Chubb, Hartford Financial cut at BofA as commercial P&C becomes source of funds

seekingalpha10-04 19:53

Bank of America Securities downgraded Chubb (NYSE:CB) to Underperform and The Hartford Financial Services (NYSE:HIG) to Neutral as analyst Joshua Shanker expects some trends that fed commercial ...

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Meanwhile, the earnings outlook for the sector has been \"tepid,\" the analyst wrote in a note to clients. Specifically, commercial P&C underwriter stocks benefited from sector rotation out of bank stocks and were perceived as a defensive stock in a \"risk-off\" environment this summer. Those two dynamics \"may be reversing with commercial P&C suddenly a source of funds,\" Shanker noted. At its lower valuation at the beginning of the year, BofA was unconcerned about concerns regarding The Hartford's (HIG) peak workers' comp/disability margins, but it becomes more of a risk as its valuation multiple expands. BofA's Neutral rating on Hartford (HIG) contrasts with the SA Quant rating of Strong Buy and the average Wall Street rating of Buy. Some of Chubb's (CB) YTD stock outperformance could be explained by Berkshire Hathaway's (BRK.A) (BRK.B) taking a large stake of the firm. \"We expect the below-peer growth rate to continue given comparatively low underwriting leverage, high acquisition appetite and an inefficient share repurchase program at current valuations,\" Shanker said. Its Neutral rating on Chubb (CB) differs from the SA Quant rating, the average SA Analyst rating, and the average Wall Street rating, all at Buy.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472558919"}