Lazard Asset Management LLC Sells 8,361 Shares of The Travelers Companies, Inc. (NYSE:TRV)

Lazard Asset Management LLC lessened its stake in shares of The Travelers Companies, Inc. (NYSE:TRV) by 21.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,468 shares of the insurance provider’s stock after selling 8,361 shares during the quarter. Lazard Asset Management LLC’s holdings in Travelers Companies were worth $7,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRV. Johnson Investment Counsel Inc. grew its stake in Travelers Companies by 29.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 4,614 shares of the insurance provider’s stock valued at $879,000 after acquiring an additional 1,037 shares during the period. Nordea Investment Management AB raised its holdings in Travelers Companies by 38.7% during the first quarter. Nordea Investment Management AB now owns 342,288 shares of the insurance provider’s stock worth $78,689,000 after buying an additional 95,451 shares during the last quarter. Focus Financial Network Inc. ADV bought a new position in shares of Travelers Companies in the fourth quarter valued at $1,973,000. Wellington Management Group LLP grew its holdings in shares of Travelers Companies by 100.9% during the fourth quarter. Wellington Management Group LLP now owns 50,910 shares of the insurance provider’s stock valued at $9,698,000 after buying an additional 25,575 shares during the last quarter. Finally, Bank of Nova Scotia increased its position in shares of Travelers Companies by 552.8% during the fourth quarter. Bank of Nova Scotia now owns 166,059 shares of the insurance provider’s stock worth $31,631,000 after acquiring an additional 140,622 shares in the last quarter. 82.45% of the stock is owned by institutional investors.

Travelers Companies Price Performance

Shares of NYSE:TRV opened at $213.55 on Monday. The company has a 50 day moving average of $209.68 and a 200 day moving average of $214.55. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.32. The stock has a market cap of $48.67 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.14 and a beta of 0.61. The Travelers Companies, Inc. has a 12 month low of $157.33 and a 12 month high of $232.75.

Travelers Companies (NYSE:TRV) last released its quarterly earnings results on Friday, July 19th. The insurance provider reported $2.51 EPS for the quarter, missing analysts’ consensus estimates of $3.23 by ($0.72). Travelers Companies had a net margin of 8.37% and a return on equity of 15.90%. The firm had revenue of $11.28 billion for the quarter, compared to analysts’ expectations of $11.35 billion. During the same quarter last year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, sell-side analysts forecast that The Travelers Companies, Inc. will post 17.23 EPS for the current fiscal year.

Travelers Companies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.05 per share. The ex-dividend date is Tuesday, September 10th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.97%. Travelers Companies’s dividend payout ratio (DPR) is presently 31.20%.

Insider Transactions at Travelers Companies

In related news, EVP Jeffrey P. Klenk sold 3,635 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $213.68, for a total value of $776,726.80. Following the sale, the executive vice president now directly owns 6,075 shares of the company’s stock, valued at $1,298,106. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.33% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. TD Cowen lowered shares of Travelers Companies from a “buy” rating to a “hold” rating and decreased their price objective for the company from $252.00 to $230.00 in a research note on Monday, July 15th. Piper Sandler dropped their price target on Travelers Companies from $213.00 to $207.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Keefe, Bruyette & Woods reduced their price objective on Travelers Companies from $241.00 to $231.00 and set a “market perform” rating for the company in a research note on Thursday, April 18th. Roth Mkm reiterated a “buy” rating and set a $240.00 target price on shares of Travelers Companies in a research note on Thursday, April 18th. Finally, Morgan Stanley reduced their price target on shares of Travelers Companies from $220.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, July 19th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $220.94.

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.