Hanover Insurance Group (NYSE:THG) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research cut shares of Hanover Insurance Group (NYSE:THG) from a buy rating to a hold rating in a report issued on Wednesday, Zacks.com reports.

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 research analysts also recently issued reports about the stock. JMP Securities lowered their price objective 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. Piper Sandler boosted their price objective on shares of Hanover Insurance Group from $110.00 to $114.00 and gave the company an overweight rating in a research report on Wednesday, June 3rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Hanover Insurance Group currently has an average rating of Buy and a consensus target price of $128.00.

NYSE THG opened at $101.88 on Wednesday. Hanover Insurance Group has a 1-year low of $75.11 and a 1-year high of $144.71. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 13.25 and a beta of 0.89. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $99.39 and a 200-day moving average of $108.12.

Hanover Insurance Group (NYSE:THG) last announced its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $1.63 EPS for the quarter, beating the 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 business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the business earned $1.88 earnings per share. The company’s revenue was down 5.0% on a year-over-year basis. On average, equities research analysts forecast that Hanover Insurance Group will post 7.94 earnings per share for the current year.

Several large investors have recently made changes to their positions in THG. UBS Group AG grew its stake in shares of Hanover Insurance Group by 148.6% in the fourth quarter. UBS Group AG now owns 46,864 shares of the insurance provider’s stock worth $6,405,000 after purchasing an additional 28,011 shares during the last quarter. Bank of America Corp DE boosted 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 acquiring an additional 9,378 shares during the last quarter. Advisors Asset Management Inc. boosted its position 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 acquiring an additional 92 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Hanover Insurance Group during the fourth quarter valued at $31,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position 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 acquiring an additional 1,200 shares during the last quarter. Institutional investors own 85.20% of the company’s stock.

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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