Chubb CB reported stronger-than-expected earnings for the third quarter on Tuesday.
The company posted quarterly earnings of $5.72 per share which beat the analyst consensus estimate of $4.98 per share. The company reported quarterly sales of $12.28 billion which missed the analyst consensus estimate of $12.54 billion.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented, “We had an outstanding quarter which contributed to record year-to-date results. Core operating income and EPS were up 14.3% and 15.6%, respectively, in the quarter, supported by double-digit growth in both P&C underwriting and investment income. Core operating income and EPS for the year are up 13.8% and 15.6%. For the year, we have produced record underwriting and investment income. Book and tangible book value per share are up 11.1% and 16.7% year-to-date, and our core operating ROE is 13.6%.”
Chubb shares fell 1.2% to trade at $283.80 on Wednesday.
These analysts made changes to their price targets on Chubb following earnings announcement.
- Evercore ISI Group analyst David Motemaden maintained Chubb with an Outperform and raised the price target from $289 to $293.
- JP Morgan analyst Jimmy Bhullar maintained the stock with a Neutral and raised the price target from $291 to $294.
- Morgan Stanley analyst Michael Phillips maintained Chubb with an Equal-Weight and raised the price target from $295 to $300.
- JMP Securities analyst Matthew Carletti maintained the stock with a Market Outperform and raised the price target from $300 to $325.
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