The Travelers Companies, Inc. $TRV Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia trimmed its holdings in The Travelers Companies, Inc. (NYSE:TRV) by 19.8% during the first quarter, Holdings Channel.com reports. The fund owned 77,706 shares of the insurance provider’s stock after selling 19,217 shares during the period. Bank of Nova Scotia’s holdings in Travelers Companies were worth $22,666,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC increased its position in Travelers Companies by 13.4% during the 4th quarter. Brighton Jones LLC now owns 3,277 shares of the insurance provider’s stock worth $789,000 after purchasing an additional 387 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Travelers Companies in the fourth quarter valued at approximately $276,000. WINTON GROUP Ltd purchased a new position in shares of Travelers Companies during the second quarter valued at approximately $382,000. CIBC Asset Management Inc boosted its position in Travelers Companies by 13.9% during the second quarter. CIBC Asset Management Inc now owns 68,537 shares of the insurance provider’s stock worth $18,336,000 after acquiring an additional 8,383 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Travelers Companies by 2.0% during the second quarter. Treasurer of the State of North Carolina now owns 105,605 shares of the insurance provider’s stock worth $28,254,000 after acquiring an additional 2,117 shares during the last quarter. 82.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Avrohom J. Kess sold 6,735 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $308.78, for a total transaction of $2,079,633.30. Following the completion of the sale, the insider owned 48,737 shares of the company’s stock, valued at approximately $15,049,010.86. This represents a 12.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Frederick Klein sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $307.65, for a total transaction of $3,076,500.00. Following the completion of the transaction, the executive vice president owned 45,125 shares in the company, valued at $13,882,706.25. The trade was a 18.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 18,292 shares of company stock valued at $5,639,800. 1.39% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays boosted their price target on Travelers Companies from $295.00 to $318.00 and gave the company an “underweight” rating in a report on Tuesday. The Goldman Sachs Group downgraded Travelers Companies from a “neutral” rating to a “sell” rating and set a $350.00 price objective for the company. in a research report on Monday, July 20th. Piper Sandler upped their target price on Travelers Companies to $340.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. HSBC increased their target price on Travelers Companies from $321.00 to $351.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Finally, Evercore set a $329.00 price target on Travelers Companies and gave the stock an “in-line” rating in a research note on Friday, July 10th. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, fourteen have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $354.26.

Travelers Companies Trading Up 2.9%

Shares of TRV opened at $387.42 on Friday. The Travelers Companies, Inc. has a twelve month low of $252.26 and a twelve month high of $389.11. The firm has a market capitalization of $80.80 billion, a P/E ratio of 10.38, a price-to-earnings-growth ratio of 3.87 and a beta of 0.46. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.27. The stock’s fifty day simple moving average is $322.06 and its 200 day simple moving average is $304.48.

Travelers Companies (NYSE:TRV) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $10.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.41 by $4.63. The firm had revenue of $12.15 billion during the quarter, compared to the consensus estimate of $11.26 billion. Travelers Companies had a return on equity of 25.41% and a net margin of 16.95%.The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.51 earnings per share. On average, equities research analysts forecast that The Travelers Companies, Inc. will post 32.49 earnings per share for the current year.

Travelers Companies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be issued a dividend of $1.25 per share. The ex-dividend date is Thursday, September 10th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. Travelers Companies’s payout ratio is presently 13.39%.

Key Stories Impacting Travelers Companies

Here are the key news stories impacting Travelers Companies this week:

• Positive Sentiment: Analyst coverage remained constructive, with Morgan Stanley and other firms highlighting potential upside, while a recent Zacks note said Travelers’ shares hit a 52-week high and questioned whether the run can continue. Morgan Stanley Forecasts Strong Price Appreciation for Travelers Companies (NYSE:TRV) Stock The Travelers Companies, Inc. (TRV) Hit a 52 Week High, Can the Run Continue?
• Positive Sentiment: AM Best assigned an “a+” issue credit rating with a stable outlook to Travelers’ new $750 million senior unsecured notes, signaling confidence in the company’s credit quality and access to capital. AM Best Assigns Issue Credit Rating to The Travelers Companies, Inc. New Senior Unsecured Notes
• Positive Sentiment: Travelers priced $750 million of 4.95% senior notes due 2031, which adds funding for general corporate purposes and appears manageable given the company’s strong balance sheet. Travelers Companies Prices $750 Million Senior Notes Offering
• Neutral Sentiment: Mizuho raised its price target to $343 from $324 but kept a neutral rating, suggesting the stock may have already moved ahead of near-term fundamentals. Mizuho price target update
• Negative Sentiment: Reports that several top Travelers executives sold company stock could weigh on sentiment, even if the transactions were routine. Top Travelers Executives Quietly Unload Millions in Company Stock
• Negative Sentiment: Deutsche Bank and UBS both reiterated hold-type views, reinforcing that some analysts see limited upside after the recent rally. Deutsche Bank Sticks to Its Hold Rating for Travelers Companies (TRV) UBS Releases a Hold Rating on Travelers Companies (TRV)

About Travelers Companies

The Travelers Companies, Inc (NYSE: TRV) is a leading provider of property and casualty insurance products and services. The company underwrites a broad range of commercial and personal insurance lines, offering coverage designed to protect individuals, small and midsize businesses, and large corporate clients against property loss, liability, and other operational risks. Travelers is known for combining underwriting, claims management and risk control services to help clients prevent losses and recover when incidents occur.

On the commercial side, Travelers writes primary and specialty coverages including property, general liability, commercial auto, workers’ compensation, professional and management liability, surety and inland marine.