Chubb (CB) PT Raised to $123.00 at Deutsche Bank
Chubb (NYSE:CB) had its target price raised by stock analysts at Deutsche Bank from $122.00 to $123.00 in a research note issued to investors on Tuesday. The firm currently has a “sell” rating on the financial services provider’s stock. Deutsche Bank’s price objective points to a potential downside of 7.05% from the stock’s current price.
Several other equities research analysts have also recently commented on CB. Citigroup cut their price target on shares of Chubb from $157.00 to $150.00 and set a “buy” rating on the stock in a research report on Friday, October 12th. Wells Fargo & Co reissued a “buy” rating and set a $169.00 price target on shares of Chubb in a research report on Wednesday, October 10th. Zacks Investment Research raised shares of Chubb from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. ValuEngine raised shares of Chubb from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Finally, Credit Suisse Group began coverage on shares of Chubb in a research report on Tuesday, August 7th. They set a “neutral” rating and a $150.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Chubb has a consensus rating of “Hold” and a consensus target price of $156.80.
Shares of CB stock opened at $132.33 on Tuesday. Chubb has a 12-month low of $120.50 and a 12-month high of $157.50. The firm has a market capitalization of $60.98 billion, a PE ratio of 16.48, a PEG ratio of 1.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.31.
Chubb declared that its board has authorized a stock repurchase program on Thursday, November 15th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Timothy Alan Boroughs sold 14,971 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $139.37, for a total value of $2,086,508.27. Following the transaction, the insider now owns 202,794 shares in the company, valued at approximately $28,263,399.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael G. Atieh sold 1,200 shares of the company’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $133.27, for a total transaction of $159,924.00. The disclosure for this sale can be found here. Insiders have sold a total of 244,207 shares of company stock worth $34,237,330 over the last 90 days. 0.44% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CB. Vanguard Group Inc. grew its position in shares of Chubb by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 37,280,448 shares of the financial services provider’s stock worth $4,982,160,000 after purchasing an additional 417,887 shares in the last quarter. Capital International Investors grew its position in shares of Chubb by 89.7% during the 3rd quarter. Capital International Investors now owns 17,829,438 shares of the financial services provider’s stock worth $2,382,726,000 after purchasing an additional 8,430,416 shares in the last quarter. Bank of America Corp DE grew its position in shares of Chubb by 1.8% during the 2nd quarter. Bank of America Corp DE now owns 10,153,074 shares of the financial services provider’s stock worth $1,289,643,000 after purchasing an additional 175,841 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Chubb by 1.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,737,036 shares of the financial services provider’s stock worth $900,339,000 after purchasing an additional 63,629 shares in the last quarter. Finally, WCM Investment Management CA grew its position in shares of Chubb by 3.9% during the 3rd quarter. WCM Investment Management CA now owns 6,706,938 shares of the financial services provider’s stock worth $896,315,000 after purchasing an additional 251,602 shares in the last quarter. Institutional investors and hedge funds own 87.61% of the company’s stock.
Chubb Company Profile
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. Its North America Commercial P&C Insurance segment offers commercial property, marine, general casualty, workers' compensation, package policies, and risk management; and professional lines, marine, construction, environmental, medical, cyber risk, and excess casualty, as well as group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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