Bank of Nova Scotia Sells 125,986 Shares of Chubb Limited $CB

Key Points

• Bank of Nova Scotia cut its Chubb stake by 87.5% in the first quarter, selling 125,986 shares and retaining 18,058 shares valued at approximately $5.9 million. Institutional investors collectively own 83.81% of Chubb.
• Chubb reported quarterly EPS of $7.26, beating the $6.77 consensus estimate, while revenue rose 3.6% year over year to $16.01 billion. The company also increased its quarterly dividend from $0.97 to $1.02 per share.
• Analysts maintain a mixed outlook, with Chubb receiving a consensus rating of “Hold” and an average price target of $360.09; the stock opened at $359.00, near its 52-week high of $365.29.

Bank of Nova Scotia reduced its holdings in shares of Chubb Limited (NYSE:CB - Free Report) by 87.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,058 shares of the financial services provider's stock after selling 125,986 shares during the period. Bank of Nova Scotia's holdings in Chubb were worth $5,886,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Spire Wealth Management lifted its holdings in shares of Chubb by 490.5% during the fourth quarter. Spire Wealth Management now owns 8,615 shares of the financial services provider's stock valued at $2,689,000 after purchasing an additional 7,156 shares in the last quarter. Janney Montgomery Scott LLC raised its position 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 worth $102,959,000 after buying an additional 5,225 shares during the last quarter. waypoint wealth counsel lifted its stake in Chubb by 76.4% during the 4th quarter. waypoint wealth counsel now owns 4,118 shares of the financial services provider's stock valued at $1,285,000 after acquiring an additional 1,784 shares during the period. National Pension Service boosted its holdings in shares of Chubb by 24.4% during the 4th quarter. National Pension Service now owns 1,148,474 shares of the financial services provider's stock valued at $358,462,000 after acquiring an additional 225,515 shares during the last quarter. Finally, Harbour Investments Inc. boosted its holdings in shares of Chubb by 884.1% during the 4th quarter. Harbour Investments Inc. now owns 9,959 shares of the financial services provider's stock valued at $3,108,000 after acquiring an additional 8,947 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group boosted their target price on shares of Chubb from $340.00 to $369.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Piper Sandler lifted their price objective on Chubb from $340.00 to $374.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. BMO Capital Markets upped their price objective on Chubb from $326.00 to $339.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Barclays set a $387.00 target price on Chubb in a research report on Tuesday, July 7th. Finally, Citigroup restated a "market outperform" rating on shares of Chubb in a research note on Wednesday, July 22nd. Two equities research 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's stock. According to data from MarketBeat, Chubb presently has an average rating of "Hold" and a consensus target price of $360.09.

Insider Activity at Chubb

In other Chubb news, COO John W. Keogh sold 23,000 shares of the company'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 in the company, valued at $65,370,056.22. This represents a 10.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.37% of the company's stock.

Chubb Stock Down 0.2%

CB opened at $359.00 on Tuesday. The firm has a 50-day simple moving average of $336.13 and a two-hundred day simple moving average of $327.52. Chubb Limited has a 52 week low of $264.10 and a 52 week high of $365.29. The company has a market capitalization of $139.24 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.80 and a beta of 0.40. The company has a quick ratio of 0.28, a current ratio of 0.36 and a debt-to-equity ratio of 0.20.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.77 by $0.49. The company had revenue of $16.01 billion for the quarter, compared to the consensus estimate of $15.07 billion. Chubb had a net margin of 18.10% and a return on equity of 14.47%. Chubb's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.14 earnings per share. Analysts forecast that Chubb Limited will post 27.15 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. Stockholders of record on Friday, June 12th were issued a $1.02 dividend. The ex-dividend date was Friday, June 12th. This is a boost from Chubb's previous quarterly dividend of $0.97. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.1%. Chubb's dividend payout ratio (DPR) is currently 14.43%.

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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