State of New Jersey Common Pension Fund D Sells 12,476 Shares of Chubb Limited $CB

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Chubb Limited by 8.7%, selling 12,476 shares and bringing its total ownership to 130,313 shares valued at approximately $39.35 million.
• Chubb Limited reported $6.14 earnings per share for the last quarter, exceeding the consensus estimate of $5.84, with revenue of $14.20 billion, indicating a year-over-year growth of 6.3%.
• The company has initiated a $5 billion stock buyback plan and declared a quarterly dividend of $0.97 per share, reflecting its strategy to enhance shareholder value.

State of New Jersey Common Pension Fund D decreased its stake in Chubb Limited (NYSE:CB - Free Report) by 8.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,313 shares of the financial services provider's stock after selling 12,476 shares during the period. State of New Jersey Common Pension Fund D's holdings in Chubb were worth $39,353,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC grew its holdings in Chubb by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,945 shares of the financial services provider's stock worth $537,000 after purchasing an additional 221 shares during the period. Revolve Wealth Partners LLC bought a new position in Chubb during the fourth quarter worth about $205,000. Bank Pictet & Cie Europe AG bought a new position in Chubb during the fourth quarter worth about $1,320,000. Belpointe Asset Management LLC grew its holdings in Chubb by 7.5% during the fourth quarter. Belpointe Asset Management LLC now owns 2,062 shares of the financial services provider's stock worth $586,000 after purchasing an additional 143 shares during the period. Finally, Gabelli Funds LLC grew its holdings in Chubb by 24.5% during the fourth quarter. Gabelli Funds LLC now owns 14,202 shares of the financial services provider's stock worth $3,924,000 after purchasing an additional 2,797 shares during the period. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Cantor Fitzgerald upgraded Chubb to a "hold" rating in a report on Wednesday, August 13th. Piper Sandler restated a "neutral" rating and set a $283.00 price objective (down from $335.00) on shares of Chubb in a research report on Thursday, July 24th. Morgan Stanley cut their price objective on shares of Chubb from $300.00 to $295.00 and set an "equal weight" rating for the company in a research report on Monday. UBS Group cut their price objective on shares of Chubb from $304.00 to $292.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Finally, Evercore ISI set a $312.00 price objective on shares of Chubb in a research report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Chubb has a consensus rating of "Hold" and an average price target of $302.00.

Insider Activity at Chubb

In other news, Director Michael Corbat acquired 425 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were acquired at an average cost of $269.80 per share, with a total value of $114,665.00. Following the completion of the purchase, the director directly owned 2,450 shares of the company's stock, valued at $661,010. The trade was a 20.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John J. Lupica sold 5,513 shares of Chubb stock in a transaction that occurred on Tuesday, July 1st. The shares were 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. Insiders have sold 100,390 shares of company stock valued at $29,163,135 over the last three months. 0.86% of the stock is owned by insiders.

Chubb Price Performance

Shares of NYSE CB traded down $1.40 during midday trading on Monday, reaching $272.81. The company's stock had a trading volume of 1,160,759 shares, compared to its average volume of 2,035,114. 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 fifty-two week low of $252.16 and a fifty-two week high of $306.91. The business's 50 day moving average price is $277.52 and its two-hundred day moving average price is $282.54. The company has a market cap of $108.77 billion, a P/E ratio of 12.03, a P/E/G ratio of 3.09 and a beta of 0.53.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 16.08% and a return on equity of 12.34%. The firm's quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business earned $5.38 earnings per share. On average, analysts forecast that Chubb Limited will post 21.52 EPS for the current fiscal year.

Chubb Announces Dividend

The company 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. This represents a $3.88 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, September 12th. Chubb's dividend payout ratio (DPR) is 17.12%.

Chubb announced that its board has authorized a share repurchase program on Thursday, May 15th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

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.