DnB Asset Management AS Acquires 67,262 Shares of Chubb Limited $CB

Key Points

• DnB Asset Management AS increased its stake in Chubb Limited to $169.80 million, holding 562,263 shares following a 13.6% increase in Q1.
• Chubb's most recent earnings report indicated $6.14 EPS, surpassing estimates, with revenues of $14.20 billion, a year-over-year increase of 6.3%.
• The company announced a quarterly dividend of $0.97 per share and initiated a stock repurchase program allowing for the buyback of $5 billion in shares.

DnB Asset Management AS increased its position in Chubb Limited (NYSE:CB - Free Report) by 13.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 562,263 shares of the financial services provider's stock after purchasing an additional 67,262 shares during the quarter. Chubb makes up 0.8% of DnB Asset Management AS's portfolio, making the stock its 25th biggest position. DnB Asset Management AS owned 0.14% of Chubb worth $169,798,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CB. Legato Capital Management LLC boosted its holdings in Chubb by 120.9% during the first quarter. Legato Capital Management LLC now owns 10,200 shares of the financial services provider's stock worth $3,080,000 after buying an additional 5,582 shares during the last quarter. Jump Financial LLC boosted its holdings in Chubb by 633.6% during the first quarter. Jump Financial LLC now owns 8,180 shares of the financial services provider's stock worth $2,470,000 after buying an additional 7,065 shares during the last quarter. Davis Rea LTD. bought a new position in shares of Chubb during the 1st quarter valued at about $5,117,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Chubb by 15.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,753,719 shares of the financial services provider's stock valued at $760,853,000 after purchasing an additional 366,559 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Chubb by 3.3% during the 1st quarter. First Horizon Advisors Inc. now owns 43,280 shares of the financial services provider's stock valued at $13,070,000 after purchasing an additional 1,375 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Chubb Stock Up 0.1%

NYSE CB traded up $0.25 during trading on Monday, hitting $277.63. The stock had a trading volume of 1,343,639 shares, compared to its average volume of 1,785,441. The company has a market capitalization of $110.69 billion, a PE ratio of 12.25, a P/E/G ratio of 3.13 and a beta of 0.56. Chubb Limited has a 12 month low of $252.16 and a 12 month high of $306.91. The company's 50-day moving average price is $274.97 and its two-hundred day moving average price is $283.28. 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 posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, topping the consensus estimate of $5.84 by $0.30. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $5.38 EPS. As a group, sell-side analysts forecast that Chubb Limited will post 21.52 EPS for the current year.

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

Chubb Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Michael Corbat bought 425 shares of the business's stock in a transaction dated Friday, July 25th. The stock was purchased at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the transaction, the director owned 2,450 shares in the company, valued at $661,010. The trade was a 20.99% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John J. Lupica sold 5,513 shares of the company's stock in a transaction on 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 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. Corporate insiders own 0.86% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CB shares. UBS Group cut their price objective on Chubb from $304.00 to $292.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. Keefe, Bruyette & Woods lifted their price objective on Chubb from $314.00 to $324.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley cut their price objective on Chubb from $300.00 to $295.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Evercore ISI set a $312.00 target price on Chubb in a research note on Wednesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft cut Chubb from a "buy" rating to a "hold" rating and set a $303.00 target price on the stock. in a research note on Tuesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $302.00.

About Chubb

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.