Cullen Capital Management LLC Decreases Stock Holdings in The Travelers Companies, Inc. $TRV

Key Points

• Cullen Capital Management trimmed its Travelers Companies stake by 2.2% in the fourth quarter, though it still held 497,171 shares worth about $144.2 million at quarter-end.
• Travelers reported strong quarterly earnings, posting $7.71 EPS versus the $6.80 estimate and revenue of $11.92 billion, while analysts currently have a consensus rating of Hold with an average price target of $309.07.
• The company also raised its quarterly dividend to $1.25 per share from $1.10, putting the annualized payout at $5.00 and the dividend yield at 1.6%.

Cullen Capital Management LLC decreased its position in The Travelers Companies, Inc. (NYSE:TRV - Free Report) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 497,171 shares of the insurance provider's stock after selling 11,082 shares during the quarter. Travelers Companies makes up 1.6% of Cullen Capital Management LLC's investment portfolio, making the stock its 26th largest position. Cullen Capital Management LLC owned 0.22% of Travelers Companies worth $144,210,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TRV. Norges Bank purchased a new position in shares of Travelers Companies in the fourth quarter valued at about $723,339,000. AustralianSuper Pty Ltd increased its position in shares of Travelers Companies by 102.0% in the fourth quarter. AustralianSuper Pty Ltd now owns 908,559 shares of the insurance provider's stock valued at $263,537,000 after acquiring an additional 458,746 shares during the period. Woodline Partners LP purchased a new position in shares of Travelers Companies in the third quarter valued at about $99,680,000. AQR Capital Management LLC increased its position in shares of Travelers Companies by 22.8% in the third quarter. AQR Capital Management LLC now owns 1,785,288 shares of the insurance provider's stock valued at $496,872,000 after acquiring an additional 331,170 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Travelers Companies by 258.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 372,513 shares of the insurance provider's stock valued at $99,662,000 after acquiring an additional 268,600 shares during the period. Hedge funds and other institutional investors own 82.45% of the company's stock.

Analysts Set New Price Targets

TRV has been the topic of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of Travelers Companies from $340.00 to $342.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. Wells Fargo & Company boosted their price target on shares of Travelers Companies from $285.00 to $305.00 and gave the company an "equal weight" rating in a research report on Thursday, April 9th. Seaport Research Partners set a $322.00 price target on shares of Travelers Companies in a research report on Tuesday, May 26th. Piper Sandler boosted their price target on shares of Travelers Companies from $329.00 to $340.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Finally, Roth Mkm reiterated a "buy" rating on shares of Travelers Companies in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $309.07.

Travelers Companies Price Performance

Shares of NYSE TRV opened at $304.62 on Friday. The Travelers Companies, Inc. has a 1 year low of $249.19 and a 1 year high of $313.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.35 and a quick ratio of 0.35. The company's 50-day moving average is $300.22 and its 200 day moving average is $294.52. The stock has a market capitalization of $64.78 billion, a P/E ratio of 9.06, a P/E/G ratio of 2.74 and a beta of 0.48.

Travelers Companies (NYSE:TRV - Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The insurance provider reported $7.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.80 by $0.91. Travelers Companies had a net margin of 15.54% and a return on equity of 24.06%. The company had revenue of $11.92 billion for the quarter, compared to analysts' expectations of $11.11 billion. During the same quarter in the previous year, the company earned $1.91 earnings per share. Travelers Companies's quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that The Travelers Companies, Inc. will post 28 earnings per share for the current year.

Travelers Companies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.6%. This is a boost from Travelers Companies's previous quarterly dividend of $1.10. The ex-dividend date is Wednesday, June 10th. Travelers Companies's dividend payout ratio is currently 14.88%.

Insiders Place Their Bets

In other Travelers Companies news, Vice Chairman William H. Heyman sold 1,557 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $310.64, for a total value of $483,666.48. Following the sale, the insider owned 259,590 shares in the company, valued at approximately $80,639,037.60. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Diane Kurtzman sold 2,867 shares of the company's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $303.45, for a total transaction of $869,991.15. Following the completion of the sale, the executive vice president owned 5,298 shares in the company, valued at approximately $1,607,678.10. This trade represents a 35.11% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 37,573 shares of company stock valued at $11,504,146. Insiders own 1.39% of the company's stock.

Travelers Companies Profile

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.

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