Zacks Investment Research Upgrades Hanover Insurance Group (THG) to Strong-Buy
Hanover Insurance Group (NYSE:THG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Saturday. The brokerage currently has a $128.00 target price on the insurance provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 14.01% from the stock’s current price.
According to Zacks, “Allmerica Financial Corp. is a non-insurance holding company. The Company offers financial products and services in two major areas: Risk Management and Asset Accumulation. Within these broad areas, the Company conducts business principally in three operating segments. These segments are Risk Management, Allmerica Financial Services, and Allmerica Asset Management. In addition to the three operating segments, the Company also has a Corporate segment, which consists primarily of cash, investments, Corporate debt and Capital Securities. “
Separately, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $91.00 target price on shares of Hanover Insurance Group in a research report on Friday, October 6th.
Hanover Insurance Group (NYSE:THG) last posted its quarterly earnings data on Wednesday, November 1st. The insurance provider reported $0.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.63) by $0.74. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. Hanover Insurance Group had a net margin of 2.37% and a return on equity of 3.35%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the firm posted $1.83 earnings per share. sell-side analysts expect that Hanover Insurance Group will post 4.65 earnings per share for the current fiscal year.
In other news, insider Mark Lowell Keim sold 4,966 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $107.80, for a total value of $535,334.80. Following the completion of the sale, the insider now directly owns 4,966 shares in the company, valued at $535,334.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Joseph Welzenbach sold 5,000 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $103.89, for a total transaction of $519,450.00. Following the completion of the sale, the insider now owns 29,521 shares of the company’s stock, valued at $3,066,936.69. The disclosure for this sale can be found here. Insiders sold 14,689 shares of company stock valued at $1,555,848 over the last quarter. Company insiders own 1.08% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Contravisory Investment Management Inc. acquired a new stake in shares of Hanover Insurance Group in the fourth quarter valued at about $181,000. Meeder Asset Management Inc. acquired a new stake in shares of Hanover Insurance Group in the third quarter valued at about $180,000. Charter Trust Co. acquired a new stake in shares of Hanover Insurance Group in the fourth quarter valued at about $216,000. Parametrica Management Ltd acquired a new stake in shares of Hanover Insurance Group in the third quarter valued at about $235,000. Finally, State of Alaska Department of Revenue acquired a new stake in Hanover Insurance Group during the fourth quarter worth about $270,000. Institutional investors and hedge funds own 83.72% of the company’s stock.
About Hanover Insurance Group
The Hanover Insurance Group, Inc is a holding company. The Company is engaged in providing property and casualty insurance products and services. The Company has four segments: Commercial Lines, Personal Lines, Chaucer and Other. It markets its domestic products and services through independent agents and brokers in the United States, and conducts business internationally through a subsidiary, Chaucer Holdings Limited, which operates through the Society and Corporation of Lloyd’s (Lloyd’s).
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