Atlantic Securities Downgrades Chubb (NYSE:CB) to Underweight
Atlantic Securities lowered shares of Chubb (NYSE:CB) from a neutral rating to an underweight rating in a research report report published on Thursday morning, Benzinga reports. Atlantic Securities currently has $135.00 price target on the financial services provider’s stock.
Several other research analysts have also issued reports on the stock. Wells Fargo & Co reaffirmed a buy rating and issued a $157.00 target price on shares of Chubb in a research note on Tuesday, April 30th. Credit Suisse Group lowered shares of Chubb from a neutral rating to an underperform rating and reduced their price objective for the stock from $141.00 to $131.00 in a research note on Wednesday, February 27th. Morgan Stanley lowered shares of Chubb from an overweight rating to an equal weight rating in a research note on Wednesday, April 17th. ValuEngine raised shares of Chubb from a hold rating to a buy rating in a research note on Monday, June 3rd. Finally, Compass Point lowered shares of Chubb from a buy rating to a neutral rating and reduced their price objective for the stock from $165.00 to $156.00 in a research note on Wednesday, May 29th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $146.90.
Shares of NYSE CB opened at $149.64 on Thursday. The stock has a market capitalization of $68.52 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 1.42 and a beta of 0.76. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. Chubb has a 1 year low of $119.54 and a 1 year high of $152.00.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 21st will be paid a dividend of $0.75 per share. This is a positive change from Chubb’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.00 annualized dividend and a yield of 2.00%. Chubb’s dividend payout ratio (DPR) is presently 31.78%.
In other Chubb news, insider Paul J. Krump sold 3,450 shares of Chubb stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $145.00, for a total value of $500,250.00. Following the transaction, the insider now owns 139,160 shares of the company’s stock, valued at $20,178,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Paul Bennett Medini sold 2,750 shares of Chubb stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $145.52, for a total transaction of $400,180.00. Following the completion of the transaction, the chief accounting officer now directly owns 91,659 shares in the company, valued at approximately $13,338,217.68. The disclosure for this sale can be found here. Insiders have sold a total of 342,146 shares of company stock worth $50,781,622 in the last three months. 0.47% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CB. WCM Investment Management LLC raised its holdings in shares of Chubb by 100.6% in the first quarter. WCM Investment Management LLC now owns 14,039,350 shares of the financial services provider’s stock valued at $1,966,632,000 after purchasing an additional 7,040,520 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Chubb by 29.9% in the fourth quarter. Bank of America Corp DE now owns 13,576,704 shares of the financial services provider’s stock valued at $1,753,839,000 after purchasing an additional 3,125,070 shares during the last quarter. Norges Bank acquired a new stake in shares of Chubb in the fourth quarter valued at approximately $386,675,000. BlackRock Inc. raised its holdings in shares of Chubb by 2.9% in the fourth quarter. BlackRock Inc. now owns 31,252,910 shares of the financial services provider’s stock valued at $4,037,250,000 after purchasing an additional 875,406 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Chubb by 42.6% in the fourth quarter. California Public Employees Retirement System now owns 2,285,170 shares of the financial services provider’s stock valued at $295,198,000 after purchasing an additional 682,125 shares during the last quarter. 89.00% 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. The company's North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; professional lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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