Torray Investment Partners LLC Cuts Stock Position in Chubb Limited (NYSE:CB)

Key Points

• Torray Investment Partners LLC reduced its stake in Chubb Limited by 10.6%, selling 5,677 shares, bringing their total holdings to 47,820 shares.
• Chubb's COO, John W. Keogh, sold 9,794 shares at an average price of $292.99, resulting in a 3.81% decrease in his position, while Director Michael Corbat acquired 425 shares, increasing his ownership by 20.99%.
• Chubb announced an increase in its quarterly dividend from $0.91 to $0.97, representing an annualized dividend of $3.88 and a yield of 1.46%.

Torray Investment Partners LLC cut its holdings in shares of Chubb Limited (NYSE:CB - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,820 shares of the financial services provider's stock after selling 5,677 shares during the period. Chubb makes up about 2.2% of Torray Investment Partners LLC's investment portfolio, making the stock its 17th largest holding. Torray Investment Partners LLC's holdings in Chubb were worth $14,441,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Demars Financial Group LLC increased its stake in shares of Chubb by 26,761.4% in the fourth quarter. Demars Financial Group LLC now owns 5,360,455 shares of the financial services provider's stock worth $1,481,094,000 after acquiring an additional 5,340,499 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Chubb by 36,831.3% during the first quarter. GAMMA Investing LLC now owns 2,084,033 shares of the financial services provider's stock valued at $629,357,000 after acquiring an additional 2,078,390 shares during the period. Royal Bank of Canada boosted its holdings in Chubb by 46.7% during the fourth 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 acquiring an additional 1,403,545 shares during the period. Castlekeep Investment Advisors LLC acquired a new stake in Chubb during the fourth quarter worth about $336,972,000. Finally, SG Americas Securities LLC raised its holdings in Chubb by 1,243.9% in 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 acquiring an additional 629,822 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Insider Transactions at Chubb

In related news, COO John W. Keogh sold 9,794 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $292.99, for a total value of $2,869,544.06. Following the sale, the chief operating officer owned 247,538 shares in the company, valued at $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 available at this hyperlink. Also, Director Michael Corbat purchased 425 shares of the firm's stock in a transaction on Friday, July 25th. The stock was bought 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 $661,010. This trade represents a 20.99% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 100,390 shares of company stock worth $29,163,135. 0.77% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CB. Wells Fargo & Company dropped their price target on shares of Chubb from $285.00 to $267.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Piper Sandler reaffirmed a "neutral" rating and issued a $283.00 price objective (down from $335.00) on shares of Chubb in a research note on Thursday, July 24th. Keefe, Bruyette & Woods lifted their price target on shares of Chubb from $314.00 to $324.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Raymond James Financial restated a "strong-buy" rating on shares of Chubb in a report on Thursday, April 24th. Finally, Morgan Stanley lifted their target price on shares of Chubb from $280.00 to $300.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Chubb presently has an average rating of "Hold" and a consensus price target of $301.50.

Chubb Trading Up 0.5%

Chubb stock traded up $1.36 during mid-day trading on Friday, reaching $267.40. 3,214,985 shares of the company traded hands, compared to its average volume of 2,088,874. The firm's 50 day moving average price is $282.23 and its 200 day moving average price is $282.35. The firm has a market capitalization of $106.61 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 3.02 and a beta of 0.53. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.28 and a quick ratio of 0.28. Chubb Limited has a 52-week low of $252.16 and a 52-week high of $306.91.

Chubb (NYSE:CB - Get Free Report) last released its earnings results on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $12.53 billion. During the same period in the prior year, the firm posted $5.38 EPS. The firm's quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts anticipate that Chubb Limited will post 21.52 earnings per share for the current fiscal year.

Chubb announced that its Board of Directors has initiated a share repurchase program on Thursday, May 15th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Chubb Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 1.5%. This is a positive change from Chubb's previous quarterly dividend of $0.91. The ex-dividend date was Friday, June 13th. Chubb's dividend payout ratio is 17.12%.

Chubb Company 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.