Jim Cramer Couldn’t Understand Why Travelers (TRV) Stock Went Down

We recently published Jim Cramer Discussed Expensive Phones, A Cheap Stock Sector & These 18 Stocks. The Travelers Companies, Inc. (NYSE:TRV) is one of the stocks discussed by Jim Cramer.

The Travelers Companies, Inc. (NYSE:TRV) is one of the largest property and casualty insurance companies in America. Its shares are up by 16% over the past year and by 7.9% year-to-date. JPMorgan discussed the firm on May 26th. It boosted The Travelers Companies, Inc. (NYSE:TRV)’s share price target to $322 from $316 and the rating to Neutral from Underperform. The banking giant outlined that the insurance company could continue to face risks from casualty reserves, but added that this was a problem faced by the entire industry. On the same day, Piper Sandler raised the share price target to $340 from $329 and kept an Overweight rating. The coverage came after the first quarter earnings, and Piper commented that focus should be on carriers rather than insurance brokers. Cramer discussed recent downgrades of The Travelers Companies, Inc. (NYSE:TRV)’s stock:

“By the way the ones that had been sticking were oil, insurance, which is collapsing. I don’t know why insurance is collapsing, so many downgrades of Travelers.”

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