The Hanover Insurance Group (NYSE:THG) Price Target Raised to $240.00 at Citizens Jmp

The Hanover Insurance Group (NYSE:THG) had its target price upped by investment analysts at Citizens Jmp from $225.00 to $240.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the insurance provider’s stock. Citizens Jmp’s price target indicates a potential upside of 4.30% from the company’s current price.

Several other research analysts also recently weighed in on THG. Weiss Ratings upgraded The Hanover Insurance Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, May 22nd. BMO Capital Markets lowered The Hanover Insurance Group from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $194.00 to $203.00 in a report on Tuesday, May 19th. Oppenheimer boosted their price objective on 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. Royal Bank Of Canada upped their price objective on shares of The Hanover Insurance Group from $195.00 to $215.00 and gave the company a “sector perform” rating in a report on Monday, July 13th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $220.00 target price (up from $211.00) on shares of The Hanover Insurance Group in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $220.43.

The Hanover Insurance Group Stock Performance

The Hanover Insurance Group stock traded up $5.96 during trading on Wednesday, hitting $230.12. The stock had a trading volume of 25,327 shares, compared to its average volume of 326,583. The stock’s 50 day moving average is $204.67 and its two-hundred day moving average is $186.57. The Hanover Insurance Group has a 1 year low of $164.85 and a 1 year high of $228.97. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 11.58 and a beta of 0.28. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.22.

The Hanover Insurance Group (NYSE:THG) last released its earnings results on Tuesday, July 28th. The insurance provider reported $5.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.84 by $1.47. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.65 billion. The Hanover Insurance Group had a return on equity of 21.55% and a net margin of 10.77%.The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the business posted $4.35 earnings per share. As a group, analysts predict that The Hanover Insurance Group will post 18.38 EPS for the current year.

The Hanover Insurance Group declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that permits the company to repurchase $700.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Francisco Aristeguieta sold 1,000 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $195.37, for a total value of $195,370.00. Following the transaction, the director owned 4,053 shares of the company’s stock, valued at approximately $791,834.61. This represents a 19.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Cynthia Egan sold 3,400 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $188.50, for a total transaction of $640,900.00. Following the completion of the transaction, the director directly owned 9,359 shares in the company, valued at approximately $1,764,171.50. The trade was a 26.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 29,508 shares of company stock worth $5,704,651. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On The Hanover Insurance Group

A number of institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of The Hanover Insurance Group during the 4th quarter valued at about $83,817,000. Alliancebernstein L.P. grew its holdings in shares of The Hanover Insurance Group by 36.1% during the second quarter. Alliancebernstein L.P. now owns 1,280,418 shares of the insurance provider’s stock worth $217,505,000 after purchasing an additional 339,896 shares in the last quarter. AQR Capital Management LLC increased its position in shares of The Hanover Insurance Group by 37.8% in the third quarter. AQR Capital Management LLC now owns 763,431 shares of the insurance provider’s stock worth $137,967,000 after purchasing an additional 209,616 shares during the last quarter. Invesco Ltd. increased its position in shares of The Hanover Insurance Group by 44.1% in the fourth quarter. Invesco Ltd. now owns 646,910 shares of the insurance provider’s stock worth $118,236,000 after purchasing an additional 197,930 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in The Hanover Insurance Group by 206.0% in the third quarter. Balyasny Asset Management L.P. now owns 292,121 shares of the insurance provider’s stock valued at $53,058,000 after purchasing an additional 196,655 shares in the last quarter. 86.61% of the stock is currently owned by institutional investors.

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.