Westpac Banking Corp lessened its position in The Travelers Companies, Inc. (NYSE:TRV) by 63.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,913 shares of the insurance provider’s stock after selling 122,454 shares during the period. Westpac Banking Corp’s holdings in The Travelers Companies were worth $9,099,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of TRV. BlackRock Inc. increased its holdings in The Travelers Companies by 2,395.6% in the 1st quarter. BlackRock Inc. now owns 20,403,051 shares of the insurance provider’s stock worth $2,459,383,000 after purchasing an additional 19,585,476 shares in the last quarter. FMR LLC increased its holdings in The Travelers Companies by 42.1% in the 1st quarter. FMR LLC now owns 6,596,545 shares of the insurance provider’s stock worth $795,148,000 after purchasing an additional 1,954,573 shares in the last quarter. American Century Companies Inc. increased its holdings in The Travelers Companies by 2,264.8% in the 2nd quarter. American Century Companies Inc. now owns 901,739 shares of the insurance provider’s stock worth $114,097,000 after purchasing an additional 863,607 shares in the last quarter. Vanguard Group Inc. increased its holdings in The Travelers Companies by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 21,551,932 shares of the insurance provider’s stock worth $2,597,871,000 after purchasing an additional 633,510 shares in the last quarter. Finally, Hermes Investment Management Ltd. acquired a new position in The Travelers Companies in the 2nd quarter worth about $58,950,000. 77.55% of the stock is owned by institutional investors and hedge funds.
TRV has been the subject of a number of recent research reports. Zacks Investment Research cut The Travelers Companies from a “hold” rating to a “sell” rating in a report on Tuesday, September 5th. ValuEngine raised The Travelers Companies from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Citigroup Inc. increased their price target on The Travelers Companies from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. Vetr raised The Travelers Companies from a “hold” rating to a “buy” rating and set a $132.68 price target for the company in a research note on Tuesday, June 27th. Finally, Bank of America Corporation cut The Travelers Companies from a “buy” rating to a “neutral” rating and increased their price target for the company from $120.62 to $129.44 in a research note on Monday, June 19th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. The Travelers Companies has a consensus rating of “Hold” and a consensus price target of $126.26.
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In related news, EVP Kenneth Franklin Spence III sold 4,800 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $128.73, for a total transaction of $617,904.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Jay S. Benet sold 5,518 shares of the business’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $128.72, for a total value of $710,276.96. Following the transaction, the insider now owns 82,824 shares in the company, valued at approximately $10,661,105.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,395 shares of company stock worth $19,249,559. 0.82% of the stock is owned by company insiders.
Shares of The Travelers Companies, Inc. (NYSE:TRV) opened at 120.70 on Friday. The Travelers Companies, Inc. has a 1-year low of $103.45 and a 1-year high of $130.37. The firm has a market cap of $33.31 billion, a PE ratio of 12.02 and a beta of 1.21. The company’s 50-day moving average price is $125.15 and its 200 day moving average price is $123.83.
The Travelers Companies (NYSE:TRV) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.15). The Travelers Companies had a net margin of 10.15% and a return on equity of 11.68%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.31 billion. During the same quarter in the prior year, the firm earned $2.20 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts predict that The Travelers Companies, Inc. will post $7.64 EPS for the current year.
The Travelers Companies declared that its Board of Directors has initiated a share repurchase plan on Monday, September 11th that allows the company to buyback outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.88 dividend on an annualized basis and a yield of 2.39%. The Travelers Companies’s dividend payout ratio is presently 28.77%.
About The Travelers Companies
The Travelers Companies, Inc is a holding company. The Company’s segments include Business and International Insurance; Bond & Specialty Insurance, and Personal Insurance. Through its subsidiaries, it provides commercial and personal property and casualty insurance products and services. The Business and International Insurance segment offers property and casualty insurance and insurance related services to its clients, in the United States and in Canada, as well as in the United Kingdom, the Republic of Ireland, Brazil and throughout other parts of the world.
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