Chubb Ltd (CB) to Post FY2018 Earnings of $9.48 Per Share, Langen Mcalenn Forecasts
Chubb Ltd (NYSE:CB) – Stock analysts at Langen Mcalenn cut their FY2018 EPS estimates for shares of Chubb in a research note issued to investors on Tuesday, December 4th. Langen Mcalenn analyst L. Greenberg now forecasts that the financial services provider will post earnings per share of $9.48 for the year, down from their prior forecast of $9.95.
Several other equities analysts have also commented on the stock. Wells Fargo & Co reaffirmed a “buy” rating and set a $169.00 target price on shares of Chubb in a report on Wednesday, October 10th. Zacks Investment Research lowered shares of Chubb from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Deutsche Bank lowered shares of Chubb from a “hold” rating to a “sell” rating and reduced their target price for the company from $135.00 to $126.00 in a report on Monday, August 13th. Citigroup reduced their target price on shares of Chubb from $157.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, October 12th. Finally, ValuEngine raised shares of Chubb from a “sell” rating to a “hold” rating in a report on Tuesday, September 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Chubb currently has an average rating of “Hold” and a consensus price target of $156.80.
Chubb (NYSE:CB) last released its earnings results on Tuesday, October 23rd. The financial services provider reported $2.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.39 by $0.02. Chubb had a net margin of 15.37% and a return on equity of 9.71%. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.63 billion. During the same quarter last year, the firm earned ($0.13) EPS. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year.
Chubb announced that its Board of Directors has authorized a stock repurchase program on Thursday, November 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Friday, December 21st will be given a dividend of $0.73 per share. The ex-dividend date is Thursday, December 20th. This represents a $2.92 annualized dividend and a yield of 2.22%. Chubb’s payout ratio is currently 36.36%.
In other news, CEO Evan G. Greenberg sold 227,994 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $140.29, for a total value of $31,985,278.26. Following the completion of the sale, the chief executive officer now directly owns 1,583,326 shares of the company’s stock, valued at approximately $222,124,804.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael G. Atieh sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, November 28th. The stock was 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 valued at $34,237,330 in the last three months. 0.44% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Capital International Investors grew its stake in shares of Chubb by 89.7% in the third quarter. Capital International Investors now owns 17,829,438 shares of the financial services provider’s stock worth $2,382,726,000 after acquiring an additional 8,430,416 shares during the period. Nordea Investment Management AB purchased a new position in Chubb during the third quarter valued at approximately $567,123,000. Fiduciary Management Inc. WI purchased a new position in shares of Chubb in the third quarter worth $471,998,000. Franklin Resources Inc. lifted its holdings in shares of Chubb by 17.6% in the third quarter. Franklin Resources Inc. now owns 5,652,945 shares of the financial services provider’s stock worth $755,460,000 after buying an additional 846,176 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Chubb by 60.3% in the third quarter. The Manufacturers Life Insurance Company now owns 2,099,805 shares of the financial services provider’s stock worth $280,619,000 after buying an additional 789,635 shares in the last quarter. 87.61% of the stock is owned by hedge funds and other institutional investors.
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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