Vinva Investment Management Ltd has reduced its stake in The Travelers Companies, Inc. (NYSE: TRV) by 5.8% during the second quarter of 2023. According to Holdings Channel, the firm now holds 20,924 shares of the insurance provider’s stock, following the sale of 1,299 shares during this period. As of the end of the last quarter, Vinva’s holdings in Travelers were valued at approximately $5,509,000.
Several other institutional investors and hedge funds have also adjusted their positions in Travelers. Notably, Valeo Financial Advisors LLC dramatically increased its holdings by 71,265.9% in the same quarter, owning 3,616,826 shares valued at $967,646,000 after acquiring an additional 3,611,758 shares. Other significant changes include Nuveen LLC purchasing a new position worth around $294,755,000 in the first quarter, and JPMorgan Chase & Co. raising its holdings by 10.9% in the second quarter to now own 7,626,750 shares valued at $2,040,475,000.
Recent Analyst Ratings and Stock Performance
As for recent analyst evaluations, several research firms have updated their price targets for Travelers. On October 9, 2023, JPMorgan Chase & Co. raised its target from $289.00 to $297.00, maintaining an “underweight” rating, while UBS Group also adjusted its target from $284.00 to $287.00 with a “neutral” rating. Additionally, Morgan Stanley increased its target to $295.00 and Piper Sandler raised it to $322.00, giving an “overweight” rating.
According to MarketBeat.com, Travelers has a consensus rating of “Hold” from analysts, with a target price of $292.73.
As of the last trading session on October 16, 2023, shares of Travelers opened at $294.44. The company reported earnings per share (EPS) of $8.14 for the quarter, exceeding analysts’ expectations of $6.01 by $2.13. Revenue for the quarter was $12.47 billion, surpassing the consensus estimate of $11.15 billion. The firm noted a net margin of 12.14% and a return on equity of 20.28%, reflecting a 4.8% year-over-year revenue increase.
Dividend Announcement and Insider Activity
Travelers also announced a quarterly dividend of $1.10 per share, set to be paid on December 31, 2023, to investors of record on December 10, 2023. This represents an annualized dividend of $4.40 and a yield of 1.5%. The company’s payout ratio stands at 17.30%.
In related insider activity, Chief Financial Officer Daniel S. Frey sold 25,000 shares on November 6, 2023, for a total of $6,956,250. Following this transaction, he holds 26,932 shares valued at approximately $7,493,829, marking a 48.14% decrease in his ownership. Additionally, Executive Vice President Michael Frederick Klein sold 8,572 shares on October 28, 2023, for about $2,320,698.
Over the past 90 days, insiders have sold 37,375 shares valued at $10,374,006, with insiders owning 1.46% of the company’s stock.
The Travelers Companies, Inc. operates through its subsidiaries to provide a wide range of commercial and personal property and casualty insurance products and services. The company is divided into three segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
