Costello Asset Management INC Raises Stake in Chubb Limited $CB

Key Points

• Costello Asset Management INC increased its investment in Chubb Limited by 313.0% in the second quarter, owning 13,732 shares worth approximately $3,978,000.
• Chubb's stock received several analyst upgrades, with a consensus rating of "Moderate Buy" and an average price target of $306.82.
• The company reported a quarterly earnings per share (EPS) of $6.14, surpassing analyst estimates and reflecting 6.3% year-over-year revenue growth.

Costello Asset Management INC increased its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 313.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 13,732 shares of the financial services provider's stock after purchasing an additional 10,407 shares during the period. Chubb accounts for 1.5% of Costello Asset Management INC's investment portfolio, making the stock its 16th largest position. Costello Asset Management INC's holdings in Chubb were worth $3,978,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Chubb in the 1st quarter valued at about $25,000. North Capital Inc. purchased a new stake in shares of Chubb in the 1st quarter valued at about $26,000. IMA Advisory Services Inc. purchased a new stake in shares of Chubb in the 1st quarter valued at about $31,000. 1248 Management LLC purchased a new stake in shares of Chubb in the 1st quarter valued at about $31,000. Finally, WPG Advisers LLC purchased a new stake in shares of Chubb in the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CB shares. Citigroup started coverage on Chubb in a report on Wednesday, August 13th. They issued a "buy" rating and a $326.00 price target on the stock. Jefferies Financial Group raised their price target on Chubb from $295.00 to $297.00 and gave the company a "hold" rating in a report on Tuesday. Cantor Fitzgerald raised Chubb to a "hold" rating in a report on Wednesday, August 13th. Piper Sandler reaffirmed a "neutral" rating and issued a $283.00 price target (down previously from $335.00) on shares of Chubb in a report on Thursday, July 24th. Finally, HSBC cut Chubb from a "buy" rating to a "hold" rating and decreased their price objective for the company from $317.00 to $300.00 in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $306.82.

Insider Buying and Selling

In related news, Director Michael Corbat purchased 425 shares of the firm's stock in a transaction on Friday, July 25th. The shares were acquired at an average cost of $269.80 per share, with a total value of $114,665.00. Following 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 document filed with the SEC, which is available at the SEC website. 0.77% of the stock is owned by company insiders.

Chubb Price Performance

Shares of Chubb stock opened at $284.13 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28. The business's 50 day simple moving average is $276.36 and its two-hundred day simple moving average is $282.07. The stock has a market capitalization of $113.28 billion, a P/E ratio of 12.53, a price-to-earnings-growth ratio of 3.23 and a beta of 0.54. 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 EPS for the quarter, topping analysts' consensus estimates of $5.84 by $0.30. The business had revenue of $14.20 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm earned $5.38 EPS. Analysts forecast that Chubb Limited will post 21.52 EPS for the current year.

Chubb Announces Dividend

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

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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