Travelers Companies Inc (NYSE:TRV) stock is up 0.4% to trade at $385.63 at last check, after the insurance giant reported better-than-expected third-quarter results and record investment income. The shares initially traded as low as $368.30 earlier this morning, but have pared those losses.
TRV has been making its way back toward its July 28 record high of $398.62, and is headed for a fifth-straight win should today's gains hold. The $360 level has held as strong support over the past few months, with the shares up 32% year to date.
Options traders have been more bearish than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), TRV's 10-day put/call volume ratio of 1.42 ranks in the 81st percentile of its annual range.
Meanwhile, analysts are largely skeptical of the stock. Of the 30 brokerages in coverage, just seven carry a "strong buy" rating, compared to 18 "holds," two "sells," and three "strong sells." This leaves plenty of room for upgrades should the shares resume their climb toward record highs.
