Travelers Stock Hits Record High After Earnings Beat, Price-Target Hike: Retail Turns Extremely Bullish

Shares of The Travelers Companies Inc. (TRV) surged more than 8% on Thursday, hitting a record high of $262.58, following the release of third-quarter earnings that exceeded analyst expectations.

The company posted earnings per share (EPS) of $5.24, significantly outperforming Wall Street estimates of $3.66. Net income soared to $1.26 billion, more than tripling the $404 million reported in the same quarter last year.

Travelers also topped revenue forecasts, reporting $11.9 billion compared to the projected $11.46 billion.

“We are pleased to report excellent results for the quarter, with both underwriting and investment income contributing meaningfully to our strong performance,” said CEO Alan Schnitzer.

Bank of America (BofA) raised the firm's price target on Travelers to $265 from $241 while maintaining its ‘Underperform’ rating on the stock. However, the brokerage highlighted that it sees “limited upside” potential despite its revision. 

Retail sentiment on Stocktwits is ‘extremely bullish’ (88/100) from ‘neutral’ a day ago. 

Traveler’s stock is up 36% in 2024 so far and has gained 54% in the last 12 months.

For updates and corrections email newsroom@stocktwits.com.

Read more: TSMC Stock Surges Pre-Market, Lifting Apple and Nvidia After Quarterly Profit Jump – Retail Rejoices

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