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Travelers reinstated with a Buy at BofA » 06:3906/0106/01/20
BofA analyst Joshua…
BofA analyst Joshua Shanker reinstated coverage of Travelers with a Buy rating. The company is emerging from an underwriting margin trough, the analyst tells investors in a research note.
Berkshire exits Travelers, boosts stakes in United and Delta in Q1 » 17:0105/1505/15/20
BRK.A, BRK.B, TRV, PSX, PNC, UAL, DAL, JPM, GS, GM, LUV, AAL, AAPL, BAC, KO, AXP, WFC
Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) disclosed in an SEC filing its holdings as of March 31, 2020. The fund exited two positions during the first quarter, including by size of previous position Travelers (TRV) and Phillips 66 (PSX). Berkshire increased its stake in three holdings, including by size of previous position PNC Financial (PNC), United Airlines (UAL), and Delta Air Lines (DAL). The fund reduced its stake in 17 holdings, including by size of previous position JPMorgan (JPM), Goldman Sachs (GS), General Motors (GM), Southwest (LUV), and American Airlines (AAL). Berkshire's top holdings as of March 31, in order of size, were Apple (AAPL), Bank of America (BAC), Coca-Cola (KO), American Express (AXP), and Wells Fargo (WFC).
Raymond James downgrades Travelers to Underperform on COVID-19 impact » 07:5004/2404/24/20
Raymond James analyst…
Raymond James analyst Gregory Peters downgraded Travelers (TRV) to Underperform from Market Perform without a price target. Management on the Q1 earnings call singled out several lines of business that could experience continued headwinds from COVID-19, including workers' comp, management liability, surety, and business interruption, Peters tells investors in a research note. Travelers faces higher COVID-19 uncertainties in its core lines relative to Outperform-rated Chubb (CB), adds the analyst.
Travelers downgraded to Underperform from Market Perform at Raymond James » 04:3804/2404/24/20
Raymond James analyst…
Raymond James analyst Gregory Peters downgraded Travelers to Underperform from Market Perform.
Travelers price target lowered to $126 from $160 at MKM Partners » 09:2204/2204/22/20
MKM Partners analyst…
MKM Partners analyst Harry Fong lowered the firm's price target on Travelers to $126 from $160 but keeps a Buy rating on the shares. The analyst notes the company's below-consensus Q1 earnings while having recognized a modest level of COVID-19 related charges in both its business and bond & specialty insurance segments. Fong adds that the "cloud" under the industry will remain in the short term until there is some finality on any legislative actions, though he also sees the industry having a "strong argument" with its exclusion language related to pandemic-driven damages.
Fly Intel: Pre-market Movers » 09:0904/2104/21/20
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Check out this morning's…
Travelers reports Q1 net written premiums up 4% to more than $7.3B » 07:0804/2104/21/20
The company said,…
The company said, "We grew net written premiums by 4% in the quarter to more than $7.3 billion, with all segments contributing. In Business Insurance, renewal premium change was 7.8%, including renewal rate change of 6.2%, while retention remained very strong. In Bond & Specialty Insurance, net written premiums increased by 13%, reflecting strong production across our Management Liability and Surety businesses. In Personal Insurance, net written premiums increased by 8%, with Agency Homeowners up 18% and Agency Auto up 3%, with both lines benefiting from strong production. Although there are many uncertainties surrounding COVID-19's impact on our global economy and on us, it has been in the most challenging circumstances that the strength of our AA-rated franchise and the value we provide to all of our stakeholders shine through. Our balance sheet is extremely strong, our debt-to-capital ratio is comfortably within our target range, our holding company liquidity of $1.6 billion is well above our target level and we have a very high-quality investment portfolio. We have the talent, technology, risk management processes and procedures, and, importantly, financial strength to manage through these extraordinary times and to continue to deliver meaningful shareholder value over time."
Travelers raises quarterly dividend 4% to 85c from 82c per share » 07:0204/2104/21/20
The Board of Directors…
The Board of Directors declared a regular quarterly dividend of 85c per share, an increase of 4%. The dividend is payable on June 30 to shareholders of record at the close of business on June 10.
Travelers reports Q1 adj. book value per share $92.63 » 07:0104/2104/21/20
Reports Q1 book value per…
Reports Q1 book value per share of $99.69; adjusted book value per share of $92.63.
Travelers reports Q1 core EPS $2.62, consensus $2.85 » 06:5704/2104/21/20
Reports Q1 revenue…
Reports Q1 revenue $7.91B, consensus $7.42B.