Chubb (NYSE:CB) Upgraded to “Neutral” at Bank of America

Bank of America upgraded shares of Chubb (NYSE:CB) from an underperform rating to a neutral rating in a report issued on Thursday, Marketbeat Ratings reports. They currently have $266.00 price objective on the financial services provider’s stock, up from their previous price objective of $244.00.

CB has been the subject of several other reports. StockNews.com downgraded Chubb from a buy rating to a hold rating in a research report on Wednesday, April 24th. The Goldman Sachs Group raised their price target on shares of Chubb from $228.00 to $254.00 and gave the company a neutral rating in a research note on Friday, April 12th. Keefe, Bruyette & Woods lowered their price objective on shares of Chubb from $297.00 to $294.00 and set an outperform rating for the company in a research report on Tuesday, May 7th. Evercore ISI raised their target price on shares of Chubb from $270.00 to $281.00 and gave the company an outperform rating in a research report on Thursday, April 11th. Finally, JMP Securities reiterated a market outperform rating and issued a $280.00 price target on shares of Chubb in a research note on Monday, April 15th. Eleven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Chubb currently has an average rating of Moderate Buy and an average target price of $266.70.

Chubb Price Performance

CB stock opened at $264.76 on Thursday. The company’s 50-day moving average price is $253.77 and its two-hundred day moving average price is $241.73. Chubb has a 12 month low of $183.71 and a 12 month high of $275.41. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.21. The firm has a market cap of $107.51 billion, a P/E ratio of 11.75, a P/E/G ratio of 9.33 and a beta of 0.63.

Chubb (NYSE:CB) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.29 by $0.12. Chubb had a net margin of 17.99% and a return on equity of 16.29%. The business had revenue of $12.22 billion for the quarter, compared to analysts’ expectations of $11.75 billion. During the same period last year, the firm posted $4.41 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, analysts anticipate that Chubb will post 21.21 earnings per share for the current fiscal year.

Chubb Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Friday, June 14th will be issued a $0.91 dividend. This is a positive change from Chubb’s previous quarterly dividend of $0.86. The ex-dividend date is Friday, June 14th. This represents a $3.64 annualized dividend and a yield of 1.37%. Chubb’s payout ratio is presently 15.27%.

Insiders Place Their Bets

In other Chubb news, CAO Annmarie T. Hagan sold 1,529 shares of Chubb stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $263.81, for a total value of $403,365.49. Following the completion of the sale, the chief accounting officer now directly owns 7,718 shares in the company, valued at $2,036,085.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider John J. Lupica sold 34,464 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $258.92, for a total value of $8,923,418.88. Following the completion of the sale, the insider now directly owns 130,937 shares in the company, valued at approximately $33,902,208.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Annmarie T. Hagan sold 1,529 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $263.81, for a total value of $403,365.49. Following the transaction, the chief accounting officer now directly owns 7,718 shares in the company, valued at $2,036,085.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 145,815 shares of company stock worth $37,349,247. Company insiders own 0.86% of the company’s stock.

Institutional Investors Weigh In On Chubb

A number of hedge funds have recently added to or reduced their stakes in CB. Wellington Management Group LLP raised its holdings in shares of Chubb by 0.8% in the 3rd quarter. Wellington Management Group LLP now owns 18,522,413 shares of the financial services provider’s stock worth $3,855,996,000 after acquiring an additional 138,142 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Chubb by 426.8% in the third quarter. Deutsche Bank AG now owns 16,119,520 shares of the financial services provider’s stock worth $3,355,762,000 after purchasing an additional 13,059,385 shares during the last quarter. Capital World Investors lifted its holdings in shares of Chubb by 6.6% in the first quarter. Capital World Investors now owns 10,997,092 shares of the financial services provider’s stock valued at $2,849,677,000 after purchasing an additional 685,677 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Chubb by 44.4% in the first quarter. Capital Research Global Investors now owns 6,713,331 shares of the financial services provider’s stock valued at $1,739,625,000 after purchasing an additional 2,064,730 shares in the last quarter. Finally, Norges Bank bought a new stake in Chubb during the fourth quarter worth $957,756,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.