Bank of America Corp DE Takes Position in Chubb Limited $CB

Key Points

• Bank of America acquired 4.53 million Chubb shares worth approximately $1.55 billion, giving it a 1.18% stake; institutional investors and hedge funds collectively own 83.81% of the company.
• Chubb beat quarterly earnings expectations with EPS of $7.26 versus the $6.77 consensus, while revenue rose 3.6% year over year. The company declared a $1.02 quarterly dividend, equivalent to a 1.2% yield.
• Analysts maintain a largely neutral outlook, with a consensus “Hold” rating and a $361 price target compared with the stock’s reported price of $341.86.

Bank of America Corp DE purchased a new position in Chubb Limited (NYSE:CB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 4,534,497 shares of the financial services provider's stock, valued at approximately $1,545,084,000. Bank of America Corp DE owned about 1.18% of Chubb as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Cherry Tree Wealth Management LLC lifted its stake in Chubb by 38.3% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 112 shares of the financial services provider's stock valued at $35,000 after buying an additional 31 shares during the period. Phillips Wealth Planners LLC increased its stake in Chubb by 1.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,737 shares of the financial services provider's stock valued at $521,000 after purchasing an additional 31 shares in the last quarter. South Plains Financial Inc. increased its stake in Chubb by 2.2% in the fourth quarter. South Plains Financial Inc. now owns 1,601 shares of the financial services provider's stock valued at $500,000 after purchasing an additional 34 shares in the last quarter. Stock Yards Bank & Trust Co. raised its holdings in Chubb by 0.8% in the first quarter. Stock Yards Bank & Trust Co. now owns 4,105 shares of the financial services provider's stock worth $1,338,000 after purchasing an additional 34 shares during the period. Finally, First Command Advisory Services Inc. raised its holdings in Chubb by 5.2% in the fourth quarter. First Command Advisory Services Inc. now owns 711 shares of the financial services provider's stock worth $222,000 after purchasing an additional 35 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Chubb Stock Up 1.1%

Chubb stock opened at $341.86 on Tuesday. 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 Limited has a 1-year low of $265.30 and a 1-year high of $365.91. The company has a fifty day simple moving average of $346.69 and a 200 day simple moving average of $334.82. The company has a market cap of $131.89 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 1.61 and a beta of 0.37.

Chubb (NYSE:CB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share 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 analysts' expectations of $15.07 billion. Chubb had a return on equity of 14.47% and a net margin of 18.10%.Chubb's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $6.14 EPS. Research analysts anticipate that Chubb Limited will post 27.35 earnings per share for the current fiscal year.

Chubb Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, September 11th will be given a dividend of $1.02 per share. 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 dividend payout ratio is 14.43%.

Wall Street Analysts Forecast Growth

CB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Chubb from $340.00 to $370.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Cantor Fitzgerald raised their price objective on Chubb from $318.00 to $337.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $354.00 price objective on shares of Chubb in a research note on Wednesday, July 22nd. Morgan Stanley lifted their target price on Chubb from $340.00 to $360.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 19th. Finally, Mizuho boosted their target price on Chubb from $335.00 to $352.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Chubb has a consensus rating of "Hold" and a consensus price target of $361.00.

Insider Buying and Selling

In other Chubb news, EVP Joseph Wayland sold 8,502 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the sale, the executive vice president directly owned 33,749 shares of the company's stock, valued at approximately $12,302,860.46. This represents a 20.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael P. Connors sold 5,500 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $345.00, for a total transaction of $1,897,500.00. Following the completion of the sale, the director owned 12,803 shares of the company's stock, valued at approximately $4,417,035. This represents a 30.05% decrease in their position. The SEC filing for this sale provides additional information. 0.37% of the stock is owned by company insiders.

About Chubb

Chubb Limited is a global insurance company that provides property and casualty, accident and health, life, and reinsurance products and services. The company serves businesses, individuals, and institutional clients, offering coverage for commercial property, liability, marine, cyber risk, workers' compensation, professional lines, personal assets, and other specialty risks.

Chubb distributes its products through brokers, agents, banks, and other business partners. Its commercial insurance operations serve companies ranging from small businesses to multinational corporations, while its personal insurance business provides coverage for homes, automobiles, valuable possessions, and other personal risks.

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