QRG Capital Management Inc. Reduces Stake in Chubb Limited $CB

Key Points

• QRG Capital Management cut its Chubb stake by 33% in the second quarter, selling 21,018 shares and retaining 42,586 shares valued at approximately $13.4 million. Institutional investors collectively own 83.81% of Chubb.
• Chubb insiders also reduced their holdings: EVP Joseph Wayland sold 8,502 shares, while Director Michael P. Connors sold 5,500 shares. Company insiders own just 0.37% of the stock.
• Chubb exceeded quarterly EPS expectations, reporting $7.26 versus the $6.77 consensus estimate, while revenue rose 3.6% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $360.77, and the company declared a quarterly dividend of $1.02 per share.

QRG Capital Management Inc. reduced its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 33.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,586 shares of the financial services provider's stock after selling 21,018 shares during the quarter. QRG Capital Management Inc.'s holdings in Chubb were worth $13,375,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Andra AP fonden grew its holdings in Chubb by 25.4% during the 2nd quarter. Andra AP fonden now owns 77,803 shares of the financial services provider's stock valued at $26,511,000 after purchasing an additional 15,760 shares during the last quarter. Silicon Valley Capital Partners lifted its stake in Chubb by 251.7% in the second quarter. Silicon Valley Capital Partners now owns 102 shares of the financial services provider's stock worth $34,000 after purchasing an additional 73 shares during the last quarter. Security National Bank of SO Dak bought a new stake in Chubb in the second quarter worth about $46,000. Anchor Investment Management LLC boosted its position in shares of Chubb by 1,702.5% during the second quarter. Anchor Investment Management LLC now owns 4,957 shares of the financial services provider's stock valued at $1,689,000 after buying an additional 4,682 shares during the period. Finally, Cidel Asset Management Inc. boosted its position in shares of Chubb by 3.2% during the second quarter. Cidel Asset Management Inc. now owns 2,368 shares of the financial services provider's stock valued at $807,000 after buying an additional 74 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Chubb

In other Chubb news, EVP Joseph Wayland sold 8,502 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the sale, the executive vice president owned 33,749 shares of the company's stock, valued at approximately $12,302,860.46. This trade represents a 20.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael P. Connors sold 5,500 shares of Chubb stock in a transaction on Friday, August 21st. The shares were sold at an average price of $345.00, for a total value of $1,897,500.00. Following the completion of the transaction, the director owned 12,803 shares in the company, valued at $4,417,035. This represents a 30.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CB shares. Cantor Fitzgerald raised their price target on Chubb from $318.00 to $337.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Weiss Ratings upgraded Chubb from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Friday, September 11th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $354.00 target price on shares of Chubb in a research report on Wednesday, July 22nd. Mizuho lowered their target price on shares of Chubb from $352.00 to $347.00 and set a "neutral" rating for the company in a research note on Wednesday, September 16th. Finally, Citigroup restated a "market outperform" rating on shares of Chubb in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $360.77.

Chubb Stock Performance

CB stock opened at $335.19 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.29 and a quick ratio of 0.29. The business has a 50-day moving average price of $345.25 and a 200 day moving average price of $334.92. The company has a market capitalization of $129.31 billion, a P/E ratio of 11.86, a PEG ratio of 1.60 and a beta of 0.37. Chubb Limited has a 1-year low of $265.30 and a 1-year high of $365.91.

Chubb (NYSE:CB - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.77 by $0.49. The company had revenue of $11.97 billion for the quarter, compared to analysts' expectations of $15.07 billion. Chubb had a net margin of 18.10% and a return on equity of 14.47%. The firm's quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $6.14 EPS. As a group, equities research analysts forecast that Chubb Limited will post 27.35 EPS for the current fiscal year.

Chubb Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 11th will be paid a dividend of $1.02 per share. The ex-dividend date is Friday, September 11th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.2%. Chubb's dividend payout ratio (DPR) is currently 14.43%.

About Chubb

Chubb Limited is a global insurance company that provides property and casualty, accident and health, life, and reinsurance products and services. The company serves businesses, individuals, and institutional clients, offering coverage for commercial property, liability, marine, cyber risk, workers' compensation, professional lines, personal assets, and other specialty risks.

Chubb distributes its products through brokers, agents, banks, and other business partners. Its commercial insurance operations serve companies ranging from small businesses to multinational corporations, while its personal insurance business provides coverage for homes, automobiles, valuable possessions, and other personal risks.

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