Why Travelers Stock Popped 20.4% in October
Shares of Travelers (NYSE: TRV) rose 20.4% in October, according to data provided by S&P Global Market Intelligence.
The insurer reported earnings on Oct. 19 and beat estimates for revenue and earnings per share by 5% and 20% -- leading to price target upgrades from analysts covering the company. The company has held up well this year despite inflationary pressures and rising interest rates. Here's why.
In the third quarter, Travelers' premiums came in at $8.6 billion, up 10% from last year and a record level for the insurer. Premium growth was steady across its three segments -- business, bond & specialty, and personal insurance. The insurer saw strong customer retention, with 86% of customers renewing their business insurance and 89% continuing their bond & specialty coverage.
Source Fool.com
