Bank of America Corp DE Buys 147,876 Shares of Chubb Limited $CB

Key Points

• Bank of America increased its Chubb stake by 3.1% in the first quarter, acquiring 147,876 shares and bringing its holdings to 4.91 million shares worth approximately $1.6 billion. Institutional investors collectively own 83.81% of Chubb.
• Chubb reported quarterly EPS of $7.26, beating estimates of $6.77, while revenue rose 3.6% year over year to $11.97 billion. The company also raised its quarterly dividend to $1.02, or $4.08 annually, yielding about 1.2%.
• Chubb shares opened at $350.31, near their 52-week high of $365.91. Analysts maintain a consensus “Hold” rating with an average price target of $360.09, while two company executives recently sold shares.

Bank of America Corp DE increased its stake in Chubb Limited (NYSE:CB - Free Report) by 3.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,908,624 shares of the financial services provider's stock after acquiring an additional 147,876 shares during the period. Bank of America Corp DE owned about 1.27% of Chubb worth $1,599,868,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CB. Janney Montgomery Scott LLC increased its holdings in Chubb by 1.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 315,893 shares of the financial services provider's stock valued at $102,959,000 after purchasing an additional 5,225 shares in the last quarter. waypoint wealth counsel lifted its stake in shares of Chubb by 76.4% during the fourth quarter. waypoint wealth counsel now owns 4,118 shares of the financial services provider's stock worth $1,285,000 after purchasing an additional 1,784 shares in the last quarter. National Pension Service boosted its position in shares of Chubb by 24.4% in the fourth quarter. National Pension Service now owns 1,148,474 shares of the financial services provider's stock worth $358,462,000 after buying an additional 225,515 shares during the period. Harbour Investments Inc. boosted its position in shares of Chubb by 884.1% in the fourth quarter. Harbour Investments Inc. now owns 9,959 shares of the financial services provider's stock worth $3,108,000 after buying an additional 8,947 shares during the period. Finally, Private Trust Co. NA grew its stake in shares of Chubb by 133.1% in the fourth quarter. Private Trust Co. NA now owns 11,464 shares of the financial services provider's stock valued at $3,578,000 after buying an additional 6,546 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Insider Buying and Selling

In other Chubb news, EVP Joseph F. Wayland sold 8,502 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the completion of the transaction, the executive vice president directly owned 33,749 shares of the company's stock, valued at approximately $12,302,860.46. This trade represents a 20.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO John W. Keogh sold 23,000 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was 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 owned 203,322 shares in the company, valued at approximately $65,370,056.22. This trade represents a 10.16% 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 $350.31 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.29 and a debt-to-equity ratio of 0.22. The firm's 50-day moving average price is $337.87 and its two-hundred day moving average price is $328.58. Chubb Limited has a 52-week low of $264.10 and a 52-week high of $365.91. The stock has a market capitalization of $135.15 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.79 and a beta of 0.40.

Chubb (NYSE:CB - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, beating the consensus estimate of $6.77 by $0.49. The company had revenue of $11.97 billion during the quarter, compared to analyst estimates of $15.07 billion. Chubb had a return on equity of 14.47% and a net margin of 18.10%.The business's revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $6.14 earnings per share. As a group, sell-side analysts forecast that Chubb Limited will post 27.4 earnings per share for the current year.

Chubb Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were given a $1.02 dividend. This is a positive change from Chubb's previous quarterly dividend of $0.97. The ex-dividend date was Friday, June 12th. This represents a $4.08 annualized dividend and a yield of 1.2%. Chubb's payout ratio is currently 14.43%.

Analyst Upgrades and Downgrades

CB has been the topic of several recent research reports. Weiss Ratings raised Chubb from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, June 29th. UBS Group increased their price objective on shares of Chubb from $340.00 to $369.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of Chubb from $340.00 to $370.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Piper Sandler upped their target price on shares of Chubb from $340.00 to $374.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Finally, HSBC downgraded shares of Chubb from a "buy" rating to a "hold" rating and lifted their price target for the stock from $370.00 to $373.00 in a research note on Monday, July 6th. Two equities research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $360.09.

Chubb Company Profile

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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