Raymond James Financial Inc. Trims Position in Chubb Limited $CB

Key Points

• Raymond James Financial Inc. sold 5,834 shares of Chubb Limited, decreasing its stake by 0.1% to 4,188,505 shares, worth approximately $1.26 billion, highlighting ongoing adjustments among institutional investors.
• Chubb's recent quarterly earnings surpassed analysts' expectations, with $6.14 EPS reported against a forecast of $5.84, and revenue reaching $14.20 billion compared to predictions of $12.53 billion.
• Chubb announced a quarterly dividend of $0.97 per share, representing an annual yield of 1.4%, along with a $5 billion share buyback plan aimed at enhancing shareholder value.

Raymond James Financial Inc. decreased its position in Chubb Limited (NYSE:CB - Free Report) by 0.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,188,505 shares of the financial services provider's stock after selling 5,834 shares during the period. Raymond James Financial Inc. owned approximately 1.05% of Chubb worth $1,264,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. E Fund Management Co. Ltd. boosted its holdings in shares of Chubb by 3.9% during the 1st quarter. E Fund Management Co. Ltd. now owns 964 shares of the financial services provider's stock worth $291,000 after purchasing an additional 36 shares during the last quarter. Sunflower Bank N.A. boosted its holdings in shares of Chubb by 4.4% during the 1st quarter. Sunflower Bank N.A. now owns 905 shares of the financial services provider's stock worth $273,000 after purchasing an additional 38 shares during the last quarter. Avantax Planning Partners Inc. boosted its holdings in shares of Chubb by 5.1% during the 1st quarter. Avantax Planning Partners Inc. now owns 783 shares of the financial services provider's stock worth $236,000 after purchasing an additional 38 shares during the last quarter. HighPoint Advisor Group LLC boosted its holdings in shares of Chubb by 0.5% during the 1st quarter. HighPoint Advisor Group LLC now owns 8,857 shares of the financial services provider's stock worth $2,524,000 after purchasing an additional 40 shares during the last quarter. Finally, Fortitude Advisory Group L.L.C. boosted its holdings in shares of Chubb by 5.6% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 798 shares of the financial services provider's stock worth $227,000 after purchasing an additional 42 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insider Activity

In other news, COO John W. Keogh sold 9,794 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $292.99, for a total value of $2,869,544.06. Following the completion of the sale, the chief operating officer directly owned 247,538 shares of the company's stock, valued at approximately $72,526,158.62. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Corbat bought 425 shares of Chubb stock in a transaction dated Friday, July 25th. The stock was acquired at an average cost of $269.80 per share, with a total value of $114,665.00. Following the completion of the acquisition, the director directly owned 2,450 shares of the company's stock, valued at approximately $661,010. The trade was a 20.99% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.86% of the company's stock.

Chubb Stock Performance

NYSE CB traded up $5.6320 during trading hours on Wednesday, hitting $279.4320. The company had a trading volume of 2,105,286 shares, compared to its average volume of 1,799,440. The company has a debt-to-equity ratio of 0.18, 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 has a market cap of $111.41 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 3.08 and a beta of 0.53. The business has a 50 day moving average of $277.28 and a 200-day moving average of $282.48.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $12.53 billion. During the same quarter in the prior year, the firm posted $5.38 earnings per share. Chubb's revenue for the quarter was up 6.3% on a year-over-year basis. As a group, equities research analysts expect that Chubb Limited will post 21.52 EPS for the current year.

Chubb announced that its Board of Directors has approved a share repurchase 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 board believes its shares are undervalued.

Chubb Dividend Announcement

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

Analyst Ratings Changes

CB has been the topic of several recent research reports. Evercore ISI set a $312.00 target price on Chubb in a report on Wednesday, July 23rd. Wells Fargo & Company reduced their price target on shares of Chubb from $285.00 to $267.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. UBS Group reduced their price target on shares of Chubb from $304.00 to $292.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Raymond James Financial reissued a "strong-buy" rating on shares of Chubb in a research report on Thursday, April 24th. Finally, HSBC lowered Chubb from a "buy" rating to a "hold" rating and cut their target price for the company from $317.00 to $300.00 in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $302.00.

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.