Nuveen LLC Takes $562.22 Million Position in Chubb Limited (NYSE:CB)

Key Points

• Nuveen LLC recently acquired 1,861,719 shares of Chubb Limited, totaling approximately $562 million, increasing its ownership to 0.46% of the company.
• Chubb announced a quarterly dividend increase from $0.91 to $0.97 per share, translating to an annualized payout of $3.88 and a yield of 1.4%.
• After recently releasing quarterly earnings, Chubb reported $6.14 EPS, exceeding estimates and achieving a 6.3% revenue increase year-over-year.

Nuveen LLC bought a new position in Chubb Limited (NYSE:CB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,861,719 shares of the financial services provider's stock, valued at approximately $562,221,000. Nuveen LLC owned about 0.46% of Chubb at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CB. Brighton Jones LLC raised its holdings in shares of Chubb by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,945 shares of the financial services provider's stock worth $537,000 after acquiring an additional 221 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Chubb in the 4th quarter worth about $205,000. Bank Pictet & Cie Europe AG bought a new stake in Chubb in the 4th quarter worth about $1,320,000. FIL Ltd grew its position in Chubb by 131.0% in the 4th quarter. FIL Ltd now owns 11,160 shares of the financial services provider's stock worth $3,084,000 after purchasing an additional 6,329 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Chubb in the 4th quarter worth about $19,893,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Chubb Stock Performance

CB traded up $0.76 on Thursday, hitting $275.80. The company's stock had a trading volume of 1,054,090 shares, compared to its average volume of 2,194,648. The company's 50 day simple moving average is $278.26 and its 200-day simple moving average is $282.43. The firm has a market cap of $109.96 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 3.11 and a beta of 0.53. Chubb Limited has a 12 month low of $252.16 and a 12 month high of $306.91. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.18.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 EPS for the quarter, topping the consensus estimate of $5.84 by $0.30. The company had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $12.53 billion. Chubb had a net margin of 16.08% and a return on equity of 12.34%. Chubb's revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $5.38 EPS. Analysts forecast that Chubb Limited will post 21.52 EPS for the current year.

Chubb declared that its board has approved a stock buyback plan on Thursday, May 15th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.

Chubb Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 12th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 1.4%. Chubb's dividend payout ratio is presently 17.12%.

Insiders Place Their Bets

In other news, Director Michael Corbat bought 425 shares of the stock in a transaction on Friday, July 25th. The shares were acquired at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the purchase, the director directly owned 2,450 shares of the company's stock, valued at $661,010. This trade represents a 20.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John J. Lupica sold 5,513 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the completion of the sale, the insider owned 91,180 shares in the company, valued at $26,447,670.80. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,390 shares of company stock worth $29,163,135 in the last three months. 0.77% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Hsbc Global Res downgraded shares of Chubb from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Wells Fargo & Company reduced their price objective on shares of Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Cantor Fitzgerald raised shares of Chubb to a "hold" rating in a research report on Wednesday. Morgan Stanley upped their price objective on shares of Chubb from $280.00 to $300.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Finally, HSBC downgraded shares of Chubb from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $317.00 to $300.00 in a research report on Friday, August 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $302.31.

Chubb Profile

Chubb Limited 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 risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses.