Massachusetts Financial Services Co. MA lowered its stake in Chubb Limited (NYSE:CB - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,725,355 shares of the financial services provider's stock after selling 148,022 shares during the period. Chubb makes up approximately 0.8% of Massachusetts Financial Services Co. MA's holdings, making the stock its 21st largest holding. Massachusetts Financial Services Co. MA owned about 1.93% of Chubb worth $2,332,980,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Demars Financial Group LLC boosted its position in Chubb by 26,761.4% in the fourth quarter. Demars Financial Group LLC now owns 5,360,455 shares of the financial services provider's stock worth $1,481,094,000 after purchasing an additional 5,340,499 shares during the last quarter. Norges Bank bought a new stake in Chubb in the 4th quarter valued at $1,169,720,000. GAMMA Investing LLC grew its stake in shares of Chubb by 36,831.3% in the 1st quarter. GAMMA Investing LLC now owns 2,084,033 shares of the financial services provider's stock worth $629,357,000 after buying an additional 2,078,390 shares in the last quarter. Royal Bank of Canada grew its position in Chubb by 46.7% in 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 in the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new position in shares of Chubb during the 4th quarter valued at approximately $336,972,000. Hedge funds and other institutional investors own 83.81% of the company's stock.
Insider Activity at Chubb
In related news, COO John W. Keogh sold 9,794 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $292.99, for a total transaction of $2,869,544.06. Following the sale, the chief operating officer owned 247,538 shares of the company's stock, valued at $72,526,158.62. The trade was a 3.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John J. Lupica sold 5,513 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total value of $1,599,100.78. Following the completion of the sale, the insider owned 91,180 shares of the company's stock, valued at $26,447,670.80. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,390 shares of company stock worth $29,163,135. 0.86% of the stock is owned by insiders.
Analyst Ratings Changes
A number of research analysts have recently commented on CB shares. Piper Sandler upped their target price on Chubb from $310.00 to $335.00 and gave the company an "overweight" rating in a research note on Tuesday, April 1st. JPMorgan Chase & Co. boosted their target price on shares of Chubb from $300.00 to $307.00 and gave the stock a "neutral" rating in a report on Tuesday, April 8th. Wells Fargo & Company raised their target price on Chubb from $278.00 to $285.00 and gave the stock an "equal weight" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered shares of Chubb from a "buy" rating to a "hold" rating and set a $303.00 price objective on the stock. in a research note on Tuesday, May 20th. Finally, Morgan Stanley increased their target price on shares of Chubb from $280.00 to $300.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $307.13.
Check Out Our Latest Report on CB
Chubb Stock Performance
Shares of CB opened at $277.66 on Monday. The company has a market capitalization of $111.27 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 3.09 and a beta of 0.53. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.28 and a current ratio of 0.28. Chubb Limited has a 1 year low of $252.16 and a 1 year high of $306.91. The company's 50 day simple moving average is $287.42 and its 200 day simple moving average is $282.28.
Chubb (NYSE:CB - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The financial services provider reported $3.68 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.40. The company had revenue of $12.65 billion during the quarter, compared to the consensus estimate of $11.22 billion. Chubb had a return on equity of 12.37% and a net margin of 15.05%. On average, sell-side analysts predict that Chubb Limited will post 21.52 EPS for the current year.
Chubb announced that its board has approved a share repurchase program on Thursday, May 15th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.
Chubb Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were given a $0.97 dividend. The ex-dividend date of this dividend was Friday, June 13th. This is an increase from Chubb's previous quarterly dividend of $0.91. This represents a $3.88 annualized dividend and a yield of 1.40%. Chubb's dividend payout ratio (DPR) is currently 18.67%.
Chubb Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding CB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chubb Limited (NYSE:CB - Free Report).
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