Adage Capital Partners GP L.L.C. grew its position in Chubb Limited (NYSE:CB - Free Report) by 88.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 489,883 shares of the financial services provider's stock after buying an additional 229,600 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.12% of Chubb worth $147,940,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in CB. GQG Partners LLC boosted its stake in shares of Chubb by 112.1% during the first quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider's stock valued at $2,836,899,000 after acquiring an additional 4,964,298 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Chubb by 36,831.3% during the first quarter. GAMMA Investing LLC now owns 2,084,033 shares of the financial services provider's stock valued at $629,357,000 after acquiring an additional 2,078,390 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Chubb during the first quarter valued at $562,221,000. Royal Bank of Canada boosted its stake in shares of Chubb by 46.7% during the fourth quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider's stock valued at $1,217,392,000 after acquiring an additional 1,403,545 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC acquired a new stake in shares of Chubb during the fourth quarter valued at $336,972,000. Institutional investors and hedge funds own 83.81% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. Piper Sandler reaffirmed a "neutral" rating and set a $283.00 price objective (down previously from $335.00) on shares of Chubb in a research note on Thursday, July 24th. Citigroup assumed coverage on Chubb in a research note on Wednesday, August 13th. They set a "buy" rating and a $326.00 price objective on the stock. UBS Group decreased their price objective on Chubb from $304.00 to $292.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft lowered Chubb from a "buy" rating to a "hold" rating and set a $303.00 price target on the stock. in a research note on Tuesday, May 20th. Finally, HSBC lowered Chubb from a "buy" rating to a "hold" rating and decreased their price target for the stock from $317.00 to $300.00 in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $302.00.
Check Out Our Latest Analysis on CB
Chubb Trading Down 0.9%
Shares of Chubb stock traded down $2.56 during trading hours on Friday, reaching $277.32. The stock had a trading volume of 2,523,189 shares, compared to its average volume of 1,507,873. The firm has a 50 day simple moving average of $274.97 and a two-hundred day simple moving average of $283.05. The firm has a market capitalization of $110.56 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 3.16 and a beta of 0.56. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.18. Chubb Limited has a 1 year low of $252.16 and a 1 year high of $306.91.
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 analysts' consensus estimates of $5.84 by $0.30. The company had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $12.53 billion. Chubb had a return on equity of 12.34% and a net margin of 16.08%.The company's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the business posted $5.38 EPS. As a group, equities research analysts anticipate that Chubb Limited will post 21.52 earnings per share for the current year.
Chubb Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 12th will be issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, September 12th. Chubb's dividend payout ratio (DPR) is 17.12%.
Chubb announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 15th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.
Insider Transactions at Chubb
In other news, Director Michael Corbat acquired 425 shares of the business's stock in a transaction dated Friday, July 25th. The shares were bought at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the acquisition, the director directly owned 2,450 shares in the company, valued at $661,010. This trade represents a 20.99% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John J. Lupica sold 5,513 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total value of $1,599,100.78. Following the completion of the transaction, the insider owned 91,180 shares in the company, valued at approximately $26,447,670.80. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.77% of the company's stock.
Chubb Company Profile
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Free Report)
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.
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