Scotia Capital Inc. Decreases Position in Chubb Limited (NYSE:CB)

Key Points

• Scotia Capital Inc. has reduced its stake in Chubb Limited by 9.5%, bringing its total holdings to $2,958,000 after selling 1,027 shares in the first quarter.
• Chubb Limited announced a quarterly dividend increase to $0.97 per share and has approved a $5.00 billion stock buyback program.
• The company reported earnings of $6.14 per share for the last quarter, exceeding estimates and reflecting a 6.3% increase in revenue year-over-year.

Scotia Capital Inc. cut its holdings in Chubb Limited (NYSE:CB - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,796 shares of the financial services provider's stock after selling 1,027 shares during the period. Scotia Capital Inc.'s holdings in Chubb were worth $2,958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CB. Demars Financial Group LLC grew its stake in Chubb by 26,761.4% during the fourth quarter. Demars Financial Group LLC now owns 5,360,455 shares of the financial services provider's stock valued at $1,481,094,000 after acquiring an additional 5,340,499 shares in the last quarter. GAMMA Investing LLC lifted its stake in Chubb by 36,831.3% in the 1st quarter. GAMMA Investing LLC now owns 2,084,033 shares of the financial services provider's stock worth $629,357,000 after purchasing an additional 2,078,390 shares in the last quarter. Royal Bank of Canada grew its position in shares of Chubb by 46.7% during the 4th quarter. Royal Bank of Canada now owns 4,406,052 shares of the financial services provider's stock valued at $1,217,392,000 after purchasing an additional 1,403,545 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new position in shares of Chubb during the 4th quarter valued at $336,972,000. Finally, SG Americas Securities LLC grew its position in shares of Chubb by 1,243.9% during the 1st quarter. SG Americas Securities LLC now owns 680,456 shares of the financial services provider's stock valued at $205,491,000 after purchasing an additional 629,822 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CB shares. Hsbc Global Res downgraded Chubb from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft lowered Chubb from a "buy" rating to a "hold" rating and set a $303.00 target price on the stock. in a research note on Tuesday, May 20th. Barclays downgraded Chubb from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $321.00 to $298.00 in a research report on Monday, July 7th. UBS Group decreased their price objective 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. Finally, Morgan Stanley raised their target price on shares of Chubb from $280.00 to $300.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Chubb has an average rating of "Hold" and an average price target of $301.50.

Insider Transactions at Chubb

In other Chubb news, COO John W. Keogh sold 9,794 shares of Chubb stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $292.99, for a total transaction of $2,869,544.06. Following the sale, the chief operating officer directly owned 247,538 shares of the company's stock, valued at approximately $72,526,158.62. The trade was a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael Corbat purchased 425 shares of Chubb stock in a transaction that occurred on Friday, July 25th. The stock was purchased at an average cost of $269.80 per share, for a total transaction of $114,665.00. Following the completion of the purchase, the director owned 2,450 shares of the company's stock, valued at $661,010. This trade represents a 20.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 100,390 shares of company stock valued at $29,163,135. Company insiders own 0.77% of the company's stock.

Chubb Trading Down 0.2%

Shares of CB traded down $0.49 during trading hours on Thursday, hitting $269.14. The company had a trading volume of 1,588,109 shares, compared to its average volume of 2,195,535. Chubb Limited has a 52-week low of $252.16 and a 52-week high of $306.91. 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 stock's 50 day moving average price is $280.53 and its 200 day moving average price is $282.31. The firm has a market cap of $107.31 billion, a P/E ratio of 11.87, a P/E/G ratio of 3.05 and a beta of 0.53.

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

Chubb Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th were given a $0.97 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.88 annualized dividend and a dividend yield of 1.4%. This is a positive change from Chubb's previous quarterly dividend of $0.91. Chubb's dividend payout ratio is 17.12%.

Chubb declared that its board has authorized a share buyback plan on Thursday, May 15th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

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.