Envestnet Asset Management Inc. Reduces Position in Travelers Companies Inc (TRV)
Envestnet Asset Management Inc. reduced its holdings in Travelers Companies Inc (NYSE:TRV) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,103 shares of the insurance provider’s stock after selling 1,145 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Travelers Companies were worth $15,816,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Carnick & Kubik Group LLC bought a new stake in Travelers Companies in the third quarter worth approximately $758,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Travelers Companies during the 3rd quarter worth $78,058,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Travelers Companies by 5.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 137,846 shares of the insurance provider’s stock worth $17,537,000 after buying an additional 7,042 shares during the period. Palisade Asset Management LLC boosted its holdings in shares of Travelers Companies by 2.2% during the 2nd quarter. Palisade Asset Management LLC now owns 18,569 shares of the insurance provider’s stock worth $2,350,000 after buying an additional 400 shares during the period. Finally, IBM Retirement Fund boosted its holdings in shares of Travelers Companies by 109.5% during the 2nd quarter. IBM Retirement Fund now owns 6,812 shares of the insurance provider’s stock worth $963,000 after buying an additional 3,561 shares during the period. Institutional investors and hedge funds own 78.52% of the company’s stock.
Shares of Travelers Companies Inc (TRV) traded down $1.04 during trading hours on Wednesday, reaching $135.32. 1,464,000 shares of the company’s stock were exchanged, compared to its average volume of 1,500,574. The company has a market cap of $37,321.17, a price-to-earnings ratio of 16.65, a P/E/G ratio of 2.69 and a beta of 1.25. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.29. Travelers Companies Inc has a 12-month low of $113.76 and a 12-month high of $137.95.
Travelers Companies (NYSE:TRV) last issued its earnings results on Thursday, October 19th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.19). The business had revenue of $6.66 billion during the quarter, compared to the consensus estimate of $6.46 billion. Travelers Companies had a net margin of 8.56% and a return on equity of 9.87%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $2.40 EPS. analysts expect that Travelers Companies Inc will post 6.76 EPS for the current year.
Travelers Companies announced that its board has initiated a share buyback plan on Monday, September 11th that allows the company to repurchase outstanding shares. This repurchase authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Monday, December 11th will be given a $0.72 dividend. The ex-dividend date is Friday, December 8th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.13%. Travelers Companies’s dividend payout ratio is 33.45%.
In other news, EVP Maria Olivo sold 33,225 shares of Travelers Companies stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $134.18, for a total value of $4,458,130.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Andy F. Bessette sold 2,000 shares of Travelers Companies stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $132.98, for a total transaction of $265,960.00. Following the completion of the sale, the executive vice president now owns 8,000 shares in the company, valued at $1,063,840. The disclosure for this sale can be found here. Insiders sold a total of 55,302 shares of company stock worth $7,347,753 over the last quarter. 0.82% of the stock is currently owned by corporate insiders.
Several equities analysts recently commented on the stock. Goldman Sachs Group assumed coverage on shares of Travelers Companies in a research note on Monday. They set a “sell” rating and a $124.00 target price for the company. Citigroup cut their target price on shares of Travelers Companies from $142.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, October 2nd. Buckingham Research assumed coverage on shares of Travelers Companies in a research note on Monday, September 11th. They set a “buy” rating and a $136.00 target price for the company. Zacks Investment Research upgraded shares of Travelers Companies from a “sell” rating to a “hold” rating in a research note on Wednesday, September 20th. Finally, Barclays increased their price objective on shares of Travelers Companies from $119.00 to $122.00 and gave the company an “equal weight” rating in a research note on Friday, August 11th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $129.54.
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About Travelers Companies
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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