Zacks Investment Research Upgrades Hanover Insurance Group (NYSE:THG) to Buy

Hanover Insurance Group (NYSE:THG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, Zacks.com reports. The firm presently has a $113.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.91% from the company’s previous close.

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. “

THG has been the subject of several other research reports. Piper Sandler upped their target price on shares of Hanover Insurance Group from $110.00 to $114.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 3rd. JMP Securities reduced their price target on shares of Hanover Insurance Group from $150.00 to $140.00 and set a “market outperform” rating for the company in a research report on Thursday, April 16th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Hanover Insurance Group presently has a consensus rating of “Buy” and a consensus price target of $128.00.

NYSE THG opened at $101.88 on Friday. Hanover Insurance Group has a 1 year low of $75.11 and a 1 year high of $144.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 12.45 and a beta of 0.89. The company has a fifty day moving average price of $99.39 and a 200-day moving average price of $108.12.

Hanover Insurance Group (NYSE:THG) last posted its earnings results on Tuesday, July 28th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.13. Hanover Insurance Group had a net margin of 6.39% and a return on equity of 10.93%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The business’s revenue was down 5.0% compared to the same quarter last year. On average, research analysts anticipate that Hanover Insurance Group will post 7.9 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of THG. Bank of America Corp DE grew its position in Hanover Insurance Group by 8.3% during the fourth quarter. Bank of America Corp DE now owns 122,632 shares of the insurance provider’s stock valued at $16,760,000 after buying an additional 9,378 shares during the period. Advisors Asset Management Inc. lifted its holdings in Hanover Insurance Group by 14.6% during the fourth quarter. Advisors Asset Management Inc. now owns 720 shares of the insurance provider’s stock valued at $96,000 after purchasing an additional 92 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Hanover Insurance Group by 63.6% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,088 shares of the insurance provider’s stock valued at $424,000 after purchasing an additional 1,200 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Hanover Insurance Group by 5.4% during the fourth quarter. Geode Capital Management LLC now owns 524,114 shares of the insurance provider’s stock valued at $71,630,000 after purchasing an additional 26,625 shares during the last quarter. Finally, Norges Bank purchased a new stake in Hanover Insurance Group during the fourth quarter valued at about $76,570,000. Institutional investors own 85.20% of the company’s stock.

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 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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