Bank of New York Mellon Corp Grows Stock Position in Chubb Limited $CB

Key Points

• Bank of New York Mellon boosted its Chubb stake by 74.3% in the first quarter, buying about 1.46 million additional shares and bringing its holding to 3.42 million shares valued at roughly $1.11 billion.
• Wall Street sentiment on Chubb remains mixed: analysts currently rate the stock an average of “Hold” with a consensus price target of $357.73, even though several firms recently raised their targets.
• Chubb reported solid recent results and raised its dividend, posting $6.82 in quarterly EPS, $14.93 billion in revenue, and lifting its quarterly payout to $1.02 per share from $0.97.

Bank of New York Mellon Corp increased its stake in Chubb Limited (NYSE:CB - Free Report) by 74.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,420,692 shares of the financial services provider's stock after buying an additional 1,457,992 shares during the quarter. Bank of New York Mellon Corp owned about 0.88% of Chubb worth $1,114,906,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CB. Spire Wealth Management boosted its stake in shares of Chubb by 490.5% in the fourth quarter. Spire Wealth Management now owns 8,615 shares of the financial services provider's stock worth $2,689,000 after buying an additional 7,156 shares during the last quarter. Chesley Taft & Associates LLC raised its position in Chubb by 7.4% during the fourth quarter. Chesley Taft & Associates LLC now owns 102,427 shares of the financial services provider's stock valued at $31,970,000 after acquiring an additional 7,043 shares in the last quarter. Pallas Capital Advisors LLC lifted its holdings in Chubb by 42.3% in the fourth quarter. Pallas Capital Advisors LLC now owns 14,243 shares of the financial services provider's stock valued at $4,446,000 after acquiring an additional 4,233 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Chubb by 1.7% in the first quarter. Janney Montgomery Scott LLC now owns 315,893 shares of the financial services provider's stock valued at $102,959,000 after acquiring an additional 5,225 shares during the period. Finally, waypoint wealth counsel boosted its position in Chubb by 76.4% in the 4th 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. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Chubb from $304.00 to $330.00 and gave the company a "hold" rating in a research note on Monday, March 23rd. BMO Capital Markets lifted their price objective on shares of Chubb from $326.00 to $339.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Bank of America decreased their price objective on shares of Chubb from $286.00 to $271.00 and set an "underperform" rating for the company in a research report on Tuesday, April 14th. Wolfe Research increased their target price on shares of Chubb from $372.00 to $373.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Finally, Keefe, Bruyette & Woods raised their target price on Chubb from $374.00 to $389.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $357.73.

Insider Buying and Selling at Chubb

In related news, COO John W. Keogh sold 23,000 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total value of $7,394,730.00. Following the transaction, the chief operating officer directly owned 203,322 shares of the company's stock, valued at approximately $65,370,056.22. This trade represents a 10.16% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.37% of the stock is currently owned by company insiders.

Chubb Price Performance

Chubb stock opened at $337.06 on Thursday. The stock has a market capitalization of $130.73 billion, a P/E ratio of 11.90, a P/E/G ratio of 1.77 and a beta of 0.40. The company's fifty day moving average price is $331.24 and its 200 day moving average price is $325.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.28 and a current ratio of 0.28. Chubb Limited has a 1 year low of $264.10 and a 1 year high of $365.29.

Chubb (NYSE:CB - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The financial services provider reported $6.82 earnings per share for the quarter. The company had revenue of $14.93 billion during the quarter. Chubb had a net margin of 18.58% and a return on equity of 14.30%. As a group, equities research analysts anticipate that Chubb Limited will post 26.76 earnings per share for the current fiscal year.

Chubb Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were given a dividend of $1.02 per share. This is a boost 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 dividend yield of 1.2%. Chubb's payout ratio is currently 14.41%.

Chubb 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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