Chubb (NYSE:CB) Given New $350.00 Price Target at Morgan Stanley

Chubb (NYSE:CB) had its target price reduced by research analysts at Morgan Stanley from $360.00 to $350.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 4.72% from the stock’s current price.

A number of other brokerages have also recently issued reports on CB. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $354.00 target price on shares of Chubb in a report on Wednesday, July 22nd. Piper Sandler raised their price objective on Chubb from $340.00 to $374.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Evercore reaffirmed an “outperform” rating and set a $374.00 price objective on shares of Chubb in a report on Friday, July 10th. Cantor Fitzgerald boosted their target price on Chubb from $318.00 to $337.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Finally, Citigroup restated a “market outperform” rating on shares of Chubb in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $360.32.

Chubb Stock Performance

CB traded up $3.75 during trading on Tuesday, reaching $334.24. The company’s stock had a trading volume of 505,229 shares, compared to its average volume of 1,724,809. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.29 and a current ratio of 0.29. The company’s fifty day moving average price is $341.89 and its 200-day moving average price is $335.13. Chubb has a 52-week low of $265.30 and a 52-week high of $365.91. The company has a market capitalization of $128.95 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.47 and a beta of 0.36.

Chubb (NYSE:CB) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.77 by $0.49. Chubb had a return on equity of 14.47% and a net margin of 18.10%.The firm had revenue of $11.97 billion during the quarter, compared to analysts’ expectations of $15.07 billion. During the same quarter in the prior year, the business posted $6.14 earnings per share. Chubb’s revenue was up 3.6% compared to the same quarter last year. On average, equities analysts forecast that Chubb will post 27.39 earnings per share for the current fiscal year.

Insider Transactions at Chubb

In related news, Director Michael Connors sold 5,500 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $345.00, for a total value of $1,897,500.00. Following the completion of the transaction, the director owned 12,803 shares of the company’s stock, valued at approximately $4,417,035. The trade was a 30.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Joseph F. Wayland sold 8,502 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the completion of the transaction, the executive vice president owned 33,749 shares in the company, valued at approximately $12,302,860.46. This trade represents a 20.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Chubb

Institutional investors and hedge funds have recently modified their holdings of the company. XXEC Inc. purchased a new stake in Chubb in the 2nd quarter worth approximately $228,226,000. Berkshire Hathaway Inc purchased a new position in shares of Chubb during the 2nd quarter worth $11,670,067,000. BlackRock Inc. acquired a new stake in shares of Chubb during the second quarter worth $9,913,336,000. GQG Partners LLC acquired a new stake in shares of Chubb during the second quarter worth $4,250,113,000. Finally, Bank of America Corp DE purchased a new stake in shares of Chubb in the second quarter valued at $1,545,084,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Chubb

Chubb Limited (NYSE: CB) is a global insurance company that provides property and casualty, accident and health, life, and reinsurance products and services. Its offerings serve individuals, businesses, multinational corporations, and institutional customers.

The company provides commercial and personal property and casualty coverage, including general liability, commercial property, professional liability, cyber insurance, workers’ compensation, homeowners insurance, automobile coverage, and specialty insurance.