Bank of Nova Scotia lowered its stake in Chubb Limited (NYSE:CB - Free Report) by 53.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,380 shares of the financial services provider's stock after selling 202,261 shares during the period. Bank of Nova Scotia's holdings in Chubb were worth $53,265,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the business. Peoples Bank KS purchased a new position in Chubb in the 1st quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in Chubb in the first quarter valued at $25,000. North Capital Inc. acquired a new position in shares of Chubb during the first quarter worth about $26,000. IMA Advisory Services Inc. acquired a new position in Chubb during the first quarter worth about $31,000. Finally, Cherry Tree Wealth Management LLC lifted its holdings in shares of Chubb by 56.6% in the first quarter. Cherry Tree Wealth Management LLC now owns 119 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.
Chubb Stock Performance
NYSE:CB traded up $2.53 during mid-day trading on Wednesday, reaching $270.21. The stock had a trading volume of 223,889 shares, compared to its average volume of 1,804,271. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market capitalization of $107.73 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 3.03 and a beta of 0.53. Chubb Limited has a twelve month low of $252.16 and a twelve month high of $306.91. The business has a 50 day simple moving average of $281.42 and a 200 day simple moving average of $282.40.
Chubb (NYSE:CB - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, beating the consensus estimate of $5.84 by $0.30. The business had revenue of $14.20 billion for the quarter, compared to analyst estimates of $12.53 billion. Chubb had a net margin of 16.08% and a return on equity of 12.34%. The business's quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.38 EPS. On average, analysts expect that Chubb Limited will post 21.52 earnings per share for the current fiscal year.
Chubb Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were given a $0.97 dividend. This is a positive change from Chubb's previous quarterly dividend of $0.91. The ex-dividend date was Friday, June 13th. This represents a $3.88 annualized dividend and a yield of 1.4%. Chubb's payout ratio is currently 17.12%.
Chubb announced that its Board of Directors has approved a stock buyback plan on Thursday, May 15th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
CB has been the subject of several recent research reports. Raymond James Financial reissued a "strong-buy" rating on shares of Chubb in a research report on Thursday, April 24th. Evercore ISI set a $312.00 price objective on shares of Chubb in a research note on Wednesday, July 23rd. Jefferies Financial Group lifted their target price on shares of Chubb from $307.00 to $308.00 and gave the company a "hold" rating in a research note on Friday, April 11th. Keefe, Bruyette & Woods boosted their price target on shares of Chubb from $314.00 to $324.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Chubb from a "buy" rating to a "hold" rating and set a $303.00 target price on the stock. in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $301.50.
View Our Latest Stock Analysis on Chubb
Insiders Place Their Bets
In other Chubb news, COO John W. Keogh sold 85,083 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $290.24, for a total value of $24,694,489.92. Following the completion of the transaction, the chief operating officer owned 237,728 shares in the company, valued at approximately $68,998,174.72. This represents a 26.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John J. Lupica sold 5,513 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the completion of the transaction, the insider owned 91,180 shares of the company's stock, valued at approximately $26,447,670.80. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,390 shares of company stock worth $29,163,135. Insiders own 0.86% of the company's stock.
Chubb Company Profile
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Free Report)
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.
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