Wells Fargo & Company Reiterates Hold Rating for The Travelers Companies, Inc. (TRV)
The Travelers Companies, Inc. (NYSE:TRV)‘s stock had its “hold” rating reissued by research analysts at Wells Fargo & Company in a research note issued to investors on Tuesday. They currently have a $125.00 price target on the insurance provider’s stock. Wells Fargo & Company’s price objective would suggest a potential upside of 2.87% from the stock’s previous close.
The analysts wrote, “We are lowering our Q3 2017 EPS estimate to $0.81 (from income of $1.78) as we are now including $715 million of catastrophe losses, which includes the previewed losses from Harvey and a modest level of additional losses during the quarter. We are not yet including Hurricane Irma losses in our estimate until we get a clearer sense on the size of the industry loss (our current assumption is Irma will be a $40 billion loss for the industry). TRV’s preannounced losses from Harvey are in-line with our estimate. Our assumption remains that Hurricane Harvey losses will end up at about $20 billion for the insurance industry and Hurricane Irma losses will add another $40 billion. Based on TRV’s market share in the impacted lines in Texas we had assumed the company would see about $547 million of pre-tax losses from Hurricane Harvey, which is within the range of losses TRV preannounced.””
A number of other research firms have also weighed in on TRV. MKM Partners reaffirmed a “neutral” rating and issued a $130.00 price objective (up previously from $115.00) on shares of The Travelers Companies in a research note on Wednesday, July 26th. Credit Suisse Group dropped their price objective on The Travelers Companies from $128.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $126.00 price objective on shares of The Travelers Companies in a research note on Monday, May 22nd. Zacks Investment Research lowered The Travelers Companies from a “hold” rating to a “sell” rating in a research note on Tuesday, September 5th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $148.00 price objective (down previously from $150.00) on shares of The Travelers Companies in a research note on Monday, July 24th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $126.26.
Shares of The Travelers Companies (NYSE TRV) opened at 121.51 on Tuesday. The Travelers Companies has a 12-month low of $103.45 and a 12-month high of $130.37. The stock has a market cap of $33.53 billion, a PE ratio of 12.10 and a beta of 1.21. The firm has a 50 day moving average price of $125.64 and a 200 day moving average price of $123.88.
The Travelers Companies (NYSE:TRV) last released its quarterly earnings results on Thursday, July 20th. The insurance provider reported $1.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.31 billion. During the same period in the prior year, the firm posted $2.20 EPS. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities analysts expect that The Travelers Companies will post $8.89 EPS for the current year.
The Travelers Companies announced that its Board of Directors has initiated a share repurchase plan on Monday, September 11th that authorizes the company to buyback outstanding shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other The Travelers Companies news, EVP Kenneth Franklin Spence III sold 4,800 shares of the company’s stock in a transaction that occurred on 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 can be accessed through the SEC website. Also, EVP Andy F. Bessette sold 3,300 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $128.50, for a total value of $424,050.00. Following the sale, the executive vice president now owns 10,000 shares in the company, valued at $1,285,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,395 shares of company stock worth $19,249,559. Company insiders own 0.82% of the company’s stock.
Hedge funds have recently modified their holdings of the business. CWM LLC raised its position in The Travelers Companies by 4.9% during the second quarter. CWM LLC now owns 794 shares of the insurance provider’s stock valued at $100,000 after purchasing an additional 37 shares during the period. Westside Investment Management Inc. raised its position in The Travelers Companies by 361.1% during the first quarter. Westside Investment Management Inc. now owns 876 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 686 shares during the period. First Personal Financial Services raised its position in The Travelers Companies by 133.3% during the first quarter. First Personal Financial Services now owns 889 shares of the insurance provider’s stock valued at $107,000 after purchasing an additional 508 shares during the period. Tradewinds Capital Management LLC raised its position in The Travelers Companies by 1.1% during the second quarter. Tradewinds Capital Management LLC now owns 905 shares of the insurance provider’s stock valued at $115,000 after purchasing an additional 10 shares during the period. Finally, Intellectus Partners LLC raised its position in The Travelers Companies by 4.6% during the second quarter. Intellectus Partners LLC now owns 933 shares of the insurance provider’s stock valued at $118,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 77.55% of the company’s stock.
The Travelers Companies Company Profile
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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