5 Best Blue Chip Dividend Stocks to Invest In

4. The Hanover Insurance Group, Inc. (NYSE:THG)

Dividend Yield as of August 26: 2.24%

The Hanover Insurance Group, Inc. (NYSE:THG) provides auto, home, and business insurance services to its consumers. Morgan Stanley initiated its coverage on the stock in June with an Equal Weight rating and a $155 price target. The firm appreciated the company’s strong balance sheet in the current environment.

At the end of June, The Hanover Insurance Group, Inc. (NYSE:THG) held over $9.6 billion in cash and invested assets and it has nearly $146 million available in cash and cash equivalents. The company’s revenue for the second quarter jumped by 9.9% year-over-year to $1.33 billion. The Hanover Insurance Group, Inc. (NYSE:THG) has been raising its dividends for 17 consecutive years. It pays a quarterly dividend of $0.75 per share, with a dividend yield of 2.24%, as of August 26.

As per Insider Monkey’s Q2 2022 database, 15 hedge funds owned stakes in The Hanover Insurance Group, Inc. (NYSE:THG), valued at nearly $64 million. In the previous quarter, 21 hedge funds owned stakes in the insurance company, worth over $97.4 million.