Chubb Limited $CB Shares Bought by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC. increased its stake in Chubb Limited by 23.9%, acquiring an additional 29,995 shares, bringing its total holdings to 155,359 shares valued at approximately $47 million.
• Chubb has announced a $5.00 billion share buyback program, indicating the board believes the stock is currently undervalued.
• Chubb's recent earnings report beat analysts' expectations with an EPS of $6.14, up from $5.38 in the same quarter last year, alongside a 6.3% revenue increase year-over-year.

First Manhattan CO. LLC. lifted its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 23.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 155,359 shares of the financial services provider's stock after buying an additional 29,995 shares during the quarter. First Manhattan CO. LLC.'s holdings in Chubb were worth $47,049,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CB. GQG Partners LLC grew its position in shares of Chubb by 112.1% during the first quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider's stock worth $2,836,899,000 after buying an additional 4,964,298 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Chubb by 36,831.3% during the first quarter. GAMMA Investing LLC now owns 2,084,033 shares of the financial services provider's stock worth $629,357,000 after buying an additional 2,078,390 shares in the last quarter. Nuveen LLC acquired a new position in shares of Chubb during the first quarter worth about $562,221,000. Royal Bank of Canada grew its position in shares of Chubb by 46.7% during the fourth quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider's stock worth $1,217,392,000 after buying an additional 1,403,545 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC acquired a new position in shares of Chubb during the fourth quarter worth about $336,972,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Chubb

In related news, insider John J. Lupica sold 5,513 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the transaction, the insider owned 91,180 shares of the company's stock, valued at $26,447,670.80. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael Corbat acquired 425 shares of the company's stock in a transaction that occurred on Friday, July 25th. The shares were acquired at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the acquisition, the director directly owned 2,450 shares of the company's stock, valued at $661,010. This trade represents a 20.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.77% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on CB. Evercore ISI set a $312.00 target price on Chubb in a research note on Wednesday, July 23rd. Cantor Fitzgerald upgraded Chubb to a "hold" rating in a research note on Wednesday, August 13th. UBS Group decreased their target price on Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. Hsbc Global Res cut Chubb from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. Finally, Keefe, Bruyette & Woods boosted their target price on Chubb from $314.00 to $324.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Chubb currently has an average rating of "Hold" and a consensus target price of $302.00.

Chubb Stock Performance

Shares of Chubb stock traded down $2.56 during trading hours on Friday, hitting $277.32. 2,523,189 shares of the company were exchanged, compared to its average volume of 1,507,873. Chubb Limited has a 1 year low of $252.16 and a 1 year high of $306.91. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average of $274.97 and a 200-day moving average of $283.05. The stock has a market capitalization of $110.56 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 3.16 and a beta of 0.56.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 EPS for the quarter, topping the consensus estimate of $5.84 by $0.30. Chubb had a return on equity of 12.34% and a net margin of 16.08%.The business had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $12.53 billion. During the same quarter in the prior year, the business earned $5.38 earnings per share. The company's quarterly revenue was up 6.3% compared to the same quarter last year. As a group, analysts expect that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb declared that its Board of Directors has authorized a share buyback program on Thursday, May 15th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Chubb Dividend Announcement

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