Assetmark Inc. Cuts Stock Holdings in Chubb Limited (NYSE:CB)

Key Points

• Assetmark Inc. reduced its holdings in Chubb Limited by 7.3%, owning a total of 62,466 shares valued at approximately $18.86 million as of its latest SEC filing.
• Wall Street analysts' ratings are mixed, with one sell rating, eight hold ratings, five buy ratings, and two strong buy ratings, while the average target price for Chubb shares is $302.64.
• Chubb increased its quarterly dividend to $0.97 per share and announced a $5 billion stock repurchase program, indicating the board's belief that shares may be undervalued.

Assetmark Inc. decreased its holdings in Chubb Limited (NYSE:CB - Free Report) by 7.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,466 shares of the financial services provider's stock after selling 4,923 shares during the quarter. Assetmark Inc.'s holdings in Chubb were worth $18,864,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Peoples Bank KS acquired a new stake in Chubb during the 1st quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Chubb in the 1st quarter valued at about $25,000. North Capital Inc. acquired a new position in shares of Chubb in the 1st quarter valued at about $26,000. IMA Advisory Services Inc. acquired a new position in shares of Chubb in the 1st quarter valued at about $31,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Chubb by 254.3% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 124 shares of the financial services provider's stock valued at $34,000 after buying an additional 89 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Activity at Chubb

In other news, Director Michael Corbat purchased 425 shares of the firm's stock in a transaction on Friday, July 25th. The shares were bought at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the completion of the purchase, the director directly owned 2,450 shares of the company's stock, valued at approximately $661,010. This trade represents a 20.99% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO John W. Keogh sold 85,083 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $290.24, for a total value of $24,694,489.92. Following the transaction, the chief operating officer owned 237,728 shares in the company, valued at $68,998,174.72. This trade represents a 26.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,390 shares of company stock worth $29,163,135. Insiders own 0.77% of the company's stock.

Chubb Trading Down 1.2%

CB traded down $3.28 during trading hours on Monday, reaching $265.87. The company's stock had a trading volume of 2,541,489 shares, compared to its average volume of 1,798,728. Chubb Limited has a fifty-two week low of $252.16 and a fifty-two week high of $306.91. The stock has a market cap of $106.54 billion, a PE ratio of 11.73, a P/E/G ratio of 3.07 and a beta of 0.53. The business's 50-day moving average is $284.54 and its 200-day moving average is $282.46. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.28.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 EPS for the quarter, beating analysts' consensus estimates of $5.84 by $0.30. Chubb had a return on equity of 12.34% and a net margin of 16.08%. 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 prior year, the firm posted $5.38 earnings per share. The firm's quarterly revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts predict that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb declared that its board has approved a share repurchase program on Thursday, May 15th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Chubb Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were issued a $0.97 dividend. The ex-dividend date was Friday, June 13th. This is a boost from Chubb's previous quarterly dividend of $0.91. This represents a $3.88 dividend on an annualized basis and a yield of 1.46%. Chubb's dividend payout ratio is currently 17.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Jefferies Financial Group boosted their price objective on Chubb from $307.00 to $308.00 and gave the company a "hold" rating in a report on Friday, April 11th. Deutsche Bank Aktiengesellschaft lowered Chubb from a "buy" rating to a "hold" rating and set a $303.00 price target for the company. in a research note on Tuesday, May 20th. Barclays lowered 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 research note on Monday, July 7th. UBS Group cut their price target on Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Wells Fargo & Company cut their price target on Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Chubb currently has an average rating of "Moderate Buy" and an average target price of $303.14.

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.