Zacks Investment Research Downgrades D/B/A Chubb Limited New (CB) to Sell
Zacks Investment Research cut shares of D/B/A Chubb Limited New (NYSE:CB) from a hold rating to a sell rating in a report published on Monday.
According to Zacks, “Shares of Chubb underperformed the industry, year to date. Exposure to cat loss and escalating expenses raise concerns for Chubb. Recently, the company projected $520 million cat loss from Hurricanes Harvey and between $640 million and $760 million from Irma. This will weigh on underwriting profitability in the third quarter. Estimates moved south over the last 30 days. Nonetheless, Chubb stands a good chance of taking leadership in the P&C space, benefiting from complementary products and services. Its inorganic growth story is impressive and should help it achieve higher long-term ROE. A strong capital position helped Chubb engage in shareholder-friendly moves and invest in strategic initiatives to drive growth. Notably, the company is on track to achieve annual run-rate integration-related savings of $875 million (up from $800 million as guided earlier) by the end of 2018.”
A number of other analysts have also recently weighed in on the company. Barclays PLC increased their price objective on D/B/A Chubb Limited New from $155.00 to $159.00 and gave the stock an overweight rating in a research report on Monday, July 3rd. Royal Bank Of Canada reaffirmed a buy rating and set a $153.00 price objective on shares of D/B/A Chubb Limited New in a research report on Wednesday, July 12th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $155.00 price objective on shares of D/B/A Chubb Limited New in a research report on Tuesday, August 29th. Morgan Stanley reaffirmed an overweight rating and set a $156.00 price objective (up from $152.00) on shares of D/B/A Chubb Limited New in a research report on Thursday, July 6th. Finally, Raymond James Financial, Inc. increased their price objective on D/B/A Chubb Limited New from $150.00 to $160.00 and gave the stock an outperform rating in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $155.45.
D/B/A Chubb Limited New (NYSE:CB) opened at 145.71 on Monday. The stock has a market capitalization of $67.82 billion, a PE ratio of 12.81 and a beta of 0.92. D/B/A Chubb Limited New has a 12 month low of $121.48 and a 12 month high of $150.28. The company’s 50-day moving average price is $142.91 and its 200 day moving average price is $142.37.
D/B/A Chubb Limited New (NYSE:CB) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.01. D/B/A Chubb Limited New had a return on equity of 10.18% and a net margin of 16.68%. The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $7.06 billion. During the same period last year, the firm earned $2.25 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. On average, analysts forecast that D/B/A Chubb Limited New will post $7.38 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, September 29th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.95%. The ex-dividend date is Thursday, September 28th. D/B/A Chubb Limited New’s payout ratio is currently 24.98%.
In related news, insider Juan C. Andrade sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $149.71, for a total value of $748,550.00. Following the completion of the transaction, the insider now directly owns 100,822 shares of the company’s stock, valued at approximately $15,094,061.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Philip V. Bancroft sold 47,049 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $148.86, for a total value of $7,003,714.14. Following the completion of the transaction, the insider now directly owns 344,560 shares of the company’s stock, valued at $51,291,201.60. The disclosure for this sale can be found here. Insiders sold a total of 67,604 shares of company stock valued at $10,031,383 over the last ninety days. 0.43% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CB. Point72 Asia Hong Kong Ltd purchased a new position in D/B/A Chubb Limited New in the 1st quarter valued at approximately $101,000. Manchester Capital Management LLC purchased a new position in D/B/A Chubb Limited New in the 2nd quarter valued at approximately $106,000. Atlantic Trust LLC purchased a new position in D/B/A Chubb Limited New in the 2nd quarter valued at approximately $116,000. Assetmark Inc. increased its stake in D/B/A Chubb Limited New by 2.4% in the 1st quarter. Assetmark Inc. now owns 1,166 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 27 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its stake in D/B/A Chubb Limited New by 22.9% in the 1st quarter. SRS Capital Advisors Inc. now owns 1,361 shares of the financial services provider’s stock valued at $185,000 after purchasing an additional 254 shares in the last quarter. 86.60% of the stock is owned by hedge funds and other institutional investors.
About D/B/A Chubb Limited New
Chubb Limited is a holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance and Life Insurance.
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