Travelers, Hanover Insurance downgraded to Neutral at Janney after recent rallies

seekingalpha11-21 22:25

J Studios The Travelers Companies (NYSE:TRV) and The Hanover Insurance Group (NYSE:THG) were both downgraded to Neutral from Buy at Janney as both insurance stocks are expected to perform well, but ...

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In the last 12 months, Travelers (TRV) shares have returned 52% and Hanover (THG) shares have returned 40%, compared with the S&P 500's total return of 32%, analyst Robert Farnam said.  As a result, TRV's price-to-book value, excluding AOCI, increased to 1.9x from 1.4x, and HIG's rose to 1.8x from 1.5x. Janney projects Travelers' (TRV) combined ratios in the mid-90s and operating return on equity in the mid-teens through 2026, making the shares look \"appropriately valued\" on both a P/B and P/E basis, Farnam said. For Hanover (THG), \"management has taken great strides returning THG to targeted profitability over the last two years via initiatives to address exposure concentrations in Personal Lines and to shore up core (non-catastrophe) underwriting margins via pricing and other underwriting actions,\" he wrote in a note to clients. Though THG's work isn't fully complete, the company's share price now reflects expected performance improvement, Farnam added. Like TRV, he expects combined ratios in the mid-90s and operating ROE in the mid-teens through 2026. The SA Quant system has a Strong Buy rating on Travelers (TRV) and a Hold rating on Hanover (THG).","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485349012"}