Chubb Limited $CB Shares Acquired by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC boosted its stake in Chubb Limited by 19.6%, acquiring a total of 1,410,449 shares worth approximately $423.8 million.
• Chubb reported $6.14 earnings per share for its most recent quarter, exceeding the consensus estimate of $5.84, while revenue reached $14.20 billion, surpassing expectations.
• The company has initiated a $5 billion share repurchase program, which reflects the board's belief that the shares are undervalued.

AQR Capital Management LLC increased its position in shares of Chubb Limited (NYSE:CB - Free Report) by 19.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,410,449 shares of the financial services provider's stock after purchasing an additional 231,404 shares during the period. AQR Capital Management LLC owned 0.35% of Chubb worth $423,826,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC raised its holdings in Chubb by 112.1% during the first quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider's stock worth $2,836,899,000 after purchasing an additional 4,964,298 shares in the last quarter. Demars Financial Group LLC raised its holdings in Chubb by 16.4% during the first quarter. Demars Financial Group LLC now owns 6,238,632 shares of the financial services provider's stock worth $1,884,004,000 after purchasing an additional 878,177 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Chubb by 6.9% during the first quarter. Ameriprise Financial Inc. now owns 4,696,682 shares of the financial services provider's stock worth $1,418,398,000 after purchasing an additional 304,751 shares in the last quarter. Royal Bank of Canada raised its holdings in Chubb by 46.7% during the fourth quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider's stock worth $1,217,392,000 after purchasing an additional 1,403,545 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in Chubb by 9.2% in the 4th quarter. Deutsche Bank AG now owns 3,603,145 shares of the financial services provider's stock valued at $995,549,000 after acquiring an additional 302,699 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Chubb Trading Up 0.5%

NYSE CB opened at $276.52 on Wednesday. Chubb Limited has a twelve month low of $252.16 and a twelve month high of $306.91. 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 stock has a market cap of $110.25 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 3.10 and a beta of 0.56. The firm's 50 day moving average price is $275.30 and its two-hundred day moving average price is $282.91.

Chubb (NYSE:CB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, topping the consensus estimate of $5.84 by $0.30. Chubb had a net margin of 16.08% and a return on equity of 12.34%. The firm had revenue of $14.20 billion for the quarter, compared to analysts' expectations of $12.53 billion. During the same period in the previous year, the company posted $5.38 EPS. The company's quarterly revenue was up 6.3% compared to the same quarter last year. Equities analysts anticipate that Chubb Limited will post 21.52 EPS for the current year.

Chubb Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 12th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, September 12th. Chubb's payout ratio is presently 17.12%.

Chubb announced that its board has initiated a share repurchase program on Thursday, May 15th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CB shares. Wells Fargo & Company cut their price target on shares of Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Barclays downgraded shares of Chubb from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $321.00 to $298.00 in a report on Monday, July 7th. UBS Group cut their price target on shares of Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Cantor Fitzgerald raised shares of Chubb to a "hold" rating in a report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods upped 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. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Chubb has an average rating of "Hold" and an average target price of $302.00.

Insiders Place Their Bets

In other news, insider John J. Lupica sold 5,513 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $290.06, for a total value of $1,599,100.78. Following the completion of the sale, the insider directly owned 91,180 shares of the company's stock, valued at $26,447,670.80. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John W. Keogh purchased 9,810 shares of Chubb stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $292.99 per share, with a total value of $2,874,231.90. Following the completion of the transaction, the chief operating officer directly owned 247,538 shares of the company's stock, valued at $72,526,158.62. This represents a 4.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.86% of the company's stock.

About Chubb

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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