Texas Capital Bank Wealth Management Services Inc Buys New Stake in Chubb Limited $CB

Key Points

• Texas Capital Bank Wealth Management Services purchased 5,464 Chubb shares worth approximately $1.86 million during the second quarter. Institutional investors collectively own 83.81% of Chubb’s stock.
• Chubb reported quarterly earnings of $7.26 per share, exceeding analysts’ $6.77 estimate, while revenue rose 3.6% year over year. The company also announced a quarterly dividend of $1.02 per share, representing a 1.2% annualized yield.
• Chubb shares opened at $341.24, within a 52-week range of $265.30 to $365.91. Analysts maintain a consensus “Hold” rating with an average price target of $360.09, while two executives recently sold shares.

Texas Capital Bank Wealth Management Services Inc purchased a new stake in shares of Chubb Limited (NYSE:CB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,464 shares of the financial services provider's stock, valued at approximately $1,862,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its position in Chubb by 1.7% during the first quarter. Janney Montgomery Scott LLC now owns 315,893 shares of the financial services provider's stock worth $102,959,000 after acquiring an additional 5,225 shares during the period. waypoint wealth counsel increased its stake in shares of Chubb by 76.4% during the fourth quarter. waypoint wealth counsel now owns 4,118 shares of the financial services provider's stock worth $1,285,000 after purchasing an additional 1,784 shares in the last quarter. National Pension Service raised its position in shares of Chubb by 24.4% during the 4th quarter. National Pension Service now owns 1,148,474 shares of the financial services provider's stock worth $358,462,000 after purchasing an additional 225,515 shares during the last quarter. Harbour Investments Inc. lifted its stake in Chubb by 884.1% in the 4th quarter. Harbour Investments Inc. now owns 9,959 shares of the financial services provider's stock valued at $3,108,000 after buying an additional 8,947 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in Chubb by 16.8% in the 1st quarter. Bessemer Group Inc. now owns 16,639 shares of the financial services provider's stock valued at $5,424,000 after buying an additional 2,389 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Insider Buying and Selling at Chubb

In other news, COO John W. Keogh sold 23,000 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the transaction, the chief operating officer owned 203,322 shares of the company's stock, valued at approximately $65,370,056.22. The trade was a 10.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Joseph F. Wayland sold 8,502 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $364.54, for a total transaction of $3,099,319.08. Following the transaction, the executive vice president directly owned 33,749 shares in the company, valued at approximately $12,302,860.46. The trade was a 20.12% decrease in their position. The SEC filing for this sale provides additional information. 0.37% of the stock is owned by insiders.

Chubb Price Performance

CB stock opened at $341.24 on Tuesday. 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 simple moving average of $344.69 and a 200-day simple moving average of $332.47. The firm has a market capitalization of $131.65 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.70 and a beta of 0.39. 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 announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, topping analysts' consensus estimates of $6.77 by $0.49. The firm had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $15.07 billion. Chubb had a return on equity of 14.47% and a net margin of 18.10%.The firm's revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $6.14 earnings per share. Equities research analysts anticipate that Chubb Limited will post 27.45 earnings per share for the current fiscal year.

Chubb Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 11th will be paid a $1.02 dividend. The ex-dividend date of this dividend 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 14.43%.

Wall Street Analyst Weigh In

Several research firms have commented on CB. The Goldman Sachs Group boosted their price objective on Chubb from $362.00 to $386.00 and gave the stock a "buy" rating in a research note on Wednesday, July 1st. Wells Fargo & Company dropped their price target on Chubb from $358.00 to $356.00 and set an "equal weight" rating for the company in a research report on Thursday, July 23rd. Evercore restated an "outperform" rating and issued a $374.00 price objective on shares of Chubb in a report on Friday, July 10th. Piper Sandler lifted their target price on shares of Chubb from $340.00 to $374.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Finally, Barclays set a $387.00 target price on shares of Chubb in a report on Tuesday, July 7th. Two investment 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $360.09.

About Chubb

Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source