Chubb Limited $CB Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has decreased its stake in Chubb Limited by 1.9%, selling 72,661 shares during the first quarter, resulting in ownership of approximately $1.16 billion worth of stock.
• Chubb's quarterly earnings surpassed expectations, with an EPS of $6.14 compared to the consensus estimate of $5.84, along with a revenue of $14.20 billion which is higher than analysts' expectations.
• The company has initiated a $5 billion stock repurchase plan, indicating that management believes shares are undervalued, and declared a quarterly dividend of $0.97 per share, reflecting a modest yield of 1.4%.

Northern Trust Corp decreased its stake in Chubb Limited (NYSE:CB - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,851,093 shares of the financial services provider's stock after selling 72,661 shares during the period. Northern Trust Corp owned approximately 0.96% of Chubb worth $1,162,992,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of Chubb by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,945 shares of the financial services provider's stock worth $537,000 after purchasing an additional 221 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Chubb in the 4th quarter worth $205,000. Bank Pictet & Cie Europe AG purchased a new position in Chubb in the 4th quarter valued at about $1,320,000. Ossiam boosted its position in Chubb by 13.2% in the 4th quarter. Ossiam now owns 15,784 shares of the financial services provider's stock valued at $4,361,000 after buying an additional 1,839 shares during the last quarter. Finally, Norinchukin Bank The grew its stake in shares of Chubb by 10.2% during the fourth quarter. Norinchukin Bank The now owns 17,271 shares of the financial services provider's stock valued at $4,772,000 after acquiring an additional 1,595 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael Corbat purchased 425 shares of Chubb stock in a transaction dated Friday, July 25th. The stock was bought at an average cost of $269.80 per share, with a total value of $114,665.00. Following the purchase, the director owned 2,450 shares in the company, valued at approximately $661,010. The trade was a 20.99% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO John W. Keogh sold 9,794 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $292.99, for a total transaction of $2,869,544.06. Following the completion of the transaction, the chief operating officer owned 247,538 shares of the company's stock, valued at $72,526,158.62. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.77% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CB. Cantor Fitzgerald raised Chubb to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company reduced their target price on Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Citigroup began coverage on shares of Chubb in a research note on Wednesday, August 13th. They issued a "buy" rating and a $326.00 price target for the company. Deutsche Bank Aktiengesellschaft downgraded shares of Chubb from a "buy" rating to a "hold" rating and set a $303.00 price objective on the stock. in a research note on Tuesday, May 20th. Finally, HSBC downgraded shares of Chubb from a "buy" rating to a "hold" rating and dropped their target price for the stock from $317.00 to $300.00 in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $302.00.

Chubb Stock Performance

CB traded up $5.6320 during trading hours on Wednesday, hitting $279.4320. The company's stock had a trading volume of 2,438,563 shares, compared to its average volume of 2,083,536. The company has a 50-day simple moving average of $277.15 and a 200 day simple moving average of $282.46. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $111.41 billion, a PE ratio of 12.33, a PEG ratio of 3.09 and a beta of 0.53. Chubb Limited has a fifty-two week low of $252.16 and a fifty-two week high of $306.91.

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

Chubb announced that its Board of Directors has authorized 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 usually an indication that the company's leadership believes its stock is undervalued.

Chubb Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, September 12th. Chubb's payout ratio is 17.12%.

Chubb Profile

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.