NewEdge Wealth LLC Trims Stake in Chubb Limited $CB

Key Points

• NewEdge Wealth LLC cut its Chubb stake by 36.8% in Q1, selling 7,336 shares and ending with 12,590 shares valued at about $4.1 million.
• Chubb reported strong quarterly results, posting EPS of $7.26 versus the $6.77 estimate and revenue of $16.01 billion, both ahead of expectations.
• The company also raised its quarterly dividend to $1.02 per share from $0.97, while analysts currently rate the stock a consensus “Hold” with a target price around $360.09.

NewEdge Wealth LLC reduced its holdings in Chubb Limited (NYSE:CB - Free Report) by 36.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,590 shares of the financial services provider's stock after selling 7,336 shares during the quarter. NewEdge Wealth LLC's holdings in Chubb were worth $4,103,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CI Investments Inc. raised its stake in Chubb by 125.2% in the first quarter. CI Investments Inc. now owns 3,428 shares of the financial services provider's stock valued at $1,117,000 after purchasing an additional 1,906 shares in the last quarter. First Trust Advisors LP grew its stake in Chubb by 5.3% in the 1st quarter. First Trust Advisors LP now owns 1,605,984 shares of the financial services provider's stock worth $523,438,000 after buying an additional 80,186 shares in the last quarter. ABN Amro Investment Solutions bought a new position in shares of Chubb in the 1st quarter worth $16,637,000. Oslo Pensjonsforsikring AS purchased a new stake in shares of Chubb during the 1st quarter valued at $422,000. Finally, Andra AP fonden lifted its holdings in shares of Chubb by 347.6% during the 1st quarter. Andra AP fonden now owns 62,043 shares of the financial services provider's stock worth $20,222,000 after acquiring an additional 48,183 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Chubb Stock Performance

NYSE CB opened at $359.78 on Friday. The company has a 50-day simple moving average of $335.55 and a two-hundred day simple moving average of $327.09. The company has a quick ratio of 0.28, a current ratio of 0.36 and a debt-to-equity ratio of 0.20. Chubb Limited has a 12-month low of $264.10 and a 12-month high of $365.29. The firm has a market cap of $139.55 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 1.77 and a beta of 0.40.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, topping the consensus estimate of $6.77 by $0.49. The firm had revenue of $16.01 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 company's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.14 earnings per share. On average, equities analysts forecast that Chubb Limited will post 27.08 EPS for the current year.

Chubb Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, June 12th. This is a positive change from Chubb's previous quarterly dividend of $0.97. Chubb's dividend payout ratio is 14.43%.

Insider Transactions at Chubb

In other Chubb news, COO John W. Keogh sold 23,000 shares of Chubb stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $321.51, for a total value of $7,394,730.00. Following the transaction, the chief operating officer directly owned 203,322 shares of the company's stock, valued at $65,370,056.22. The trade was a 10.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on CB. BMO Capital Markets increased their target price on Chubb from $326.00 to $339.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. Piper Sandler lifted their price target on Chubb from $340.00 to $374.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Wolfe Research upped their price objective on Chubb from $372.00 to $373.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Evercore reiterated an "outperform" rating and set a $374.00 price objective on shares of Chubb in a research report on Friday, July 10th. Finally, Bank of America dropped their target price on Chubb from $286.00 to $271.00 and set an "underperform" rating for the company in a research report on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $360.09.

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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