Chubb Limited $CB Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System reduced its Chubb stake by 3.2% in the first quarter, selling 8,969 shares and leaving it with 271,683 shares valued at about $88.6 million.
• Insider selling also occurred, with COO John W. Keogh selling 23,000 shares for roughly $7.4 million, cutting his direct ownership by about 10.2%.
• Chubb’s fundamentals remain solid: the stock recently traded near its 52-week high, the company reported quarterly EPS of $6.82, and it raised its dividend to $1.02 per share, or $4.08 annually.

New York State Teachers Retirement System cut its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 271,683 shares of the financial services provider's stock after selling 8,969 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of Chubb worth $88,550,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CB. Cherry Tree Wealth Management LLC raised its holdings in shares of Chubb by 38.3% during the fourth quarter. Cherry Tree Wealth Management LLC now owns 112 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 31 shares during the period. Phillips Wealth Planners LLC raised its position in Chubb by 1.8% during the fourth quarter. Phillips Wealth Planners LLC now owns 1,737 shares of the financial services provider's stock valued at $521,000 after buying an additional 31 shares during the period. Hoxton Planning & Management LLC lifted its stake in Chubb by 4.3% in the 4th quarter. Hoxton Planning & Management LLC now owns 746 shares of the financial services provider's stock worth $233,000 after acquiring an additional 31 shares in the last quarter. Kathmere Capital Management LLC lifted its stake in Chubb by 2.7% in the 4th quarter. Kathmere Capital Management LLC now owns 1,297 shares of the financial services provider's stock worth $405,000 after acquiring an additional 34 shares in the last quarter. Finally, Wright Investors Service Inc. boosted its position in Chubb by 0.7% during the 4th quarter. Wright Investors Service Inc. now owns 4,927 shares of the financial services provider's stock worth $1,538,000 after acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Activity

In other 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 value of $7,394,730.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.37% of the company's stock.

Chubb Stock Up 2.6%

Shares of CB stock opened at $360.89 on Friday. The stock's 50 day simple moving average is $326.70 and its 200 day simple moving average is $322.79. Chubb Limited has a twelve month low of $264.10 and a twelve month high of $361.33. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.28 and a current ratio of 0.28. The company has a market capitalization of $139.98 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.80 and a beta of 0.40.

Chubb (NYSE:CB - Get Free Report) last announced its earnings results on Tuesday, March 31st. The financial services provider reported $6.82 earnings per share (EPS) for the quarter. Chubb had a return on equity of 14.30% and a net margin of 18.58%.The firm had revenue of $14.93 billion during the quarter. As a group, research analysts predict that Chubb Limited will post 26.77 EPS for the current year.

Chubb Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Chubb's previous quarterly dividend of $0.97. The ex-dividend date was Friday, June 12th. Chubb's dividend payout ratio is currently 14.41%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. BMO Capital Markets lifted their target price on Chubb from $326.00 to $339.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Bank of America reduced their price target 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 raised their price target on shares of Chubb from $372.00 to $373.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. The Goldman Sachs Group boosted their price objective on shares of Chubb from $362.00 to $386.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, HSBC upped their price objective on shares of Chubb from $362.00 to $370.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $350.24.

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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