California Public Employees Retirement System Cuts Stock Position in Chubb Limited $CB

Key Points

• CalPERS trimmed its Chubb stake by 26.5% in the first quarter, selling 298,832 shares and leaving it with 829,916 shares valued at about $270.5 million.
• Insider selling also occurred as COO John W. Keogh sold 23,000 shares for roughly $7.39 million, reducing his direct ownership by 10.16%.
• Chubb continues to show strong fundamentals and shareholder returns, with shares up 2.4% to $352.07, solid quarterly earnings of $6.82 per share, and a dividend increase to $1.02 per share.

California Public Employees Retirement System cut its position in Chubb Limited (NYSE:CB - Free Report) by 26.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 829,916 shares of the financial services provider's stock after selling 298,832 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of Chubb worth $270,495,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its stake in shares of Chubb by 148.5% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 82 shares of the financial services provider's stock worth $26,000 after acquiring an additional 49 shares in the last quarter. Frazier Financial Advisors LLC boosted its stake in Chubb by 86.4% in the first quarter. Frazier Financial Advisors LLC now owns 82 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Merkkuri Wealth Advisors LLC acquired a new stake in Chubb in the first quarter valued at approximately $29,000. Laurel Wealth Advisors LLC purchased a new position in Chubb in the fourth quarter worth $31,000. Finally, Ares Financial Consulting LLC purchased a new position in Chubb in the fourth quarter worth $32,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity 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 stock was sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the sale, the chief operating officer directly owned 203,322 shares of the company's stock, valued at $65,370,056.22. This trade represents a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CB. Barclays set a $387.00 price objective on Chubb in a report on Tuesday, July 7th. Evercore restated an "outperform" rating and set a $374.00 target price on shares of Chubb in a research note on Friday, July 10th. JPMorgan Chase & Co. upped their target price on Chubb from $330.00 to $340.00 and gave the company a "neutral" rating in a research report on Monday, April 20th. Weiss Ratings upgraded Chubb from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 29th. Finally, Mizuho raised their price target on Chubb from $335.00 to $352.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Chubb currently has an average rating of "Hold" and a consensus price target of $357.73.

Chubb Stock Up 2.4%

CB stock opened at $352.07 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.28 and a quick ratio of 0.28. The firm's fifty day simple moving average is $332.32 and its 200-day simple moving average is $325.68. Chubb Limited has a 12 month low of $264.10 and a 12 month high of $365.29. The company has a market capitalization of $136.55 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 1.78 and a beta of 0.40.

Chubb (NYSE:CB - Get Free Report) last posted its earnings results on Tuesday, March 31st. The financial services provider reported $6.82 earnings per share (EPS) for the quarter. Chubb had a net margin of 18.58% and a return on equity of 14.30%. The company had revenue of $14.93 billion during the quarter. As a group, equities research analysts forecast that Chubb Limited will post 26.75 earnings per share for the current year.

Chubb Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were issued a $1.02 dividend. This is a boost from Chubb's previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Friday, June 12th. This represents a $4.08 annualized dividend and a dividend yield of 1.2%. Chubb's payout ratio is presently 14.41%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.