Bank of America Cuts Chubb (NYSE:CB) Price Target to $259.00

Chubb (NYSE:CB) had its price objective decreased by Bank of America from $279.00 to $259.00 in a research note released on Friday,MarketScreener reports. Bank of America currently has an underperform rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group increased their price objective on Chubb from $302.00 to $326.00 and gave the company a “hold” rating in a research report on Tuesday, December 16th. Citigroup restated a “market outperform” rating on shares of Chubb in a research report on Friday. Evercore ISI reaffirmed an “outperform” rating and set a $346.00 price objective on shares of Chubb in a research report on Wednesday, January 7th. Morgan Stanley set a $350.00 target price on Chubb in a research report on Friday. Finally, The Goldman Sachs Group raised Chubb from a “neutral” rating to a “buy” rating and upped their price target for the company from $309.00 to $351.00 in a report on Wednesday, January 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Chubb currently has an average rating of “Moderate Buy” and an average target price of $323.81.

Chubb Price Performance

NYSE CB opened at $300.60 on Friday. Chubb has a fifty-two week low of $263.14 and a fifty-two week high of $316.94. The stock’s 50-day moving average is $303.22 and its two-hundred day moving average is $285.94. The firm has a market cap of $118.30 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 3.14 and a beta of 0.51. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.27 and a quick ratio of 0.27.

Chubb (NYSE:CB) last posted its earnings results on Tuesday, October 21st. The financial services provider reported $7.49 earnings per share for the quarter, topping the consensus estimate of $5.51 by $1.98. The firm had revenue of $16.15 billion during the quarter, compared to analyst estimates of $12.95 billion. Chubb had a return on equity of 12.93% and a net margin of 16.53%.The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $5.72 EPS. On average, analysts anticipate that Chubb will post 21.52 earnings per share for the current fiscal year.

Chubb Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 12th were paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 1.3%. The ex-dividend date was Friday, December 12th. Chubb’s dividend payout ratio is currently 16.19%.

Insider Buying and Selling at Chubb

In other news, EVP Joseph F. Wayland sold 5,830 shares of the business’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $297.08, for a total value of $1,731,976.40. Following the sale, the executive vice president owned 60,593 shares in the company, valued at approximately $18,000,968.44. The trade was a 8.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John J. Lupica sold 23,698 shares of the company’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $281.00, for a total transaction of $6,659,138.00. Following the completion of the sale, the insider directly owned 90,600 shares in the company, valued at approximately $25,458,600. The trade was a 20.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 57,333 shares of company stock valued at $16,629,873. 0.77% of the stock is currently owned by company insiders.

Institutional Trading of Chubb

Several hedge funds have recently modified their holdings of the company. Berkshire Hathaway Inc boosted its holdings in shares of Chubb by 15.9% in the 3rd quarter. Berkshire Hathaway Inc now owns 31,332,895 shares of the financial services provider’s stock worth $8,843,710,000 after acquiring an additional 4,299,111 shares in the last quarter. Norges Bank acquired a new position in Chubb in the second quarter worth $1,195,137,000. AQR Capital Management LLC boosted its stake in Chubb by 75.1% in the third quarter. AQR Capital Management LLC now owns 2,798,546 shares of the financial services provider’s stock worth $785,468,000 after purchasing an additional 1,199,963 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Chubb during the third quarter worth $220,217,000. Finally, Amundi increased its stake in shares of Chubb by 55.4% in the third quarter. Amundi now owns 1,946,622 shares of the financial services provider’s stock valued at $557,493,000 after buying an additional 693,740 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Chubb Company Profile

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.