QRG Capital Management Inc. Raises Stake in The Travelers Companies, Inc. $TRV

Key Points

• QRG Capital Management increased its Travelers stake by 39.4% in the second quarter, bringing its holdings to 89,892 shares valued at approximately $29.7 million. Institutional investors collectively own 82.45% of the insurer.
• Travelers reported strong quarterly results, with earnings of $10.04 per share versus the $5.41 analyst consensus and revenue of $12.15 billion, above expectations. Analysts maintain an average “Hold” rating with a $354.53 price target.
• TRV recently traded at $360.45, while the company announced a quarterly dividend of $1.25 per share, equivalent to a $5.00 annualized payout and a 1.4% yield. Insiders sold 58,667 shares worth $21.8 million during the last quarter.

QRG Capital Management Inc. lifted its position in shares of The Travelers Companies, Inc. (NYSE:TRV - Free Report) by 39.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 89,892 shares of the insurance provider's stock after buying an additional 25,395 shares during the period. QRG Capital Management Inc.'s holdings in Travelers Companies were worth $29,675,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Travelers Companies during the 2nd quarter worth $6,915,909,000. Bank of America Corp DE acquired a new stake in shares of Travelers Companies during the second quarter worth $932,142,000. Norges Bank purchased a new stake in shares of Travelers Companies in the fourth quarter valued at $723,339,000. GQG Partners LLC purchased a new stake in shares of Travelers Companies in the second quarter valued at $789,024,000. Finally, Legal & General Group Plc acquired a new position in Travelers Companies in the second quarter valued at $558,164,000. Institutional investors and hedge funds own 82.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TRV. UBS Group raised their price target on Travelers Companies from $314.00 to $350.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Evercore set a $329.00 target price on shares of Travelers Companies and gave the stock an "in-line" rating in a research report on Friday, July 10th. Mizuho boosted their target price on shares of Travelers Companies from $343.00 to $348.00 and gave the company a "neutral" rating in a report on Wednesday, September 16th. Piper Sandler upped their price target on shares of Travelers Companies to $340.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Finally, Raymond James Financial set a $430.00 price target on shares of Travelers Companies in a research note on Monday, July 20th. Four investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, twelve have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Travelers Companies currently has an average rating of "Hold" and an average price target of $354.53.

Insider Activity

In related news, EVP Michael Klein sold 6,000 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $366.09, for a total value of $2,196,540.00. Following the completion of the sale, the executive vice president directly owned 45,125 shares in the company, valued at approximately $16,519,811.25. This represents a 11.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Rowland sold 5,000 shares of the firm's stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of $371.69, for a total value of $1,858,450.00. Following the completion of the transaction, the executive vice president directly owned 10,479 shares in the company, valued at $3,894,939.51. This trade represents a 32.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 58,667 shares of company stock worth $21,830,989 in the last quarter. Insiders own 1.39% of the company's stock.

Travelers Companies Trading Down 0.4%

TRV traded down $1.56 on Wednesday, reaching $360.45. 1,856,203 shares of the company's stock were exchanged, compared to its average volume of 1,687,264. The Travelers Companies, Inc. has a twelve month low of $252.26 and a twelve month high of $398.70. The company's 50 day moving average is $371.72 and its 200-day moving average is $329.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.33 and a current ratio of 0.33. The company has a market cap of $75.18 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 2.49 and a beta of 0.44.

Travelers Companies (NYSE:TRV - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $10.04 earnings per share for the quarter, beating analysts' consensus estimates of $5.41 by $4.63. Travelers Companies had a net margin of 16.95% and a return on equity of 25.41%. The firm had revenue of $12.15 billion for the quarter, compared to analysts' expectations of $11.26 billion. During the same period in the previous year, the company posted $6.51 earnings per share. Travelers Companies's revenue was up .3% compared to the same quarter last year. Equities analysts predict that The Travelers Companies, Inc. will post 33.82 earnings per share for the current year.

Travelers Companies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors 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 annualized dividend and a dividend yield of 1.4%. Travelers Companies's payout ratio is presently 13.39%.

Travelers Companies Company Profile

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.

Want to see what other hedge funds are holding TRV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Travelers Companies, Inc. (NYSE:TRV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.