Evercore Wealth Management LLC Sells 8,906 Shares of Chubb Limited $CB

Key Points

• Evercore Wealth Management reduced its Chubb position by 2.1%, selling 8,906 shares during the first quarter but retaining 420,570 shares worth approximately $137.1 million. Institutional investors collectively own 83.81% of Chubb.
• Chubb reported quarterly earnings of $7.26 per share, exceeding estimates of $6.77, while revenue reached $16.01 billion versus the $15.07 billion consensus estimate.
• Chubb raised its quarterly dividend to $1.02 per share from $0.97, bringing the annualized dividend to $4.08 and the yield to approximately 1.1%. Analysts’ average rating remains “Hold,” with an average price target of $360.09.

Evercore Wealth Management LLC lessened its position in shares of Chubb Limited (NYSE:CB - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 420,570 shares of the financial services provider's stock after selling 8,906 shares during the quarter. Chubb makes up about 2.2% of Evercore Wealth Management LLC's investment portfolio, making the stock its 15th largest position. Evercore Wealth Management LLC owned 0.11% of Chubb worth $137,076,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. CBIZ Investment Advisory Services LLC lifted its position in Chubb by 148.5% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 82 shares of the financial services provider's stock worth $26,000 after purchasing an additional 49 shares during the period. Frazier Financial Advisors LLC boosted its stake in Chubb by 86.4% during the first quarter. Frazier Financial Advisors LLC now owns 82 shares of the financial services provider's stock worth $27,000 after buying an additional 38 shares in the last quarter. Merkkuri Wealth Advisors LLC bought a new stake in Chubb in the 1st quarter valued at $29,000. Laurel Wealth Advisors LLC bought a new stake in Chubb in the 4th quarter valued at $31,000. Finally, Ares Financial Consulting LLC acquired a new position in shares of Chubb in the 4th quarter valued at $32,000. 83.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Chubb news, COO John W. Keogh sold 23,000 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the sale, the chief operating officer directly owned 203,322 shares of the company's stock, valued at approximately $65,370,056.22. This represents a 10.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.37% of the stock is currently owned by company insiders.

Chubb Stock Down 0.2%

Shares of NYSE CB opened at $359.00 on Tuesday. Chubb Limited has a 52-week low of $264.10 and a 52-week high of $365.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.28 and a current ratio of 0.36. The business has a fifty day moving average of $336.13 and a two-hundred day moving average of $327.52. The stock has a market cap of $139.24 billion, a PE ratio of 12.70, a PEG ratio of 1.80 and a beta of 0.40.

Chubb (NYSE:CB - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share for the quarter, topping the consensus estimate of $6.77 by $0.49. The business had revenue of $16.01 billion for the quarter, compared to analyst estimates of $15.07 billion. Chubb had a net margin of 18.10% and a return on equity of 14.47%. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.14 EPS. As a group, equities research analysts expect that Chubb Limited will post 27.15 earnings per share for the current fiscal year.

Chubb Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were given a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 1.1%. This is a boost from Chubb's previous quarterly dividend of $0.97. The ex-dividend date was Friday, June 12th. Chubb's dividend payout ratio (DPR) is presently 14.43%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CB. The Goldman Sachs Group raised their price objective on shares of Chubb from $362.00 to $386.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their target price on shares of Chubb from $374.00 to $389.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Wolfe Research increased their price target on shares of Chubb from $372.00 to $373.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Weiss Ratings upgraded shares of Chubb from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Chubb from $340.00 to $370.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Chubb currently has an average rating of "Hold" and an average target price of $360.09.

Chubb Company Profile

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

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