State of Alaska Department of Revenue Trims Holdings in Chubb Limited $CB

Key Points

• The State of Alaska Department of Revenue reduced its holdings in Chubb Limited by 4.2% in Q2, now owning 41,824 shares valued at approximately $12.12 million.
• Chubb recently reported better-than-expected earnings, with $6.14 EPS for the quarter, exceeding estimates and generating a revenue of $14.20 billion.
• Chubb announced a quarterly dividend of $0.97 per share, representing a 1.4% dividend yield with a payout ratio of 17.12%.

State of Alaska Department of Revenue decreased its position in Chubb Limited (NYSE:CB - Free Report) by 4.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,824 shares of the financial services provider's stock after selling 1,845 shares during the quarter. State of Alaska Department of Revenue's holdings in Chubb were worth $12,117,000 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. Peoples Bank KS acquired a new position in shares of Chubb during the first quarter valued at $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Chubb in the 1st quarter valued at approximately $25,000. North Capital Inc. acquired a new stake in Chubb during the 1st quarter worth about $26,000. IMA Advisory Services Inc. acquired a new position in Chubb in the 1st quarter valued at approximately $31,000. Finally, 1248 Management LLC purchased a new stake in shares of Chubb during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Insider Activity

In related news, Director Michael Corbat purchased 425 shares of the business's stock in a transaction on Friday, July 25th. The stock was acquired at an average price of $269.80 per share, for a total transaction of $114,665.00. Following the purchase, the director owned 2,450 shares of the company's stock, valued at approximately $661,010. This trade represents a 20.99% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John J. Lupica sold 5,513 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $290.06, for a total transaction of $1,599,100.78. Following the completion of the transaction, the insider directly owned 91,180 shares in the company, valued at $26,447,670.80. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company's stock.

Chubb Price Performance

NYSE CB opened at $280.77 on Friday. The firm's 50 day moving average is $273.84 and its 200-day moving average is $282.59. Chubb Limited has a 12-month low of $252.16 and a 12-month 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 company has a market capitalization of $111.94 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 3.17 and a beta of 0.56.

Chubb (NYSE:CB - Get Free Report) last issued its 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. The company had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $12.53 billion. Chubb had a return on equity of 12.34% and a net margin of 16.08%.The firm's revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the previous year, the company posted $5.38 EPS. Equities research analysts anticipate that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 12th will be paid a $0.97 dividend. The ex-dividend date of this dividend is 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%.

Analyst Ratings Changes

A number of brokerages have issued reports on CB. Morgan Stanley decreased their target price on Chubb from $300.00 to $295.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Cantor Fitzgerald raised shares of Chubb to a "hold" rating in a report on Wednesday, August 13th. Piper Sandler reiterated a "neutral" rating and set a $283.00 target price (down from $335.00) on shares of Chubb in a research report on Thursday, July 24th. HSBC lowered Chubb from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $317.00 to $300.00 in a research note on Friday, August 1st. Finally, Citigroup assumed coverage on shares of Chubb in a research note on Wednesday, August 13th. They issued a "buy" rating and a $326.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $303.06.

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.

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