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Ray DalioAdded
Bridgewater Associates · Q2 2026
$6.02M
28.11K shares · 0.0% of portfolio
Hanover Insurance Group Inc
Hanover Insurance Group Inc (THG) is listed on NYSE and classified in Insurance - Property & Casualty, part of the Financial Services sector. It is headquartered in Worcester, United States and has 4,900 employees. The company is worth $8.34B and trades at 11.1x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $6.59B in fiscal 2025, up 5.7% from the year before. Net income was $662.5M. The share price is within 3% of its 52-week high. It pays a dividend yielding 1.59%, and has raised its annual dividend for 20 years in a row in our records. 8 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $287.15M. In that quarter, 5 of them opened or added to the position and 2 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +91.4% over 5Y.
today you would have $2,076.36▲ +107.6%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 18 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $182.77 | $154.66 | $121.42 | $135.13 | $131.06 | $116.92 | $136.67 | $116.77 | $108.08 | $91.01 | $81.34 | $71.32 | $59.71 | $38.74 | $34.95 | $46.72 | $44.43 | $42.97 |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 14.0% a year plus a 1.6% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 13.1 across this company’s own years on record.
Cash flow growing 14.0% a year for 10 years, discounted at 10%, then 2.5% forever.
Sector median of 12.4x operating profit, less net debt. Banks have no EBITDA.
Dividend growing 5.5% a year against a 7.0% required return, from the stock’s beta.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| WALWestern Alliance Bancorporation | $76.67 | 8.5x | 1.1x | 2.19% | 13.02% | $8.36B |
| MORNMorningstar, Inc. | $223.33 | 21.2x | 8.2x | 0.90% | 31.96% | $8.38B |
| PBProsperity Bancshares Inc | $69.85 | 11.8x | 0.8x | 3.44% | 7.07% | $8.39B |
| COLBColumbia Banking System Inc |
| P/E | 13.1x | 10.1x | 13.2x | 123.9x | 42.1x | 11.3x | 12.4x | 13.1x | 12.8x | 25.0x | 25.4x | 11.0x | 11.4x | 10.7x | 31.5x | 43.7x | 14.3x | 11.5x | 107.4x |
| P/S | 0.9x | 1.0x | 0.9x | 0.7x | 0.9x | 0.9x | 0.9x | 1.1x | 1.1x | 1.1x | 1.0x | 0.7x | 0.6x | 0.5x | 0.4x | 0.4x | 0.7x | 0.8x | 0.8x |
| P/B | 1.3x | 1.8x | 2.0x | 1.8x | 2.1x | 1.5x | 1.3x | 1.8x | 1.6x | 1.5x | 1.4x | 1.2x | 1.1x | 1.0x | 0.7x | 0.6x | 0.9x | 1.0x | 1.2x |
| EPS | $18.16 | $11.70 | $0.98 | $3.21 | $11.60 | $9.42 | $10.46 | $9.09 | $4.33 | $3.59 | $7.40 | $6.28 | $5.59 | $1.23 | $0.80 | $3.27 | $3.86 | $0.40 |
| Dividend yield | 2.16% | 2.00% | 2.23% | 2.70% | 2.26% | 2.17% | 2.27% | 7.10% | 1.90% | 1.89% | 2.07% | 2.08% | 2.13% | 2.28% | 3.18% | 3.22% | 2.14% | 1.69% | 1.05% |
| Payout | 30.03% | 20.10% | 29.49% | 334.69% | 95.33% | 24.57% | 28.13% | 92.73% | 24.42% | 47.11% | 52.37% | 22.84% | 24.20% | 24.33% | 100.00% | 140.63% | 30.58% | 19.43% | 112.50% |
| Profit margin | 5.40% | 10.05% | 6.83% | 0.59% | 2.12% | 8.09% | 7.43% | 8.69% | 8.70% | 4.36% | 3.83% | 6.59% | 5.56% | 5.24% | 1.22% | 0.93% | 4.80% | 6.96% | 0.77% |
| ROE | 9.02% | 18.55% | 14.99% | 1.43% | 4.97% | 13.48% | 11.20% | 14.58% | 13.23% | 6.21% | 5.43% | 11.65% | 9.92% | 9.67% | 2.15% | 1.48% | 6.20% | 8.36% | 1.09% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
7 methods answered, across 4 families.
Room for errors in the reported numbers.
+100.5% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| $29.89 |
| 11.7x |
| 1.1x |
| 4.95% |
| 11.03% |
| $8.46B |
| CBSHCommerce Bancshares Inc | $56.51 | 13.6x | 1.9x | 1.95% | 14.69% | $8.11B |
| FCFSFirstCash Holdings, Inc. | $184.78 | 24.7x | 3.6x | 0.91% | 17.40% | $8.01B |
