Chubb Limited $CB Shares Sold by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC reduced its stake in Chubb Limited by 2.4%, holding 97,367 shares worth approximately $29.4 million at the end of the first quarter.
• Chubb posted a quarterly earnings per share (EPS) of $6.14, exceeding analyst expectations, with revenues hitting $14.20 billion, up 6.3% year-over-year.
• The company declared a quarterly dividend of $0.97 per share, with a scheduled payment date of October 3rd, 2023, representing a yield of 1.4%.

MetLife Investment Management LLC trimmed its holdings in shares of Chubb Limited (NYSE:CB - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,367 shares of the financial services provider's stock after selling 2,380 shares during the period. MetLife Investment Management LLC's holdings in Chubb were worth $29,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Legato Capital Management LLC boosted its holdings in shares of Chubb by 120.9% in the 1st quarter. Legato Capital Management LLC now owns 10,200 shares of the financial services provider's stock valued at $3,080,000 after buying an additional 5,582 shares in the last quarter. Davis Rea LTD. purchased a new position in shares of Chubb during the 1st quarter valued at approximately $5,117,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Chubb by 15.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,753,719 shares of the financial services provider's stock valued at $760,853,000 after purchasing an additional 366,559 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Chubb by 3.3% during the 1st quarter. First Horizon Advisors Inc. now owns 43,280 shares of the financial services provider's stock valued at $13,070,000 after purchasing an additional 1,375 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its stake in Chubb by 9.1% in the 1st quarter. Golden State Wealth Management LLC now owns 549 shares of the financial services provider's stock valued at $166,000 after acquiring an additional 46 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Chubb Trading Up 0.4%

NYSE:CB traded up $0.96 on Wednesday, reaching $272.96. 1,557,226 shares of the company's stock were exchanged, compared to its average volume of 1,751,724. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $108.83 billion, a price-to-earnings ratio of 12.04, a price-to-earnings-growth ratio of 3.07 and a beta of 0.53. The business has a fifty day moving average of $276.29 and a 200-day moving average of $282.62. Chubb Limited has a 52-week low of $252.16 and a 52-week high of $306.91.

Chubb (NYSE:CB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 EPS for the quarter, topping analysts' consensus estimates of $5.84 by $0.30. Chubb had a return on equity of 12.34% and a net margin of 16.08%.The business had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $12.53 billion. During the same period in the previous year, the company posted $5.38 earnings per share. The business's revenue for the quarter was up 6.3% on a year-over-year basis. As a group, analysts expect that Chubb Limited will post 21.52 earnings per share for the current year.

Chubb Announces Dividend

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

Chubb declared that its Board of Directors has initiated a share buyback plan on Thursday, May 15th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

CB has been the topic of a number of research analyst reports. Cantor Fitzgerald raised shares of Chubb to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company reduced their price target on Chubb from $285.00 to $267.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Keefe, Bruyette & Woods boosted their price objective on shares of Chubb from $314.00 to $324.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Evercore ISI set a $312.00 price objective on shares of Chubb in a report on Wednesday, July 23rd. Finally, 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 report on Tuesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $302.00.

Insider Transactions at Chubb

In other news, insider John J. Lupica sold 5,513 shares of the business's 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 completion of the transaction, the insider directly owned 91,180 shares of the company's stock, valued at approximately $26,447,670.80. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO John W. Keogh acquired 9,810 shares of the stock in a transaction dated Friday, June 6th. The shares were bought at an average cost of $292.99 per share, with a total value of $2,874,231.90. Following the completion of the transaction, the chief operating officer owned 247,538 shares of the company's stock, valued at approximately $72,526,158.62. This represents a 4.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.77% of the company's stock.

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.