LPL Financial LLC Reduces Stock Position in Chubb Limited $CB

Key Points

• LPL Financial LLC reduced its Chubb stake by 3.2% in the fourth quarter, selling 17,100 shares and leaving it with 514,013 shares valued at about $160.4 million.
• Chubb reported strong recent results, including $6.82 EPS and $14.93 billion in quarterly revenue, while analysts on average still rate the stock Moderate Buy with a $349.43 price target.
• The company raised its quarterly dividend to $1.02 per share from $0.97, and recent insider sales included transactions by Director Olivier Steimer and COO John W. Keogh.

LPL Financial LLC cut its stake in Chubb Limited (NYSE:CB - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 514,013 shares of the financial services provider's stock after selling 17,100 shares during the period. LPL Financial LLC owned approximately 0.13% of Chubb worth $160,434,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CB. Berkshire Hathaway Inc increased its holdings in Chubb by 15.9% in the third quarter. Berkshire Hathaway Inc now owns 31,332,895 shares of the financial services provider's stock valued at $8,843,710,000 after buying an additional 4,299,111 shares in the last quarter. Norges Bank purchased a new position in Chubb in the fourth quarter valued at about $1,081,190,000. AQR Capital Management LLC increased its holdings in Chubb by 75.1% in the third quarter. AQR Capital Management LLC now owns 2,798,546 shares of the financial services provider's stock valued at $785,468,000 after buying an additional 1,199,963 shares in the last quarter. Woodline Partners LP purchased a new position in Chubb in the third quarter valued at about $220,217,000. Finally, Amundi increased its holdings in Chubb by 55.4% in the third quarter. Amundi now owns 1,946,622 shares of the financial services provider's stock valued at $557,493,000 after buying an additional 693,740 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Chubb Stock Performance

NYSE:CB opened at $330.55 on Thursday. The firm has a 50 day simple moving average of $324.87 and a 200-day simple moving average of $318.67. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.28 and a quick ratio of 0.28. The firm has a market cap of $128.21 billion, a PE ratio of 11.67, a P/E/G ratio of 1.66 and a beta of 0.41. Chubb Limited has a 1-year low of $264.10 and a 1-year high of $345.67.

Chubb (NYSE:CB - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The financial services provider reported $6.82 earnings per share for the quarter. The business had revenue of $14.93 billion during the quarter. Chubb had a net margin of 18.58% and a return on equity of 14.30%. On average, equities analysts expect that Chubb Limited will post 26.8 EPS for the current year.

Chubb Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th will be given a $1.02 dividend. This is a boost from Chubb's previous quarterly dividend of $0.97. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, June 12th. Chubb's dividend payout ratio (DPR) is presently 14.41%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citizens Jmp lifted their target price on shares of Chubb from $350.00 to $365.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 22nd. HSBC lifted their target price on shares of Chubb from $362.00 to $370.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Evercore lifted their target price on shares of Chubb from $347.00 to $349.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Piper Sandler lifted their target price on shares of Chubb from $328.00 to $340.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. Finally, The Goldman Sachs Group cut their target price on shares of Chubb from $372.00 to $362.00 and set a "buy" rating for the company in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $349.43.

Insider Buying and Selling

In other news, Director Olivier Steimer sold 2,000 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $329.30, for a total value of $658,600.00. Following the completion of the transaction, the director owned 25,468 shares of the company's stock, valued at $8,386,612.40. The trade was a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO John W. Keogh sold 23,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were 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 approximately $65,370,056.22. This represents a 10.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.37% of the company's stock.

Chubb Company 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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