Korea Investment CORP Invests $118.62 Million in Chubb Limited $CB

Key Points

• Korea Investment CORP acquired 348,137 Chubb shares in the second quarter, valued at approximately $118.6 million and representing about 0.09% of the insurer. Institutional investors collectively own 83.81% of Chubb.
• Analysts maintain a broadly neutral view, with Chubb receiving an average “Hold” rating and a consensus price target of $361. Several firms recently raised their targets, including UBS to $369 and Morgan Stanley to $360.
• Chubb’s latest quarterly results exceeded expectations, with adjusted earnings of $7.26 per share versus a $6.77 estimate, while revenue rose 3.6% year over year. The company declared a quarterly dividend of $1.02, equivalent to a 1.2% annualized yield.

Korea Investment CORP purchased a new stake in shares of Chubb Limited (NYSE:CB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 348,137 shares of the financial services provider's stock, valued at approximately $118,624,000. Korea Investment CORP owned about 0.09% of Chubb at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its stake in Chubb by 1.7% in the first quarter. Janney Montgomery Scott LLC now owns 315,893 shares of the financial services provider's stock worth $102,959,000 after purchasing an additional 5,225 shares in the last quarter. National Pension Service lifted its position in Chubb by 24.4% during the 4th quarter. National Pension Service now owns 1,148,474 shares of the financial services provider's stock worth $358,462,000 after buying an additional 225,515 shares in the last quarter. Harbour Investments Inc. lifted its position in Chubb by 884.1% during the 4th quarter. Harbour Investments Inc. now owns 9,959 shares of the financial services provider's stock worth $3,108,000 after buying an additional 8,947 shares in the last quarter. Bessemer Group Inc. grew its holdings in Chubb by 16.8% during the 1st quarter. Bessemer Group Inc. now owns 16,639 shares of the financial services provider's stock worth $5,424,000 after acquiring an additional 2,389 shares during the last quarter. Finally, Seizert Capital Partners LLC acquired a new stake in Chubb in the 4th quarter valued at about $3,486,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Buying and Selling

In other news, COO John W. Keogh sold 23,000 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer directly owned 203,322 shares of the company's stock, valued at $65,370,056.22. This represents a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Joseph F. Wayland sold 8,502 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 33,749 shares of the company's stock, valued at $12,302,860.46. This represents a 20.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CB has been the topic of a number of research reports. Morgan Stanley upped their target price on shares of Chubb from $340.00 to $360.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Cantor Fitzgerald raised their price target on shares of Chubb from $318.00 to $337.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Atlantic Securities set a $301.00 price objective on Chubb in a report on Wednesday, July 15th. Wells Fargo & Company decreased their price objective on Chubb from $358.00 to $356.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 23rd. Finally, UBS Group lifted their target price on Chubb from $340.00 to $369.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Chubb has an average rating of "Hold" and a consensus target price of $361.00.

Chubb Stock Down 0.5%

Shares of NYSE:CB opened at $341.15 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market cap of $131.62 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.66 and a beta of 0.39. The company has a 50 day moving average of $345.88 and a 200-day moving average of $333.31. Chubb Limited has a one year low of $265.30 and a one year high of $365.91.

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, beating analysts' consensus estimates of $6.77 by $0.49. The company had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $15.07 billion. Chubb had a return on equity of 14.47% and a net margin of 18.10%.The firm's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.14 EPS. On average, sell-side analysts forecast that Chubb Limited will post 27.49 earnings per share for the current year.

Chubb Dividend Announcement

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

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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