Amundi Has $351.70 Million Stock Holdings in Chubb Limited $CB

Key Points

• Amundi reduced its stake in Chubb Limited by 11.1% during the first quarter, owning 1,162,803 shares valued at approximately $351.7 million post-sale.
• Chubb's earnings for the latest quarter exceeded estimates, reporting $6.14 EPS against a consensus of $5.84, alongside a revenue of $14.20 billion.
• The company initiated a $5 billion stock buyback plan indicating that its board believes the stock may be undervalued, allowing for the repurchase of up to 4.3% of its shares.

Amundi lessened its position in shares of Chubb Limited (NYSE:CB - Free Report) by 11.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,162,803 shares of the financial services provider's stock after selling 145,376 shares during the period. Amundi owned approximately 0.29% of Chubb worth $351,701,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC grew its position in 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 period. Demars Financial Group LLC lifted its stake in shares of Chubb by 16.4% during the first quarter. Demars Financial Group LLC now owns 6,238,632 shares of the financial services provider's stock worth $1,884,004,000 after purchasing an additional 878,177 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Chubb by 6.9% during the first quarter. Ameriprise Financial Inc. now owns 4,696,682 shares of the financial services provider's stock worth $1,418,398,000 after purchasing an additional 304,751 shares in the last quarter. Royal Bank of Canada lifted 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 worth $1,217,392,000 after purchasing an additional 1,403,545 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Chubb by 9.2% in the fourth quarter. Deutsche Bank AG now owns 3,603,145 shares of the financial services provider's stock worth $995,549,000 after acquiring an additional 302,699 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on CB. Piper Sandler restated 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. HSBC lowered Chubb from a "buy" rating to a "hold" rating and lowered their target price for the company from $317.00 to $300.00 in a report on Friday, August 1st. UBS Group lowered their target price on Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Hsbc Global Res lowered Chubb from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. Finally, Cantor Fitzgerald raised Chubb to a "hold" rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $302.00.

Insiders Place Their Bets

In related news, Director Michael Corbat bought 425 shares of the business's stock in a transaction on 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 completion of the acquisition, the director directly owned 2,450 shares in the company, valued at approximately $661,010. This represents a 20.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John J. Lupica sold 5,513 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $290.06, for a total value of $1,599,100.78. Following 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. Corporate insiders own 0.86% of the company's stock.

Chubb Price Performance

Shares of NYSE:CB traded up $0.25 on Monday, reaching $277.63. 1,272,646 shares of the company traded hands, compared to its average volume of 1,784,944. Chubb Limited has a fifty-two week low of $252.16 and a fifty-two week high of $306.91. The company's 50 day moving average is $274.97 and its 200-day moving average is $283.28. The stock has a market capitalization of $110.69 billion, a PE ratio of 12.25, a P/E/G ratio of 3.13 and a beta of 0.56. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28.

Chubb (NYSE:CB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.84 by $0.30. The company had revenue of $14.20 billion during the quarter, compared to analyst estimates of $12.53 billion. Chubb had a return on equity of 12.34% and a net margin of 16.08%.The company's revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.38 earnings per share. As a group, analysts anticipate that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 12th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 1.4%. Chubb's dividend payout ratio is 17.12%.

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

Chubb Company 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.