Eastern Bank Has $1.83 Million Stock Position in Chubb Limited (NYSE:CB)

Key Points

• Eastern Bank increased its holdings in Chubb Limited by 32.2% in Q1, acquiring 1,471 additional shares for a total of 6,045 shares worth approximately $1.83 million.
• Chubb recently reported earnings of $6.14 per share, exceeding expectations, with a revenue of $14.2 billion, showcasing a 6.3% increase year-over-year.
• The company approved a $5 billion stock repurchase plan, indicating management's belief that its stock is undervalued, and it also raised its quarterly dividend to $0.97 per share.

Eastern Bank raised its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,045 shares of the financial services provider's stock after buying an additional 1,471 shares during the period. Eastern Bank's holdings in Chubb were worth $1,826,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of 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 acquiring an additional 221 shares during the period. Revolve Wealth Partners LLC acquired a new position in shares of Chubb in the 4th quarter worth approximately $205,000. Bank Pictet & Cie Europe AG acquired a new position in shares of Chubb in the 4th quarter worth approximately $1,320,000. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Chubb by 21.6% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 900 shares of the financial services provider's stock worth $249,000 after acquiring an additional 160 shares in the last quarter. Finally, May Hill Capital LLC acquired a new position in Chubb during the 4th quarter worth $254,000. 83.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Chubb news, Director Michael Corbat acquired 425 shares of Chubb stock in a transaction that occurred on Friday, July 25th. The shares were bought at an average price of $269.80 per share, with a total value of $114,665.00. Following the completion of the purchase, the director directly owned 2,450 shares in the company, valued at $661,010. This trade represents a 20.99% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO John W. Keogh sold 85,083 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $290.24, for a total transaction of $24,694,489.92. Following the completion of the transaction, the chief operating officer owned 237,728 shares in the company, valued at approximately $68,998,174.72. The trade was a 26.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,390 shares of company stock valued at $29,163,135 in the last 90 days. Corporate insiders own 0.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CB. Piper Sandler reaffirmed a "neutral" rating and set a $283.00 price objective (down previously from $335.00) on shares of Chubb in a report on Thursday, July 24th. Morgan Stanley raised their price objective on Chubb from $280.00 to $300.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. HSBC cut Chubb from a "buy" rating to a "hold" rating and lowered their target price for the stock from $317.00 to $300.00 in a report on Friday. Evercore ISI set a $312.00 price objective on Chubb in a report on Wednesday, July 23rd. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Chubb in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $301.50.

Chubb Price Performance

Shares of NYSE CB traded up $1.36 during midday trading on Friday, reaching $267.40. The company's stock had a trading volume of 3,214,985 shares, compared to its average volume of 2,088,874. 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 Limited has a fifty-two week low of $252.16 and a fifty-two week high of $306.91. The business's 50 day moving average price is $282.23 and its two-hundred day moving average price is $282.35. The company has a market cap of $106.61 billion, a P/E ratio of 11.80, a P/E/G ratio of 3.02 and a beta of 0.53.

Chubb (NYSE:CB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating 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 net margin of 16.08% and a return on equity of 12.34%. The firm's quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the firm posted $5.38 earnings per share. On average, analysts forecast that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb declared that its board has initiated a stock repurchase plan on Thursday, May 15th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Chubb Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, June 13th. This is a boost from Chubb's previous quarterly dividend of $0.91. Chubb's payout ratio is currently 17.12%.

Chubb Company 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.