on Wednesday, August 7th. ValuEngine cut shares of Hanover Insurance Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Hanover Insurance Group presently has a consensus rating of “Buy” and an average price target of $131.90.
Hanover Insurance Group (NYSE:THG) last issued its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.88 EPS for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.05. Hanover Insurance Group had a net margin of 8.97% and a return on equity of 10.44%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm earned $2.20 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Hanover Insurance Group Inc will post 8.2 earnings per share for the current fiscal year.
Hanover Insurance Group announced that its Board of Directors has authorized a stock buyback plan on Thursday, June 27th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the insurance provider to buy up to 3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Ann Kirkpatrick Tripp sold 3,477 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.00, for a total transaction of $455,487.00. Following the transaction, the insider now owns 20,107 shares of the company’s stock, valued at approximately $2,634,017. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Bryan J. Salvatore sold 688 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $126.79, for a total transaction of $87,231.52. Following the transaction, the insider now directly owns 6,771 shares in the company, valued at approximately $858,495.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,675 shares of company stock worth $1,522,248. 1.65% of the stock is owned by insiders.
About 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 in three segments: Commercial Lines, Personal Lines, and Other. The Commercial Lines segment offers commercial multiple peril, commercial automobile, workers' compensation, umbrella, healthcare, mono-line general liability, and miscellaneous commercial property insurance products; and other commercial coverages, including inland marine, specialty program business, management and professional liability, surety, and specialty property.
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