Jennison Associates LLC Has $169.61 Million Position in Chubb Limited $CB

Key Points

• Jennison Associates LLC reduced its Chubb stake by 6.2% in the first quarter, but still held 520,383 shares valued at about $169.6 million, according to its latest SEC filing.
• Wall Street remains cautious on Chubb overall: analysts have a consensus “Hold” rating with an average price target of $357.73, even as several firms recently raised their targets.
• Chubb increased its quarterly dividend to $1.02 per share from $0.97, bringing the annualized payout to $4.08 and the dividend yield to about 1.2%.

Jennison Associates LLC cut its stake in Chubb Limited (NYSE:CB - Free Report) by 6.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 520,383 shares of the financial services provider's stock after selling 34,205 shares during the quarter. Jennison Associates LLC owned approximately 0.13% of Chubb worth $169,608,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Aviance Capital Partners LLC bought a new stake in shares of Chubb during the 1st quarter worth about $281,000. Quadrant Private Wealth Management LLC bought a new position in Chubb in the 1st quarter valued at about $218,000. Ranch Capital Advisors Inc. raised its holdings in Chubb by 2.1% in the 1st quarter. Ranch Capital Advisors Inc. now owns 2,559 shares of the financial services provider's stock valued at $836,000 after acquiring an additional 52 shares during the period. Zhang Financial LLC acquired a new stake in Chubb during the first quarter worth approximately $513,000. Finally, Kera Capital Partners Inc. lifted its position in Chubb by 7.2% during the first quarter. Kera Capital Partners Inc. now owns 1,818 shares of the financial services provider's stock worth $593,000 after acquiring an additional 122 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group upped their target price on Chubb from $340.00 to $369.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Weiss Ratings raised Chubb from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 29th. Deutsche Bank Aktiengesellschaft boosted their price target on Chubb from $304.00 to $330.00 and gave the company a "hold" rating in a research note on Monday, March 23rd. Citigroup reaffirmed an "outperform" rating on shares of Chubb in a report on Friday, July 10th. Finally, Wells Fargo & Company increased their price objective on Chubb from $333.00 to $358.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $357.73.

Insiders Place Their Bets

In other news, COO John W. Keogh sold 23,000 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the completion of the sale, the chief operating officer directly owned 203,322 shares in the company, valued at approximately $65,370,056.22. This represents a 10.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Chubb Stock Up 2.4%

Shares of CB opened at $352.07 on Friday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.20. Chubb Limited has a 12 month low of $264.10 and a 12 month high of $365.29. The firm's 50 day moving average is $332.32 and its 200-day moving average is $325.68. The stock has a market capitalization of $136.55 billion, a PE ratio of 12.43, a P/E/G ratio of 1.82 and a beta of 0.40.

Chubb (NYSE:CB - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The financial services provider reported $6.82 earnings per share (EPS) for the quarter. The business had revenue of $14.93 billion during the quarter. Chubb had a return on equity of 14.30% and a net margin of 18.58%. Equities research analysts forecast that Chubb Limited will post 26.75 EPS for the current year.

Chubb Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a $1.02 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $4.08 annualized dividend and a yield of 1.2%. This is a boost from Chubb's previous quarterly dividend of $0.97. Chubb's payout ratio is presently 14.41%.

Chubb 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.

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