Goldman Sachs Group Inc. Decreases Stock Position in Chubb Limited $CB

Key Points

• Goldman Sachs Group Inc. has decreased its stake in Chubb Limited by 10.1%, selling 211,759 shares, which leaves it with approximately 1.89 million shares valued at around $571.9 million.
• Chubb recently announced a quarterly dividend of $0.97, with an annualized dividend yield of 1.4%, reinforcing its commitment to shareholder returns.
• The company reported earnings per share of $6.14 for the last quarter, exceeding estimates, while revenue reached $14.2 billion, demonstrating a 6.3% increase year-over-year.

Goldman Sachs Group Inc. reduced its position in Chubb Limited (NYSE:CB - Free Report) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,893,782 shares of the financial services provider's stock after selling 211,759 shares during the period. Goldman Sachs Group Inc. owned about 0.47% of Chubb worth $571,903,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Legato Capital Management LLC raised its holdings in Chubb by 120.9% in the 1st quarter. Legato Capital Management LLC now owns 10,200 shares of the financial services provider's stock worth $3,080,000 after acquiring an additional 5,582 shares during the last quarter. Jump Financial LLC raised its stake in Chubb by 633.6% during the 1st quarter. Jump Financial LLC now owns 8,180 shares of the financial services provider's stock valued at $2,470,000 after buying an additional 7,065 shares during the last quarter. Davis Rea LTD. purchased a new stake in Chubb during the 1st quarter valued at $5,117,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Chubb by 15.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,753,719 shares of the financial services provider's stock valued at $760,853,000 after buying an additional 366,559 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Chubb by 3.3% during the 1st quarter. First Horizon Advisors Inc. now owns 43,280 shares of the financial services provider's stock valued at $13,070,000 after buying an additional 1,375 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Chubb Trading Down 0.9%

Shares of Chubb stock opened at $277.32 on Monday. The company has a market capitalization of $110.56 billion, a P/E ratio of 12.23, a P/E/G ratio of 3.13 and a beta of 0.56. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.28 and a current ratio of 0.28. The company has a fifty day moving average of $274.97 and a 200 day moving average of $283.28. Chubb Limited has a fifty-two week low of $252.16 and a fifty-two week high of $306.91.

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

Chubb Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 12th will be issued a $0.97 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $3.88 annualized dividend and a yield of 1.4%. Chubb's dividend payout ratio is currently 17.12%.

Chubb announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

CB has been the subject of a number of research reports. Citigroup initiated coverage on shares of Chubb in a research note on Wednesday, August 13th. They set a "buy" rating and a $326.00 target price for the company. Deutsche Bank Aktiengesellschaft lowered shares of Chubb from a "buy" rating to a "hold" rating and set a $303.00 target price for the company. in a research note on Tuesday, May 20th. HSBC lowered shares of Chubb from a "buy" rating to a "hold" rating and decreased their target price for the company from $317.00 to $300.00 in a research note on Friday, August 1st. UBS Group reduced their price objective on Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. Finally, Wells Fargo & Company reduced their price objective on Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. One equities 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $302.00.

Insider Activity

In other Chubb news, insider John J. Lupica sold 5,513 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $290.06, for a total transaction 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. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Corbat acquired 425 shares of the company's stock in a transaction on Friday, July 25th. The shares were bought at an average cost of $269.80 per share, with a total value of $114,665.00. Following the acquisition, the director directly owned 2,450 shares in the company, valued at approximately $661,010. The trade was a 20.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.86% of the stock is owned by corporate insiders.

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.

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