Lord Abbett & CO. LLC cut its holdings in Chubb Limited (NYSE:CB) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 941,900 shares of the financial services provider’s stock after selling 20,100 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.21% of Chubb worth $144,977,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. FMR LLC increased its position in Chubb by 12.6% in the fourth quarter. FMR LLC now owns 7,854,972 shares of the financial services provider’s stock worth $1,209,037,000 after purchasing an additional 876,961 shares during the period. JPMorgan Chase & Co. increased its position in Chubb by 5.4% in the third quarter. JPMorgan Chase & Co. now owns 11,415,820 shares of the financial services provider’s stock worth $1,305,285,000 after purchasing an additional 580,742 shares during the period. Point72 Asset Management L.P. increased its position in Chubb by 77.1% in the third quarter. Point72 Asset Management L.P. now owns 890,732 shares of the financial services provider’s stock worth $103,432,000 after purchasing an additional 387,699 shares during the period. Prana Capital Management LP acquired a new stake in Chubb in the third quarter worth about $40,470,000. Finally, State Street Corp increased its position in Chubb by 1.4% in the third quarter. State Street Corp now owns 21,038,236 shares of the financial services provider’s stock worth $2,459,444,000 after purchasing an additional 290,805 shares during the period. Institutional investors own 85.79% of the company’s stock.
CB has been the subject of a number of research reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Chubb from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $138.00 to $176.00 in a research report on Tuesday, December 8th. Morgan Stanley raised their target price on Chubb from $149.00 to $172.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 12th. Piper Sandler raised their target price on Chubb from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, October 29th. Credit Suisse Group raised their target price on Chubb from $144.00 to $152.00 and gave the stock an “outperform” rating in a report on Tuesday, November 3rd. Finally, MKM Partners raised their target price on Chubb from $150.00 to $180.00 in a report on Friday, November 27th. Two analysts have rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $157.78.
Shares of NYSE:CB traded up $2.42 during trading on Tuesday, hitting $170.98. 4,868 shares of the company’s stock traded hands, compared to its average volume of 1,629,804. The company has a 50-day moving average price of $156.94 and a 200-day moving average price of $139.84. Chubb Limited has a 52 week low of $87.35 and a 52 week high of $169.14. The company has a market cap of $77.18 billion, a price-to-earnings ratio of 33.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.
Chubb (NYSE:CB) last announced its earnings results on Monday, February 1st. The financial services provider reported $3.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.82 by $0.36. Chubb had a return on equity of 5.33% and a net margin of 6.24%. The business had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.83 billion. During the same quarter last year, the firm earned $2.28 EPS. Chubb’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, analysts predict that Chubb Limited will post 7.02 earnings per share for the current fiscal year.
Chubb declared that its board has authorized a stock buyback program on Thursday, November 19th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 2.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, marine, casualty, workers' compensation, package policies, risk management, professional lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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