Glenview Trust co Sells 7,570 Shares of Chubb Limited $CB

Key Points

• Glenview Trust co has reduced its stake in Chubb Limited by 13%, holding 50,484 shares valued at approximately $15.25 million following a sale of 7,570 shares in the first quarter.
• Chubb announced a quarterly dividend of $0.97 per share, with an annualized dividend yield of 1.4%, scheduled for payment on October 3rd.
• Chubb's latest earnings report showed EPS of $6.14, exceeding analysts' expectations, with revenue up by 6.3% year-over-year, totaling $14.20 billion.

Glenview Trust co lowered its stake in Chubb Limited (NYSE:CB - Free Report) by 13.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,484 shares of the financial services provider's stock after selling 7,570 shares during the quarter. Glenview Trust co's holdings in Chubb were worth $15,246,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Advisory Alpha LLC raised its stake in Chubb by 2.8% during the 1st quarter. Advisory Alpha LLC now owns 1,585 shares of the financial services provider's stock worth $479,000 after buying an additional 43 shares during the period. Bayforest Capital Ltd raised its stake in Chubb by 160.6% during the 1st quarter. Bayforest Capital Ltd now owns 172 shares of the financial services provider's stock worth $52,000 after buying an additional 106 shares during the period. Alaethes Wealth LLC raised its stake in Chubb by 3.2% during the 1st quarter. Alaethes Wealth LLC now owns 8,263 shares of the financial services provider's stock worth $2,503,000 after buying an additional 259 shares during the period. SCS Capital Management LLC acquired a new stake in Chubb during the 1st quarter worth $7,077,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Chubb by 1.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,784,053 shares of the financial services provider's stock worth $840,756,000 after buying an additional 30,334 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Activity

In related news, Director Michael Corbat acquired 425 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was bought at an average price 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 approximately $661,010. The trade was a 20.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John J. Lupica sold 5,513 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $290.06, for a total value of $1,599,100.78. Following the completion of the transaction, the insider owned 91,180 shares of the company's stock, valued at $26,447,670.80. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. 0.77% of the stock is owned by company insiders.

Chubb Stock Down 1.7%

Shares of NYSE CB traded down $4.87 during mid-day trading on Friday, hitting $278.02. The company had a trading volume of 2,115,158 shares, compared to its average volume of 1,621,329. The company has a market capitalization of $110.84 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 3.19 and a beta of 0.56. The firm has a 50-day simple moving average of $274.38 and a two-hundred day simple moving average of $283.34. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.18. Chubb Limited has a one year low of $252.16 and a one year high of $306.91.

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 for the quarter, beating the consensus estimate of $5.84 by $0.30. The company had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $12.53 billion. Chubb had a return on equity of 12.34% and a net margin of 16.08%.Chubb's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $5.38 EPS. On average, equities analysts expect that Chubb Limited will post 21.52 EPS for the current year.

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

Chubb Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 12th will be issued a $0.97 dividend. The ex-dividend date is Friday, September 12th. This represents a $3.88 annualized dividend and a dividend yield of 1.4%. Chubb's dividend payout ratio (DPR) is presently 17.12%.

Analyst Ratings Changes

Several brokerages recently commented on CB. UBS Group dropped their price objective on Chubb from $304.00 to $292.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Citigroup assumed coverage on Chubb in a research note on Wednesday, August 13th. They issued a "buy" rating and a $326.00 price target on the stock. Piper Sandler reissued a "neutral" rating and issued a $283.00 price target (down previously from $335.00) on shares of Chubb in a research note on Thursday, July 24th. Wells Fargo & Company dropped their price target on Chubb from $285.00 to $267.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft downgraded Chubb from a "buy" rating to a "hold" rating and set a $303.00 price target on the stock. in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $302.00.

About Chubb

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.