Travelers' stock drops to pace the Dow's decliners after double downgrade at BofA [MarketWatch]
The Travelers Companies, Inc. (TRV)
Last the travelers companies, inc. earnings: 4/21 06:57 am
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Source: MarketWatch
Shares of Travelers Companies Inc. dropped 1.8% in morning trading Thursday, enough to pace the Dow Jones Industrial Average's decliners, after analyst Joshua Shanker at BofA Securities swung to bearish from bullish on the insurer, citing decelerating commercial property and casualty pricing and eroding underwriting margins in personal auto and homeowners insurance. The double downgrade comes two days after the Travelers reported a big second-quarter profit beat, as investment income tripled. BofA's Shanker cut his rating to underperform from buy, while trimming his stock price target to $161 from $171. He also reduced his 2022 earnings estimate to a Wall Street low $11.80 from $12.30, given the pricing and margins weakness. "While pricing increases can improve margins in 2022...we expect these improvements to level off in 2023," Shanker wrote in a note to clients. The stock has gained 6.2% year to date, while the SPDR S&P Insurance ETF has climbed 12.9% and the Dow has advanced 13.4%.
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News
- Travelers (TRV) Set to Report Q1 Earnings: What's in Store? [Yahoo! Finance]Yahoo! Finance
- The Travelers Companies, Inc. (NYSE: TRV) had its price target raised by analysts at Morgan Stanley from $222.00 to $230.00. They now have an "equal weight" rating on the stock.MarketBeat
- The Travelers Companies, Inc. (NYSE: TRV) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $186.00 to $212.00. They now have a "sell" rating on the stock.MarketBeat
- Exploring Analyst Estimates for Travelers (TRV) Q1 Earnings, Beyond Revenue and EPS [Yahoo! Finance]Yahoo! Finance
- The Travelers Companies, Inc. (NYSE: TRV) had its price target raised by analysts at Evercore ISI from $230.00 to $253.00. They now have an "outperform" rating on the stock.MarketBeat
TRV
Earnings
- 1/19/24 - Beat
TRV
Sec Filings
- 4/15/24 - Form PX14A6G
- 4/10/24 - Form PX14A6G
- 4/2/24 - Form ARS
- TRV's page on the SEC website