Chubb (NYSE:CB – Get Free Report) had its target price lowered by research analysts at Morgan Stanley from $300.00 to $295.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 7.60% from the stock’s previous close.
Other research analysts also recently issued research reports about the stock. UBS Group dropped their price objective on shares of Chubb from $304.00 to $292.00 and set a “neutral” rating for the company in a report on Monday, July 28th. Barclays downgraded Chubb from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $321.00 to $298.00 in a research note on Monday, July 7th. Wells Fargo & Company cut their target price on shares of Chubb from $285.00 to $267.00 and set an “equal weight” rating for the company in a report on Thursday, July 24th. Raymond James Financial restated a “strong-buy” rating on shares of Chubb in a research report on Thursday, April 24th. Finally, Cantor Fitzgerald raised shares of Chubb to a “hold” rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Chubb currently has an average rating of “Hold” and an average target price of $302.00.
Check Out Our Latest Research Report on CB
Chubb Stock Performance
Chubb (NYSE:CB – Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.84 by $0.30. Chubb had a return on equity of 12.34% and a net margin of 16.08%. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $12.53 billion. During the same quarter in the previous year, the company posted $5.38 earnings per share. Chubb’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities research analysts predict that Chubb will post 21.52 EPS for the current year.
Chubb declared that its Board of Directors has authorized a stock buyback program on Thursday, May 15th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
In other Chubb news, COO John W. Keogh sold 85,083 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $290.24, for a total value of $24,694,489.92. Following the sale, the chief operating officer directly owned 237,728 shares of the company’s stock, valued at approximately $68,998,174.72. This represents a 26.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John J. Lupica sold 5,513 shares of the company’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total value of $1,599,100.78. Following the completion of the sale, the insider owned 91,180 shares in the company, valued at $26,447,670.80. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,390 shares of company stock valued at $29,163,135. 0.86% of the stock is owned by insiders.
Hedge Funds Weigh In On Chubb
Large investors have recently added to or reduced their stakes in the stock. Peoples Bank KS purchased a new stake in shares of Chubb during the first quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in Chubb in the 1st quarter worth approximately $25,000. North Capital Inc. acquired a new position in shares of Chubb during the 1st quarter worth approximately $26,000. IMA Advisory Services Inc. purchased a new stake in shares of Chubb in the first quarter valued at approximately $31,000. Finally, 1248 Management LLC purchased a new stake in shares of Chubb in the first quarter valued at approximately $31,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.
Chubb Company Profile
Chubb Limited provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses.
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