First Citizens Bank & Trust Co. Purchases 4,436 Shares of Chubb Limited $CB

Key Points

• First Citizens Bank & Trust Co. nearly doubled its Chubb stake in the third quarter, purchasing 4,436 additional shares for a total holding of 9,121 shares valued at approximately $2.97 million.
• Institutional ownership remains high at 83.81%, with Berkshire Hathaway, BlackRock, and GQG Partners each establishing multibillion-dollar positions during the second quarter.
• Analysts maintain a generally neutral outlook: Chubb has a consensus “Hold” rating and an average price target of $358.36, while the company reported quarterly EPS of $7.26, exceeding estimates.

First Citizens Bank & Trust Co. grew its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 94.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,121 shares of the financial services provider's stock after purchasing an additional 4,436 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Chubb were worth $2,967,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Berkshire Hathaway Inc acquired a new stake in Chubb in the second quarter worth about $11,670,067,000. BlackRock Inc. bought a new stake in shares of Chubb during the 2nd quarter worth about $9,913,336,000. GQG Partners LLC bought a new stake in shares of Chubb during the 2nd quarter worth about $4,250,113,000. Bank of America Corp DE raised its position in shares of Chubb by 3.1% during the 1st quarter. Bank of America Corp DE now owns 4,908,624 shares of the financial services provider's stock worth $1,599,868,000 after buying an additional 147,876 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Chubb by 74.3% in the 1st quarter. Bank of New York Mellon Corp now owns 3,420,692 shares of the financial services provider's stock worth $1,114,906,000 after acquiring an additional 1,457,992 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wells Fargo & Company cut their price objective on Chubb from $356.00 to $343.00 and set an "equal weight" rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $354.00 target price on shares of Chubb in a report on Wednesday, July 22nd. Barclays set a $387.00 target price on Chubb in a report on Tuesday, July 7th. Cantor Fitzgerald boosted their price target on shares of Chubb from $330.00 to $333.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 7th. Finally, Weiss Ratings downgraded shares of Chubb from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Chubb presently has a consensus rating of "Hold" and an average price target of $358.36.

Chubb Price Performance

NYSE CB opened at $350.05 on Thursday. The stock's 50-day moving average is $340.26 and its two-hundred day moving average is $335.98. Chubb Limited has a fifty-two week low of $265.30 and a fifty-two week high of $365.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $135.05 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 1.52 and a beta of 0.36.

Chubb (NYSE:CB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share for the quarter, beating the consensus estimate of $6.77 by $0.49. The company had revenue of $11.97 billion during the quarter, compared to analysts' expectations of $15.07 billion. Chubb had a return on equity of 14.47% and a net margin of 18.10%. Chubb's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $6.14 earnings per share. On average, analysts anticipate that Chubb Limited will post 27.68 earnings per share for the current fiscal year.

Chubb Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Friday, September 11th were given a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, September 11th. Chubb's payout ratio is 14.43%.

Insider Activity at Chubb

In related news, EVP Joseph Wayland sold 8,502 shares of Chubb stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the transaction, the executive vice president owned 33,749 shares of the company's stock, valued at $12,302,860.46. This trade represents a 20.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael P. Connors sold 5,500 shares of Chubb stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $345.00, for a total value of $1,897,500.00. Following the transaction, the director owned 12,803 shares in the company, valued at $4,417,035. This trade represents a 30.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.37% of the company's stock.

Chubb Company Profile

Chubb Limited NYSE: CB is a global insurance company that provides property and casualty, accident and health, life, and reinsurance products and services. Its offerings serve individuals, businesses, multinational corporations, and institutional customers.

The company provides commercial and personal property and casualty coverage, including general liability, commercial property, professional liability, cyber insurance, workers' compensation, homeowners insurance, automobile coverage, and specialty insurance.

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