Security National Bank reduced its stake in Chubb Limited (NYSE:CB) by 5.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,966 shares of the financial services provider’s stock after selling 1,035 shares during the quarter. Security National Bank’s holdings in Chubb were worth $2,838,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its position in shares of Chubb by 14.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 23,852,906 shares of the financial services provider’s stock valued at $3,671,411,000 after purchasing an additional 3,020,693 shares during the last quarter. FMR LLC raised its position in Chubb by 12.6% during the 4th quarter. FMR LLC now owns 7,854,972 shares of the financial services provider’s stock worth $1,209,037,000 after buying an additional 876,961 shares during the last quarter. Bank of New York Mellon Corp raised its position in Chubb by 10.5% during the 4th quarter. Bank of New York Mellon Corp now owns 4,746,914 shares of the financial services provider’s stock worth $730,645,000 after buying an additional 452,514 shares during the last quarter. Aristotle Capital Management LLC raised its position in Chubb by 4.1% during the 4th quarter. Aristotle Capital Management LLC now owns 4,345,736 shares of the financial services provider’s stock worth $665,638,000 after buying an additional 170,628 shares during the last quarter. Finally, Norges Bank purchased a new position in Chubb during the 4th quarter worth approximately $493,517,000. 85.79% of the stock is owned by hedge funds and other institutional investors.
In other Chubb news, insider John J. Lupica sold 4,337 shares of Chubb stock in a transaction on Monday, March 15th. The shares were sold at an average price of $175.03, for a total transaction of $759,105.11. Following the sale, the insider now owns 145,604 shares of the company’s stock, valued at approximately $25,485,068.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Paul J. Krump sold 5,600 shares of Chubb stock in a transaction on Monday, February 8th. The stock was sold at an average price of $165.05, for a total transaction of $924,280.00. Following the sale, the insider now directly owns 101,921 shares in the company, valued at approximately $16,822,061.05. The disclosure for this sale can be found here. Insiders sold a total of 22,087 shares of company stock worth $3,690,300 in the last three months. 0.37% of the stock is owned by corporate insiders.
Chubb (NYSE:CB) last released its quarterly earnings results on Monday, February 1st. The financial services provider reported $3.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.36. Chubb had a net margin of 6.24% and a return on equity of 5.33%. The firm had revenue of $7.77 billion for the quarter, compared to analysts’ expectations of $7.83 billion. During the same quarter last year, the company earned $2.28 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. Analysts anticipate that Chubb Limited will post 7.02 EPS for the current year.
Chubb declared that its board has approved a stock repurchase program on Wednesday, February 3rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 9th. Investors of record on Friday, March 19th will be paid a $0.78 dividend. The ex-dividend date is Thursday, March 18th. This represents a $3.12 dividend on an annualized basis and a yield of 1.96%. Chubb’s dividend payout ratio is currently 30.86%.
A number of equities analysts have issued reports on the stock. Raymond James raised their price target on shares of Chubb from $190.00 to $200.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, March 17th. The Goldman Sachs Group raised shares of Chubb from a “buy” rating to a “conviction-buy” rating in a research report on Friday, January 8th. Citigroup raised their price target on shares of Chubb from $178.00 to $187.00 in a research report on Wednesday, March 31st. JPMorgan Chase & Co. lowered shares of Chubb from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $152.00 to $155.00 in a research report on Monday, January 4th. Finally, Bank of America lowered shares of Chubb from a “neutral” rating to an “underperform” rating and raised their price target for the stock from $132.00 to $138.00 in a research report on Tuesday, December 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $163.17.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, casualty, workers' compensation, package policies, risk management, financial 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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