Bank of America Corp DE Takes Position in The Travelers Companies, Inc. $TRV

Key Points

• Bank of America initiated a position in Travelers by purchasing 2.82 million shares worth approximately $932.1 million, giving it a 1.35% stake. Other major institutions also added shares, and institutional investors now own 82.45% of the company.
• Travelers reported quarterly EPS of $10.04, surpassing the $5.41 consensus estimate, while revenue reached $12.15 billion versus expectations of $11.26 billion. Analysts expect full-year EPS of $33.82.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5.00 annually and a 1.3% yield. Despite strong earnings, the analyst consensus rating remains Hold, with a target price of $354.26.

Bank of America Corp DE bought a new position in The Travelers Companies, Inc. (NYSE:TRV - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,823,646 shares of the insurance provider's stock, valued at approximately $932,142,000. Bank of America Corp DE owned about 1.35% of Travelers Companies at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TRV. BlackRock Inc. bought a new stake in shares of Travelers Companies during the 2nd quarter worth approximately $6,915,909,000. Norges Bank bought a new position in Travelers Companies in the 4th quarter valued at $723,339,000. GQG Partners LLC purchased a new stake in Travelers Companies in the second quarter worth $789,024,000. Legal & General Group Plc purchased a new stake in Travelers Companies in the second quarter worth $558,164,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Travelers Companies during the second quarter worth $469,505,000. 82.45% of the stock is owned by hedge funds and other institutional investors.

Travelers Companies Trading Down 0.1%

Shares of NYSE TRV opened at $377.75 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.33 and a quick ratio of 0.33. The stock has a market capitalization of $78.79 billion, a P/E ratio of 10.12, a price-to-earnings-growth ratio of 2.54 and a beta of 0.44. The Travelers Companies, Inc. has a 1-year low of $252.26 and a 1-year high of $398.70. The business has a fifty day moving average price of $368.22 and a 200 day moving average price of $326.89.

Travelers Companies (NYSE:TRV - Get Free Report) last posted its earnings results on Friday, July 17th. The insurance provider reported $10.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.41 by $4.63. The company had revenue of $12.15 billion for the quarter, compared to analyst estimates 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 firm earned $6.51 earnings per share. Equities research analysts expect that The Travelers Companies, Inc. will post 33.82 EPS for the current fiscal year.

Travelers Companies Announces Dividend

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

Insider Activity at Travelers Companies

In other Travelers Companies news, EVP Maria Olivo sold 6,000 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $369.86, for a total value of $2,219,160.00. Following the completion of the sale, the executive vice president directly owned 118,742 shares in the company, valued at $43,917,916.12. This trade represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Klein sold 6,000 shares of Travelers Companies stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $366.09, for a total transaction of $2,196,540.00. Following the completion of the transaction, the executive vice president directly owned 45,125 shares in the company, valued at $16,519,811.25. This represents a 11.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,667 shares of company stock valued at $21,830,989 over the last three months. Company insiders own 1.39% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Zacks Research raised shares of Travelers Companies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Piper Sandler lifted their price objective on shares of Travelers Companies to $340.00 and gave the company an "overweight" rating in a report on Monday, July 13th. UBS Group boosted their price objective on shares of Travelers Companies from $314.00 to $350.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Wells Fargo & Company upped their target price on shares of Travelers Companies from $295.00 to $334.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. raised shares of Travelers Companies from an "underweight" rating to a "neutral" rating and raised their target price for the stock from $316.00 to $322.00 in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, twelve have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, Travelers Companies has an average rating of "Hold" and a consensus target price of $354.26.

About Travelers Companies

The Travelers Companies, Inc NYSE: TRV is a leading provider of property and casualty insurance products and services. The company serves individuals, businesses and public-sector organizations through a range of insurance offerings designed to help customers manage risks related to property, liability, transportation and other exposures.

Travelers' principal businesses include Business Insurance, Bond & Specialty Insurance, and Personal Insurance. Its products and services include commercial property and casualty coverage, workers' compensation, general and professional liability insurance, surety and fidelity bonds, cyber insurance, homeowners insurance, automobile insurance and other personal lines products.

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