Spinnaker Trust Takes $216,000 Position in Travelers Companies Inc (NYSE:TRV)
Spinnaker Trust purchased a new stake in shares of Travelers Companies Inc (NYSE:TRV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,445 shares of the insurance provider’s stock, valued at approximately $216,000.
A number of other large investors also recently added to or reduced their stakes in TRV. BlackRock Inc. lifted its stake in Travelers Companies by 7.3% in the first quarter. BlackRock Inc. now owns 22,604,259 shares of the insurance provider’s stock valued at $3,100,401,000 after buying an additional 1,528,327 shares during the period. Norges Bank acquired a new position in Travelers Companies in the fourth quarter valued at about $143,417,000. FMR LLC lifted its stake in Travelers Companies by 9.4% in the first quarter. FMR LLC now owns 10,500,482 shares of the insurance provider’s stock valued at $1,440,247,000 after buying an additional 904,028 shares during the period. American Century Companies Inc. lifted its stake in Travelers Companies by 253.6% in the fourth quarter. American Century Companies Inc. now owns 1,082,948 shares of the insurance provider’s stock valued at $129,683,000 after buying an additional 776,679 shares during the period. Finally, FIL Ltd lifted its stake in Travelers Companies by 44.8% in the first quarter. FIL Ltd now owns 1,450,421 shares of the insurance provider’s stock valued at $198,939,000 after buying an additional 448,948 shares during the period. 80.59% of the stock is currently owned by hedge funds and other institutional investors.
TRV has been the topic of several analyst reports. Barclays set a $34.00 target price on DCP Midstream and gave the company a “hold” rating in a research note on Wednesday, May 22nd. Zacks Investment Research raised IQE from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Buckingham Research increased their price target on Hartford Financial Services Group from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods downgraded Travelers Companies from an “outperform” rating to a “market perform” rating and set a $153.00 price target for the company. in a report on Wednesday, June 5th. Finally, Morgan Stanley lowered their price target on Lionsgate from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Travelers Companies has a consensus rating of “Hold” and a consensus price target of $147.65.
Travelers Companies (NYSE:TRV) last released its quarterly earnings data on Tuesday, July 23rd. The insurance provider reported $2.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.32 by ($0.30). Travelers Companies had a net margin of 8.65% and a return on equity of 10.73%. The business had revenue of $6.99 billion during the quarter, compared to analyst estimates of $7.03 billion. During the same period in the previous year, the business earned $1.81 earnings per share. The business’s quarterly revenue was up 4.4% on a year-over-year basis. As a group, research analysts forecast that Travelers Companies Inc will post 10.63 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 10th will be given a $0.82 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.18%. Travelers Companies’s payout ratio is 36.69%.
In other news, Vice Chairman William H. Heyman sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $143.00, for a total value of $1,787,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Jay S. Benet sold 57,800 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $143.50, for a total value of $8,294,300.00. Following the completion of the sale, the insider now directly owns 143,666 shares of the company’s stock, valued at $20,616,071. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 136,390 shares of company stock valued at $19,601,983. Insiders own 0.73% of the company’s stock.
Travelers Companies Company Profile
The Travelers Companies, Inc, through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United states and internationally. The company operates through three segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
Recommended Story: What is Liquidity?
Receive News & Ratings for Travelers Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Travelers Companies and related companies with MarketBeat.com's FREE daily email newsletter.