KLP Kapitalforvaltning AS Cuts Stake in Chubb Limited (NYSE:CB)

KLP Kapitalforvaltning AS trimmed its holdings in Chubb Limited (NYSE:CB - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,902 shares of the financial services provider's stock after selling 4,400 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Chubb were worth $44,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Peoples Bank KS bought a new stake in shares of Chubb in the first quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in Chubb during the first quarter worth approximately $25,000. North Capital Inc. purchased a new stake in shares of Chubb in the first quarter valued at approximately $26,000. Crowley Wealth Management Inc. purchased a new stake in Chubb during the fourth quarter worth $29,000. Finally, Cherry Tree Wealth Management LLC boosted its holdings in Chubb by 56.6% in the first quarter. Cherry Tree Wealth Management LLC now owns 119 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 43 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Chubb Price Performance

Shares of CB traded down $0.52 during mid-day trading on Friday, hitting $269.66. 952,407 shares of the company traded hands, compared to its average volume of 1,778,430. The stock has a market capitalization of $108.06 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 2.99 and a beta of 0.53. The company has a current ratio of 0.34, a quick ratio of 0.28 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average of $285.03 and a 200 day moving average of $282.24. Chubb Limited has a one year low of $252.16 and a one year high of $306.91.

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

Chubb Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were given a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.88 dividend on an annualized basis and a yield of 1.44%. This is a positive change from Chubb's previous quarterly dividend of $0.91. Chubb's payout ratio is currently 17.12%.

Chubb announced that its Board of Directors has approved a stock buyback 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

CB has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on Chubb from $300.00 to $307.00 and gave the stock a "neutral" rating in a report on Tuesday, April 8th. Morgan Stanley lifted their target price on shares of Chubb from $280.00 to $300.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Keefe, Bruyette & Woods upped their price objective on Chubb from $314.00 to $324.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Barclays cut Chubb from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $321.00 to $298.00 in a research report on Monday, July 7th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Chubb from a "buy" rating to a "hold" rating and set a $303.00 price objective for the company. in a research report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $302.64.

Insiders Place Their Bets

In related news, COO John W. Keogh sold 85,083 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief operating officer owned 237,728 shares in the company, valued at $68,998,174.72. The trade was a 26.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John J. Lupica sold 5,513 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the completion of the sale, the insider owned 91,180 shares of the company's stock, valued at approximately $26,447,670.80. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,390 shares of company stock worth $29,163,135. 0.77% of the stock is owned by company insiders.

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.