The Hanover Insurance Group, Inc. (NYSE:THG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $98.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.30% 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. “
Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $81.00 price objective (down from $85.00) on shares of The Hanover Insurance Group in a research note on Thursday, January 12th. JMP Securities restated a “buy” rating on shares of The Hanover Insurance Group in a research note on Friday, November 4th. Finally, Sandler O’Neill assumed coverage on The Hanover Insurance Group in a research note on Monday, October 24th. They issued a “buy” rating and a $88.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The Hanover Insurance Group currently has an average rating of “Buy” and an average target price of $91.20.
Shares of The Hanover Insurance Group (NYSE:THG) traded up 1.15% during midday trading on Wednesday, reaching $88.05. 240,046 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $87.22 and a 200 day moving average price of $82.05. The company has a market cap of $3.73 billion, a P/E ratio of 24.55 and a beta of 1.10. The Hanover Insurance Group has a 12 month low of $74.06 and a 12 month high of $91.99.
The Hanover Insurance Group (NYSE:THG) last released its earnings results on Thursday, February 2nd. The company reported ($0.46) EPS for the quarter, missing the Zacks’ consensus estimate of $1.50 by $1.96. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.07 billion. The Hanover Insurance Group had a return on equity of 6.21% and a net margin of 3.14%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.82 earnings per share. Equities research analysts forecast that The Hanover Insurance Group will post $6.91 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of THG. Russell Investments Group Ltd. bought a new position in The Hanover Insurance Group during the fourth quarter worth $36,979,000. Perkins Investment Management LLC raised its position in The Hanover Insurance Group by 202.4% in the third quarter. Perkins Investment Management LLC now owns 518,027 shares of the company’s stock worth $39,070,000 after buying an additional 346,703 shares during the last quarter. Nordea Investment Management AB raised its position in The Hanover Insurance Group by 877.4% in the third quarter. Nordea Investment Management AB now owns 264,878 shares of the company’s stock worth $19,977,000 after buying an additional 237,778 shares during the last quarter. Mesirow Financial Investment Management Equity Management bought a new position in The Hanover Insurance Group during the second quarter worth $19,822,000. Finally, D. E. Shaw & Co. Inc. raised its position in The Hanover Insurance Group by 252.7% in the third quarter. D. E. Shaw & Co. Inc. now owns 257,199 shares of the company’s stock worth $19,398,000 after buying an additional 184,274 shares during the last quarter. 82.15% of the stock is owned by institutional investors and hedge funds.
About The Hanover Insurance Group
The Hanover Insurance Group, Inc is a holding company. The Company’s primary business operations are property and casualty insurance products and services. The Company operates through four segments: Commercial Lines, Personal Lines, Chaucer and Other. The Company’s Commercial Lines product suite provides agents and customers with products designed for small, middle and specialized markets.
Get a free copy of the Zacks research report on The Hanover Insurance Group (THG)
For more information about research offerings from Zacks Investment Research, visit Zacks.com