Korea Investment CORP Reduces Stock Holdings in Chubb Limited $CB

Key Points

• Korea Investment CORP decreased its stake in Chubb Limited by 5.6% in Q1, selling 15,120 shares, and now owns 256,398 shares valued at approximately $77.43 million.
• Chubb's COO sold 85,083 shares at an average price of $290.24, reducing his position by 26.36%, while insider transactions in the last ninety days indicate that corporate insiders have sold a total of 100,390 shares.
• Several analysts have downgraded their ratings for Chubb, with Barclays and HSBC lowering their target prices, reflecting challenges for the company's stock, currently rated as a "Hold" with a consensus target price of $302.31.

Korea Investment CORP reduced its position in Chubb Limited (NYSE:CB - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 256,398 shares of the financial services provider's stock after selling 15,120 shares during the period. Korea Investment CORP owned about 0.06% of Chubb worth $77,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. GQG Partners LLC lifted its stake in shares of Chubb by 112.1% in the 1st quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider's stock valued at $2,836,899,000 after purchasing an additional 4,964,298 shares during the period. Demars Financial Group LLC increased its holdings in Chubb by 16.4% in the 1st quarter. Demars Financial Group LLC now owns 6,238,632 shares of the financial services provider's stock worth $1,884,004,000 after acquiring an additional 878,177 shares in the last quarter. Royal Bank of Canada raised its position in Chubb by 46.7% during the fourth quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider's stock worth $1,217,392,000 after acquiring an additional 1,403,545 shares during the period. Northern Trust Corp raised its position in Chubb by 15.3% during the fourth quarter. Northern Trust Corp now owns 3,923,754 shares of the financial services provider's stock worth $1,084,133,000 after acquiring an additional 522,049 shares during the period. Finally, Deutsche Bank AG raised its position in Chubb by 9.2% during the fourth quarter. Deutsche Bank AG now owns 3,603,145 shares of the financial services provider's stock worth $995,549,000 after acquiring an additional 302,699 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Evercore ISI set a $312.00 price objective on shares of Chubb in a research report on Wednesday, July 23rd. Morgan Stanley reduced their price objective on shares of Chubb from $300.00 to $295.00 and set an "equal weight" rating for the company in a research report on Monday. Raymond James Financial restated a "strong-buy" rating on shares of Chubb in a research report on Thursday, April 24th. Barclays cut shares of Chubb from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $321.00 to $298.00 in a research report on Monday, July 7th. Finally, Piper Sandler restated a "neutral" rating and set a $283.00 price objective (down from $335.00) on shares of Chubb in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $302.00.

Insider Transactions at Chubb

In other Chubb news, Director Michael Corbat purchased 425 shares of Chubb stock in a transaction dated Friday, July 25th. The shares were acquired at an average price of $269.80 per share, with a total value of $114,665.00. Following the completion of the transaction, the director owned 2,450 shares of the company's stock, valued at $661,010. This trade represents a 20.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John J. Lupica sold 5,513 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the sale, the insider directly owned 91,180 shares in the company, valued at $26,447,670.80. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company's stock.

Chubb Trading Down 0.5%

Shares of CB traded down $1.4450 during mid-day trading on Friday, reaching $277.3750. The stock had a trading volume of 1,401,679 shares, compared to its average volume of 1,796,234. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28. Chubb Limited has a 52-week low of $252.16 and a 52-week high of $306.91. The business's fifty day moving average is $276.95 and its 200 day moving average is $282.49. The firm has a market cap of $110.59 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 3.16 and a beta of 0.53.

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 (EPS) for the quarter, beating analysts' consensus estimates of $5.84 by $0.30. Chubb had a net margin of 16.08% and a return on equity of 12.34%. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $12.53 billion. During the same quarter in the prior year, the firm posted $5.38 earnings per share. Chubb's quarterly revenue was up 6.3% on a year-over-year basis. On average, sell-side analysts predict that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb Dividend Announcement

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

Chubb announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 15th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.