Chubb (CB) to Buyback $1.00 billion in Stock

Chubb (NYSE:CB) announced that its board has initiated a stock buyback program, which permits the company to repurchase $1.00 billion in shares on Thursday, December 21st, EventVestor reports. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Chubb (CB) traded down $0.96 during mid-day trading on Friday, reaching $145.01. The company’s stock had a trading volume of 1,621,900 shares, compared to its average volume of 1,413,904. Chubb has a 1-year low of $127.15 and a 1-year high of $156.00. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.23. The company has a market cap of $67,320.00, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 2.06 and a beta of 0.95.

Chubb (NYSE:CB) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.11. Chubb had a return on equity of 7.22% and a net margin of 12.15%. The business had revenue of $7.36 billion during the quarter, compared to the consensus estimate of $7.14 billion. During the same period in the prior year, the company posted $2.88 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. equities analysts predict that Chubb will post 7.1 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, December 29th will be given a dividend of $0.71 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.96%. Chubb’s dividend payout ratio is currently 34.05%.

CB has been the subject of several analyst reports. Wells Fargo & Company set a $169.00 target price on shares of Chubb and gave the stock a “buy” rating in a report on Wednesday, November 29th. Zacks Investment Research lowered shares of Chubb from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $155.00 price target on shares of Chubb in a research note on Tuesday, August 29th. J P Morgan Chase & Co upgraded Chubb from a “neutral” rating to an “overweight” rating in a research note on Wednesday, November 8th. Finally, Goldman Sachs Group initiated coverage on Chubb in a research note on Monday, December 4th. They issued a “buy” rating and a $167.00 price target for the company. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $161.09.

In other news, insider John J. Lupica sold 16,674 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $152.02, for a total transaction of $2,534,781.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Evan G. Greenberg sold 95,761 shares of the stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $145.56, for a total value of $13,938,971.16. The disclosure for this sale can be found here. Insiders have sold a total of 164,956 shares of company stock valued at $24,417,316 over the last quarter. Corporate insiders own 0.43% of the company’s stock.

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About Chubb

Chubb Limited is a holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance and Life Insurance.

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