Corebridge Financial Inc. Trims Stake in Chubb Limited $CB

Key Points

• Corebridge Financial Inc. has sold 7,004 shares of Chubb Limited, reducing its stake by 7.0%, leaving it with 93,307 shares worth approximately $28.18 million.
• Chubb recently reported strong quarterly earnings, with an EPS of $6.14 that exceeded expectations, and a year-over-year revenue increase of 6.3% to $14.20 billion.
• The company has declared a quarterly dividend of $0.97 per share, with plans for a $5 billion stock buyback program, reflecting confidence in its stock value.

Corebridge Financial Inc. lessened its position in Chubb Limited (NYSE:CB - Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,307 shares of the financial services provider's stock after selling 7,004 shares during the quarter. Corebridge Financial Inc.'s holdings in Chubb were worth $28,178,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. GQG Partners LLC raised its holdings in shares of Chubb by 112.1% in the 1st quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider's stock valued at $2,836,899,000 after buying an additional 4,964,298 shares during the period. Demars Financial Group LLC raised its holdings in shares of Chubb by 16.4% in the 1st quarter. Demars Financial Group LLC now owns 6,238,632 shares of the financial services provider's stock valued at $1,884,004,000 after buying an additional 878,177 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Chubb by 6.9% in the 1st quarter. Ameriprise Financial Inc. now owns 4,696,682 shares of the financial services provider's stock valued at $1,418,398,000 after buying an additional 304,751 shares during the period. Royal Bank of Canada raised its holdings in shares of Chubb by 46.7% in the 4th quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider's stock valued at $1,217,392,000 after buying an additional 1,403,545 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Chubb by 15.3% in the 4th quarter. Northern Trust Corp now owns 3,923,754 shares of the financial services provider's stock valued at $1,084,133,000 after buying an additional 522,049 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insider Transactions at Chubb

In other news, COO John W. Keogh bought 9,810 shares of Chubb stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $292.99 per share, with a total value of $2,874,231.90. Following the acquisition, the chief operating officer owned 247,538 shares of the company's stock, valued at approximately $72,526,158.62. This trade represents a 4.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael Corbat bought 425 shares of Chubb stock in a transaction dated Friday, July 25th. The stock was purchased at an average cost of $269.80 per share, with a total value of $114,665.00. Following the completion of the acquisition, the director directly owned 2,450 shares in the company, valued at approximately $661,010. The trade was a 20.99% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.77% of the company's stock.

Chubb Stock Up 0.4%

Shares of NYSE:CB traded up $0.96 on Wednesday, hitting $272.96. 1,557,226 shares of the company's stock were exchanged, compared to its average volume of 1,751,724. The firm's 50-day moving average is $276.11 and its 200 day moving average is $282.55. The company has a market capitalization of $108.83 billion, a PE ratio of 12.04, a P/E/G ratio of 3.07 and a beta of 0.53. Chubb Limited has a 1-year low of $252.16 and a 1-year high of $306.91. 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 (NYSE:CB - Get Free Report) last released its quarterly earnings data 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 business 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 business's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.38 EPS. Sell-side analysts predict that Chubb Limited will post 21.52 EPS for the current year.

Chubb announced that its board 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 repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Chubb Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 12th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, September 12th. Chubb's dividend payout ratio is currently 17.12%.

Analyst Ratings Changes

CB has been the topic of several research analyst reports. Morgan Stanley lowered their target price on Chubb from $300.00 to $295.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Wells Fargo & Company lowered 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. Evercore ISI set a $312.00 target price on Chubb in a research note on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft cut Chubb from a "buy" rating to a "hold" rating and set a $303.00 target price for the company. in a research note on Tuesday, May 20th. Finally, Piper Sandler reissued a "neutral" rating and set a $283.00 target price (down from $335.00) on shares of Chubb in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Chubb currently has an average rating of "Hold" and a consensus price target of $302.00.

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.