Truist Financial Corp Trims Stake in Chubb Limited $CB

Key Points

• Truist Financial Corp reduced its stake in Chubb Limited by 2.8%, selling 5,196 shares and holding 180,087 shares valued at $52,175,000 at the end of the second quarter.
• CEO Michael Corbat purchased 425 shares of Chubb, increasing his position by approximately 21%, while insiders collectively own 0.77% of the stock.
• Chubb recently reported earnings of $6.14 per share for the quarter, surpassing analyst expectations, and announced a $0.97 quarterly dividend with a yield of 1.4%.

Truist Financial Corp reduced its stake in shares of Chubb Limited (NYSE:CB - Free Report) by 2.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 180,087 shares of the financial services provider's stock after selling 5,196 shares during the quarter. Truist Financial Corp's holdings in Chubb were worth $52,175,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. GQG Partners LLC raised its position in Chubb by 112.1% during the first quarter. GQG Partners LLC now owns 9,394,018 shares of the financial services provider's stock valued at $2,836,899,000 after acquiring an additional 4,964,298 shares in the last quarter. Demars Financial Group LLC grew its holdings in Chubb by 16.4% in the first quarter. Demars Financial Group LLC now owns 6,238,632 shares of the financial services provider's stock valued at $1,884,004,000 after purchasing an additional 878,177 shares during the period. Ameriprise Financial Inc. grew its holdings in Chubb by 6.9% in the first quarter. Ameriprise Financial Inc. now owns 4,696,682 shares of the financial services provider's stock valued at $1,418,398,000 after purchasing an additional 304,751 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Chubb by 1.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,784,053 shares of the financial services provider's stock valued at $840,756,000 after purchasing an additional 30,334 shares during the period. Finally, Nuveen LLC acquired a new stake in Chubb in the first quarter valued at approximately $562,221,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Michael Corbat acquired 425 shares of the stock in a transaction on Friday, July 25th. The shares were bought at an average price of $269.80 per share, with a total value of $114,665.00. Following the completion of the purchase, the director owned 2,450 shares of the company's stock, valued at approximately $661,010. This represents a 20.99% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.77% of the company's stock.

Chubb Stock Performance

NYSE CB opened at $281.65 on Thursday. The stock's fifty day moving average is $274.24 and its two-hundred day moving average is $282.44. The firm has a market capitalization of $112.29 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 3.19 and a beta of 0.54. 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.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $6.14 earnings per share for the quarter, topping analysts' consensus estimates of $5.84 by $0.30. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $5.38 earnings per share. On average, research analysts anticipate that Chubb Limited will post 21.52 earnings per share for the current year.

Chubb Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 12th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $3.88 dividend on an annualized basis and a yield of 1.4%. Chubb's payout ratio is 17.12%.

Wall Street Analyst Weigh In

Several analysts have commented on CB shares. Citigroup started coverage on Chubb in a report on Wednesday, August 13th. They issued a "buy" rating and a $326.00 price objective on the stock. Piper Sandler reissued a "neutral" rating and issued a $283.00 price objective (down from $335.00) on shares of Chubb in a report on Thursday, July 24th. Wells Fargo & Company dropped their price objective on Chubb from $285.00 to $267.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. HSBC lowered Chubb from a "buy" rating to a "hold" rating and dropped their price objective for the company from $317.00 to $300.00 in a report on Friday, August 1st. Finally, Keefe, Bruyette & Woods lifted their price target on Chubb from $314.00 to $324.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Chubb currently has a consensus rating of "Hold" and an average target price of $303.24.

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.

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