Citi Has Hold Rating On Travelers Companies Followign Earnings (TRV)

Citi Investment Research has a Hold rating and a $59 price target on shares of Travelers Companies, Inc TRV after it reported earnings this morning. In a note to investors, Citi writes, "There were many moving pieces this qtr, but key drivers for the beat vs our est include: $0.27 from lower CATs; $0.23 from benefit related to prior year tax matters; $0.14 from higher NII (incl $0.11 from higher variable NII), partially offset by lower share repurchases/higher shr count. Adjusting for tax benefit and variable NII, we est core EPS of $1.55, in line with consensus. No change to 2M rating or $59 TP. We will revisit our model after the call." Shares of TRV are up $1.85 to $60.98, a gain of 3.13%.