Polaris Capital Management LLC Sells 7,400 Shares of Chubb Limited $CB

Key Points

• Polaris Capital Management LLC reduced its stake in Chubb Limited by 6.6% in Q2, now holding 104,449 shares after selling 7,400 shares.
• Chubb recently reported a quarterly EPS of $6.14, exceeding expectations, with revenues reaching $14.20 billion for the quarter, up 6.3% year-over-year.
• The company announced a quarterly dividend of $0.97 per share, reflecting a 1.4% dividend yield and a payout ratio of 17.12%.

Polaris Capital Management LLC cut its stake in Chubb Limited (NYSE:CB - Free Report) by 6.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,449 shares of the financial services provider's stock after selling 7,400 shares during the period. Chubb makes up approximately 2.0% of Polaris Capital Management LLC's holdings, making the stock its 23rd biggest position. Polaris Capital Management LLC's holdings in Chubb were worth $30,261,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Modern Wealth Management LLC raised its stake in shares of Chubb by 6.2% in the 1st quarter. Modern Wealth Management LLC now owns 2,464 shares of the financial services provider's stock valued at $744,000 after buying an additional 143 shares in the last quarter. Jump Financial LLC raised its stake in shares of Chubb by 633.6% in the 1st quarter. Jump Financial LLC now owns 8,180 shares of the financial services provider's stock valued at $2,470,000 after buying an additional 7,065 shares in the last quarter. Legato Capital Management LLC raised its stake 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. acquired a new position in shares of Chubb in the 1st quarter valued at $5,117,000. Finally, First Horizon Advisors Inc. raised its stake in shares of Chubb by 3.3% in 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 buying an additional 1,375 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Insider Activity at Chubb

In other Chubb news, Director Michael Corbat purchased 425 shares of the stock in a transaction dated Friday, July 25th. The stock was bought at an average price of $269.80 per share, for a total transaction of $114,665.00. Following the transaction, the director directly owned 2,450 shares in the company, valued at $661,010. This represents a 20.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.77% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CB. Barclays cut shares of Chubb from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $321.00 to $298.00 in a research note on Monday, July 7th. Piper Sandler reissued a "neutral" rating and set a $283.00 price target (down from $335.00) on shares of Chubb in a report on Thursday, July 24th. Cantor Fitzgerald raised shares of Chubb to a "hold" rating in a report on Wednesday, August 13th. UBS Group cut their price target on shares of Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Finally, HSBC downgraded shares of Chubb from a "buy" rating to a "hold" rating and cut their price target for the company from $317.00 to $300.00 in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $303.24.

Chubb Stock Up 0.9%

Shares of NYSE:CB opened at $283.99 on Friday. Chubb Limited has a one year low of $252.16 and a one year high of $306.91. The company has a 50 day moving average of $274.76 and a 200-day moving average of $282.25. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28. The stock has a market cap of $113.22 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 3.17 and a beta of 0.54.

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

Chubb Announces Dividend

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

Chubb Profile

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.

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