Renaissance Technologies LLC Sells 31,172 Shares of The Travelers Companies, Inc. (TRV)
Renaissance Technologies LLC trimmed its position in The Travelers Companies, Inc. (NYSE:TRV) by 23.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,700 shares of the insurance provider’s stock after selling 31,172 shares during the period. Renaissance Technologies LLC’s holdings in The Travelers Companies were worth $12,615,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in TRV. BlackRock Inc. lifted its holdings in The Travelers Companies by 2,395.6% in the 1st quarter. BlackRock Inc. now owns 20,403,051 shares of the insurance provider’s stock valued at $2,459,383,000 after purchasing an additional 19,585,476 shares in the last quarter. FMR LLC lifted its holdings in The Travelers Companies by 42.1% in the 1st quarter. FMR LLC now owns 6,596,545 shares of the insurance provider’s stock valued at $795,148,000 after purchasing an additional 1,954,573 shares in the last quarter. FIL Ltd purchased a new position in The Travelers Companies in the 2nd quarter valued at about $161,641,000. American Century Companies Inc. lifted its holdings in The Travelers Companies by 2,264.8% in the 2nd quarter. American Century Companies Inc. now owns 901,739 shares of the insurance provider’s stock valued at $114,097,000 after purchasing an additional 863,607 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in The Travelers Companies by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 21,551,932 shares of the insurance provider’s stock valued at $2,597,871,000 after purchasing an additional 633,510 shares in the last quarter. Institutional investors own 77.40% of the company’s stock.
In other news, EVP Michael Frederick Klein sold 10,051 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $127.47, for a total transaction of $1,281,200.97. Following the sale, the executive vice president now directly owns 1,542 shares in the company, valued at $196,558.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Franklin Spence III sold 4,800 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $128.73, for a total value of $617,904.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,805 shares of company stock valued at $15,743,311. Corporate insiders own 0.82% of the company’s stock.
A number of research analysts have issued reports on TRV shares. MKM Partners restated a “neutral” rating and issued a $130.00 target price (up from $115.00) on shares of The Travelers Companies in a report on Wednesday, July 26th. Wells Fargo & Company reiterated a “hold” rating and set a $125.00 price objective on shares of The Travelers Companies in a report on Tuesday, September 12th. Credit Suisse Group cut their price objective on shares of The Travelers Companies from $128.00 to $125.00 and set a “neutral” rating on the stock in a report on Tuesday, September 12th. Zacks Investment Research lowered shares of The Travelers Companies from a “hold” rating to a “sell” rating in a report on Tuesday, September 5th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $148.00 price objective (down from $150.00) on shares of The Travelers Companies in a report on Monday, July 24th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $125.71.
Shares of The Travelers Companies, Inc. (NYSE TRV) opened at 130.02 on Thursday. The firm has a 50-day moving average of $122.72 and a 200 day moving average of $124.17. The Travelers Companies, Inc. has a 12 month low of $103.45 and a 12 month high of $130.37. The firm has a market cap of $35.88 billion, a P/E ratio of 12.95 and a beta of 1.20.
The Travelers Companies (NYSE:TRV) last posted its earnings results on Thursday, July 20th. The insurance provider reported $1.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.07 by ($0.15). The Travelers Companies had a return on equity of 11.68% and a net margin of 10.15%. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.31 billion. During the same quarter last year, the firm posted $2.20 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities research analysts anticipate that The Travelers Companies, Inc. will post $7.25 EPS for the current fiscal year.
The Travelers Companies announced that its board has initiated a share repurchase plan on Monday, September 11th that permits the company to buyback outstanding shares. This buyback authorization permits the insurance provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
About The 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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