3,059,661 Shares in Chubb Limited $CB Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 3.06 million Chubb shares worth approximately $1.04 billion, representing 0.79% of the insurer; institutional investors collectively own 83.81% of Chubb.
• Chubb reported quarterly EPS of $7.26, beating estimates of $6.77, while revenue increased 3.6% year over year. The company also declared a quarterly dividend of $1.02, equivalent to a 1.2% annual yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $361; Chubb shares recently traded at $342.98, while two executives sold shares during the period.

Bank of New York Mellon Corp bought a new stake in shares of Chubb Limited (NYSE:CB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,059,661 shares of the financial services provider's stock, valued at approximately $1,042,549,000. Bank of New York Mellon Corp owned 0.79% of Chubb at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC grew its stake in Chubb by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,945 shares of the financial services provider's stock valued at $537,000 after acquiring an additional 221 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in Chubb in the 4th quarter worth approximately $205,000. Woodline Partners LP boosted its holdings in Chubb by 13.0% in the 1st quarter. Woodline Partners LP now owns 12,599 shares of the financial services provider's stock valued at $3,805,000 after purchasing an additional 1,449 shares during the period. Sivia Capital Partners LLC grew its position in shares of Chubb by 14.4% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,392 shares of the financial services provider's stock valued at $403,000 after purchasing an additional 175 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Chubb by 9.3% during the 2nd quarter. Sei Investments Co. now owns 201,226 shares of the financial services provider's stock valued at $58,305,000 after purchasing an additional 17,155 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insider Activity

In other Chubb news, COO John W. Keogh sold 23,000 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the completion of the sale, the chief operating officer directly owned 203,322 shares in the company, valued at $65,370,056.22. This represents a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Joseph F. Wayland sold 8,502 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total value of $3,099,319.08. Following the transaction, the executive vice president directly owned 33,749 shares in the company, valued at $12,302,860.46. This trade represents a 20.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.37% of the company's stock.

Chubb Stock Performance

Shares of NYSE CB opened at $342.98 on Friday. The stock's 50-day moving average is $345.61 and its 200 day moving average is $333.25. The stock has a market cap of $132.32 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 1.68 and a beta of 0.39. Chubb Limited has a 1-year low of $265.30 and a 1-year high of $365.91. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.22.

Chubb (NYSE:CB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, beating analysts' consensus estimates of $6.77 by $0.49. The business had revenue of $11.97 billion for the quarter, compared to analysts' expectations of $15.07 billion. Chubb had a net margin of 18.10% and a return on equity of 14.47%. The business's quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the business earned $6.14 earnings per share. On average, sell-side analysts anticipate that Chubb Limited will post 27.45 EPS for the current fiscal year.

Chubb Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 11th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $4.08 annualized dividend and a yield of 1.2%. Chubb's payout ratio is currently 14.43%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CB shares. The Goldman Sachs Group increased their price objective on Chubb from $362.00 to $386.00 and gave the stock a "buy" rating in a research report on Wednesday, July 1st. Cantor Fitzgerald upped their target price on Chubb from $318.00 to $337.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Wells Fargo & Company lowered their price target on Chubb from $358.00 to $356.00 and set an "equal weight" rating on the stock in a report on Thursday, July 23rd. Atlantic Securities set a $301.00 price target on Chubb in a research report on Wednesday, July 15th. Finally, Evercore reissued an "outperform" rating and set a $374.00 price objective on shares of Chubb in a report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Chubb presently has a consensus rating of "Hold" and a consensus target price of $361.00.

About Chubb

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

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