Carmel Capital Partners LLC has made a significant investment in The Travelers Companies, Inc., acquiring 7,192 shares valued at approximately $1.92 million. This transaction was disclosed in the company’s latest Form 13F filing with the Securities and Exchange Commission, highlighting the firm’s growing interest in the insurance sector during the second quarter of 2023.
Other institutional investors have also adjusted their stakes in Travelers. Notably, Vanguard Group Inc. increased its holdings by 0.5% in the first quarter, now owning 21,733,556 shares worth about $5.75 billion after purchasing an additional 115,808 shares. Valeo Financial Advisors LLC made a remarkable adjustment, boosting its stake by an astonishing 71,265.9% in the second quarter, acquiring 3,611,758 additional shares. This brings their total ownership to 3,616,826 shares valued at approximately $967.6 million.
Dimensional Fund Advisors LP and Goldman Sachs Group Inc. also increased their positions, with Dimensional adding 25,573 shares for a total of 3,403,539 shares valued at about $900 million. Goldman Sachs raised its holdings by 25.3%, now owning 1,934,625 shares worth approximately $511.6 million. Bahl & Gaynor Inc. increased its stake by 41.2% in the first quarter, now holding 1,679,275 shares valued at around $444.1 million. Overall, institutional investors control 82.45% of Travelers’ stock.
In related insider transactions, EVP Gregory C. Toczydlowski sold 11,505 shares on July 21, 2023, at an average price of $266.12, totaling $3,061,710.60. Following this sale, he retains 18,416 shares, valued at approximately $4.9 million. Additionally, EVP Mojgan M. Lefebvre sold 16,820 shares on August 22, 2023, for about $4.67 million.
Travelers Companies has recently shown positive performance in the market. The company reported its quarterly earnings on October 16, 2023, revealing earnings per share (EPS) of $8.14, exceeding analysts’ expectations of $6.01 by $2.13. The firm achieved a net margin of 12.14% and a return on equity of 20.28%, with revenues reaching $11.47 billion, surpassing the estimated $11.15 billion.
Looking ahead, analysts forecast that Travelers will post an EPS of $17.02 for the current year. The firm has also declared a quarterly dividend of $1.10 per share, payable on December 31, 2023, to shareholders on record by December 10, 2023, representing an annualized dividend of $4.40 and a yield of 1.7%. The company’s payout ratio currently stands at 19.46%.
Analysts have recently revised their price targets for Travelers. Weiss Ratings has reaffirmed a “buy (b)” rating, while Keefe, Bruyette & Woods increased their target from $304.00 to $316.00, maintaining an “outperform” rating. JPMorgan Chase & Co. raised their target from $289.00 to $297.00, while Barclays set a target price of $313.00.
As of now, Travelers Companies has an average rating of “Hold” from analysts, with one strong buy, seven buy ratings, eleven holds, and one sell rating. The consensus price target is currently $292.47.
The Travelers Companies, Inc. continues to provide a wide range of commercial and personal property and casualty insurance products and services to businesses and individuals in the United States and internationally. The company operates through three segments: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
