Cresset Asset Management LLC Has $19.63 Million Stock Position in Chubb Limited $CB

Key Points

• Cresset Asset Management LLC has reduced its position in Chubb Limited by 15.6%, holding 64,802 shares valued at approximately $19.63 million after selling 11,937 shares in the first quarter.
• Chubb had a strong quarterly performance, reporting $6.14 EPS and revenue of $14.20 billion, exceeding analyst estimates significantly.
• The company announced a quarterly dividend of $0.97 per share, reflecting a 1.4% dividend yield, and has initiated a share buyback program allowing for repurchase of up to $5 billion in shares.

Cresset Asset Management LLC lowered its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 15.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,802 shares of the financial services provider's stock after selling 11,937 shares during the quarter. Cresset Asset Management LLC's holdings in Chubb were worth $19,626,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CB. Peoples Bank KS acquired a new stake in shares of Chubb in the 1st quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Chubb in the 1st quarter valued at about $25,000. North Capital Inc. purchased a new position in shares of Chubb in the 1st quarter valued at about $26,000. IMA Advisory Services Inc. acquired a new stake in shares of Chubb during the 1st quarter worth about $31,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Chubb by 254.3% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 124 shares of the financial services provider's stock worth $34,000 after acquiring an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CB. Cantor Fitzgerald raised Chubb to a "hold" rating in a research report on Wednesday, August 13th. Hsbc Global Res lowered Chubb from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. Keefe, Bruyette & Woods upped their price objective on Chubb from $314.00 to $324.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. HSBC lowered Chubb from a "buy" rating to a "hold" rating and lowered their target price for the company from $317.00 to $300.00 in a report on Friday, August 1st. Finally, UBS Group decreased their price objective on Chubb from $304.00 to $292.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Chubb has a consensus rating of "Hold" and a consensus target price of $302.00.

Insider Activity

In related news, Director Michael Corbat acquired 425 shares of the stock in a transaction dated 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 purchase, the director owned 2,450 shares in the company, valued at approximately $661,010. This trade represents 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 company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $292.99, for a total value of $2,869,544.06. Following the completion of the sale, the chief operating officer owned 247,538 shares in the company, valued at approximately $72,526,158.62. This represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company's stock.

Chubb Stock Down 0.3%

Shares of CB stock traded down $0.9570 on Thursday, reaching $278.7230. 1,069,652 shares of the company's stock traded hands, compared to its average volume of 1,798,376. The business's 50 day moving average price is $277.15 and its two-hundred day moving average price is $282.46. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.28 and a current ratio of 0.28. Chubb Limited has a 12-month low of $252.16 and a 12-month high of $306.91. The company has a market capitalization of $111.12 billion, a P/E ratio of 12.29, a price-to-earnings-growth ratio of 3.09 and a beta of 0.53.

Chubb (NYSE:CB - Get Free Report) last issued its earnings results 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. The firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $12.53 billion. Chubb had a return on equity of 12.34% and a net margin of 16.08%.The business's quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.38 earnings per share. On average, equities analysts forecast that Chubb Limited will post 21.52 earnings per share for the current year.

Chubb Dividend Announcement

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

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

Chubb Company 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.