Wells Fargo & Co reissued their buy rating on shares of Chubb (NYSE:CB) in a report released on Wednesday morning. The firm currently has a $169.00 price target on the financial services provider’s stock.
“We believe the losses exceeded consensus due to CB’s exposure to international events (the only other company under coverage that could also see losses from international events, and could potentially preview cat losses, is AIG). Following this announcement, we are lowering our Q3 2018 EPS estimate from $2.46 to $2.41 and we are lowering our 2018 EPS estimate from $10.10 to $10.06. 2020 estimates are unchanged at $11.15 and $11.95, respectively. We are maintaining our Outperform rating and $169 price target. The CB shares are down 1% (in-line with the S&P) as the insurance group is trading lower in anticipation of Michael making landfall today (for context CB has about a 1.8% share of the hurricane-exposed lines in Florida).”,” Wells Fargo & Co’s analyst commented.
A number of other equities research analysts have also commented on CB. Deutsche Bank lowered Chubb from a hold rating to a sell rating and decreased their price target for the stock from $135.00 to $126.00 in a research report on Monday, August 13th. Atlantic Securities upgraded Chubb from an underweight rating to a neutral rating in a research report on Wednesday, June 27th. Barclays decreased their price target on Chubb from $175.00 to $170.00 and set an overweight rating on the stock in a research report on Monday, July 9th. Zacks Investment Research lowered Chubb from a hold rating to a sell rating in a research report on Tuesday, June 26th. Finally, ValuEngine upgraded Chubb from a sell rating to a hold rating in a research report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $159.45.
CB stock opened at $126.25 on Wednesday. Chubb has a 1-year low of $123.23 and a 1-year high of $157.50. The company has a market capitalization of $61.91 billion, a PE ratio of 15.72, a P/E/G ratio of 1.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.31 and a current ratio of 0.31.
Chubb (NYSE:CB) last released its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.06. Chubb had a return on equity of 7.41% and a net margin of 11.53%. The company had revenue of $7.45 billion for the quarter, compared to analyst estimates of $7.30 billion. During the same period in the prior year, the company posted $2.50 EPS. The company’s revenue was up 5.6% compared to the same quarter last year. Analysts forecast that Chubb will post 10.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 21st were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Thursday, September 20th. This represents a $2.92 dividend on an annualized basis and a yield of 2.31%. Chubb’s dividend payout ratio (DPR) is presently 36.36%.
In other Chubb news, insider Timothy Alan Boroughs sold 14,971 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $139.37, for a total transaction of $2,086,508.27. Following the transaction, the insider now owns 202,794 shares of the company’s stock, valued at approximately $28,263,399.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Evan G. Greenberg sold 227,994 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $140.29, for a total value of $31,985,278.26. Following the transaction, the chief executive officer now directly owns 1,583,326 shares in the company, valued at approximately $222,124,804.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 243,093 shares of company stock worth $34,089,733. 0.44% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the business. ELM Advisors LLC acquired a new position in shares of Chubb in the 3rd quarter valued at $103,000. Atlantic Trust LLC acquired a new position in shares of Chubb in the 2nd quarter valued at $102,000. Clarus Wealth Advisors acquired a new position in shares of Chubb in the 2nd quarter valued at $113,000. FNY Investment Advisers LLC acquired a new position in shares of Chubb in the 2nd quarter valued at $127,000. Finally, Edge Wealth Management LLC acquired a new position in shares of Chubb in the 2nd quarter valued at $133,000. 85.75% of the stock is currently owned by hedge funds and other institutional investors.
Chubb Company Profile
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. Its North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; and professional lines, marine, construction, environmental, medical, cyber risk, and excess casualty, as well as group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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