Prudential Financial Inc. lessened its position in shares of Chubb Ltd (NYSE:CB) by 3.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 799,311 shares of the financial services provider’s stock after selling 24,420 shares during the period. Prudential Financial Inc. owned 0.17% of Chubb worth $113,942,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. California Public Employees Retirement System grew its holdings in Chubb by 7.7% in the third quarter. California Public Employees Retirement System now owns 1,131,724 shares of the financial services provider’s stock worth $161,327,000 after purchasing an additional 81,255 shares during the period. Swiss National Bank grew its holdings in Chubb by 3.0% in the second quarter. Swiss National Bank now owns 1,876,720 shares of the financial services provider’s stock worth $272,838,000 after purchasing an additional 54,500 shares during the period. Alpha Cubed Investments LLC grew its holdings in Chubb by 5.0% in the third quarter. Alpha Cubed Investments LLC now owns 95,674 shares of the financial services provider’s stock worth $13,638,000 after purchasing an additional 4,515 shares during the period. BerganKDV Wealth Management LLC acquired a new stake in Chubb in the third quarter worth $397,000. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in Chubb by 67.3% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 4,079 shares of the financial services provider’s stock worth $582,000 after purchasing an additional 1,641 shares during the period. 88.17% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on CB. Keefe, Bruyette & Woods restated a “buy” rating and issued a $153.00 price target on shares of Chubb in a report on Thursday, September 28th. ValuEngine cut shares of Chubb from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. UBS Group reduced their price objective on shares of Chubb from $161.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, September 19th. JPMorgan Chase & Co. upgraded shares of Chubb from a “neutral” rating to an “overweight” rating in a report on Wednesday, November 8th. Finally, Citigroup lifted their price objective on shares of Chubb from $167.00 to $173.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Chubb has a consensus rating of “Buy” and an average price target of $161.09.
Chubb (NYSE:CB) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.11. Chubb had a net margin of 12.15% and a return on equity of 7.22%. The firm had revenue of $7.36 billion during the quarter, compared to analysts’ expectations of $7.14 billion. During the same period last year, the company earned $2.88 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. sell-side analysts anticipate that Chubb Ltd will post 7.1 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, December 29th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Thursday, December 28th. Chubb’s dividend payout ratio (DPR) is presently 34.05%.
Chubb announced that its Board of Directors has approved a stock repurchase program on Thursday, December 21st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In related news, EVP Sean Ringsted sold 28,730 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $151.40, for a total transaction of $4,349,722.00. Following the transaction, the executive vice president now directly owns 171,667 shares in the company, valued at $25,990,383.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Evan G. Greenberg sold 95,761 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $145.56, for a total transaction of $13,938,971.16. Following the transaction, the chief executive officer now owns 1,367,229 shares in the company, valued at $199,013,853.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,956 shares of company stock worth $24,417,316. 0.43% of the stock is owned by corporate insiders.
Chubb Company Profile
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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