Chubb Limited (NYSE:CB) Stake Increased by SouthState Corp

Key Points

• SouthState Corp has increased its stake in Chubb Limited by 2.2%, now owning 56,086 shares valued at $16.94 million.
• Chubb recently reported an EPS of $6.14 for the last quarter, exceeding expectations of $5.84, along with a revenue of $14.20 billion, which was also above analysts' forecasts.
• The company has initiated a $5 billion stock buyback program, indicating management's belief that its shares are currently undervalued.

SouthState Corp increased its stake in Chubb Limited (NYSE:CB - Free Report) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,086 shares of the financial services provider's stock after buying an additional 1,195 shares during the period. SouthState Corp's holdings in Chubb were worth $16,937,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its stake in Chubb by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,945 shares of the financial services provider's stock valued at $537,000 after purchasing an additional 221 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Chubb during the fourth quarter valued at $205,000. Bank Pictet & Cie Europe AG bought a new stake in Chubb during the fourth quarter valued at $1,320,000. FIL Ltd boosted its holdings in shares of Chubb by 131.0% during the fourth quarter. FIL Ltd now owns 11,160 shares of the financial services provider's stock valued at $3,084,000 after acquiring an additional 6,329 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Chubb during the fourth quarter valued at $19,893,000. Institutional investors own 83.81% of the company's stock.

Chubb Price Performance

Shares of Chubb stock opened at $271.30 on Friday. 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 company's 50-day moving average price is $280.01 and its two-hundred day moving average price is $282.42. Chubb Limited has a 52 week low of $252.16 and a 52 week high of $306.91. The stock has a market cap of $108.16 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 3.07 and a beta of 0.53.

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

Chubb Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 1.4%. This is a boost from Chubb's previous quarterly dividend of $0.91. The ex-dividend date was Friday, June 13th. Chubb's dividend payout ratio (DPR) is presently 17.12%.

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

Analyst Ratings Changes

CB has been the subject of several analyst reports. Raymond James Financial reissued a "strong-buy" rating on shares of Chubb in a report on Thursday, April 24th. Deutsche Bank Aktiengesellschaft downgraded shares of Chubb from a "buy" rating to a "hold" rating and set a $303.00 price target for the company. in a report on Tuesday, May 20th. Wells Fargo & Company reduced their price target on shares of Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Morgan Stanley boosted their price target 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. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Chubb from $314.00 to $324.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Chubb presently has a consensus rating of "Hold" and a consensus price target of $301.50.

Insiders Place Their Bets

In other Chubb news, insider John J. Lupica sold 5,513 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $290.06, for a total value of $1,599,100.78. Following the sale, the insider directly owned 91,180 shares in the company, valued at approximately $26,447,670.80. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO John W. Keogh sold 9,794 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $292.99, for a total transaction 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 trade represents a 3.81% 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. 0.77% of the stock is owned by corporate 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.

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