Freestone Grove Partners LP Invests $48.20 Million in Chubb Limited $CB

Key Points

• Freestone Grove Partners initiated a $48.2 million Chubb position by purchasing 141,457 shares in the second quarter. Institutional investors collectively own 83.81% of the insurer.
• Chubb reported quarterly earnings of $7.26 per share, beating the $6.77 consensus estimate, while revenue rose 3.6% year over year. Shares recently traded at $344.08, near analysts’ average $361 price target, with a consensus “Hold” rating.
• Chubb declared a quarterly dividend of $1.02, equivalent to $4.08 annually and a 1.2% yield. Two insiders also sold shares in separate transactions during July and August.

Freestone Grove Partners LP bought a new stake in shares of Chubb Limited (NYSE:CB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 141,457 shares of the financial services provider's stock, valued at approximately $48,200,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. IMG Wealth Management Inc. acquired a new stake in shares of Chubb during the second quarter valued at approximately $25,000. Dunhill Financial LLC acquired a new position in Chubb in the 2nd quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC grew its position in Chubb by 148.5% during the 4th 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 in the last quarter. Frazier Financial Advisors LLC grew its position in Chubb by 86.4% during the 1st quarter. Frazier Financial Advisors LLC now owns 82 shares of the financial services provider's stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Finally, Merkkuri Wealth Advisors LLC acquired a new stake in Chubb during the 1st quarter valued at $29,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Chubb Trading Up 0.3%

Shares of NYSE:CB opened at $344.08 on Thursday. The firm has a fifty day moving average of $346.84 and a two-hundred day moving average of $333.88. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.22. Chubb Limited has a 12-month low of $265.30 and a 12-month high of $365.91. The firm has a market capitalization of $132.75 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.66 and a beta of 0.39.

Chubb (NYSE:CB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share for the quarter, topping analysts' consensus estimates of $6.77 by $0.49. Chubb had a net margin of 18.10% and a return on equity of 14.47%. The business had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $15.07 billion. During the same period in the prior year, the business posted $6.14 earnings per share. Chubb's revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities analysts expect that Chubb Limited will post 27.49 EPS for the current fiscal year.

Chubb Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 11th will be paid a $1.02 dividend. The ex-dividend date is Friday, September 11th. This represents a $4.08 dividend on an annualized basis and a yield of 1.2%. Chubb's payout ratio is 14.43%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CB. Cantor Fitzgerald increased their target price on Chubb from $318.00 to $337.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Mizuho upped their price target on Chubb from $335.00 to $352.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Atlantic Securities set a $301.00 price target on Chubb in a research report on Wednesday, July 15th. Evercore reissued an "outperform" rating and issued a $374.00 price objective on shares of Chubb in a research note on Friday, July 10th. Finally, Citizens Jmp restated a "market outperform" rating and set a $400.00 price objective on shares of Chubb in a research report on Wednesday, July 22nd. 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 assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $361.00.

Insider Transactions at Chubb

In other news, EVP Joseph F. Wayland sold 8,502 shares of Chubb stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the completion of the sale, the executive vice president directly owned 33,749 shares in the company, valued at $12,302,860.46. The trade was a 20.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael P. Connors sold 5,500 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 12,803 shares of the company's stock, valued at approximately $4,417,035. The trade was a 30.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.37% of the company's stock.

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.

Want to see what other hedge funds are holding CB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chubb Limited (NYSE:CB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source