Westpac Banking Corp Invests $2.66 Million in Chubb Limited $CB

Key Points

• Westpac Banking Corp acquired 7,800 Chubb shares worth approximately $2.66 million in the second quarter, while institutional investors collectively own 83.81% of Chubb’s stock.
• Analyst sentiment is mixed: Goldman Sachs raised its price target to $386 and several firms remain bullish, but the overall consensus rating is Hold with a $361 price target.
• Chubb exceeded quarterly EPS expectations, reporting $7.26 versus the $6.77 consensus estimate, while revenue rose 3.6% year over year. The company also declared a quarterly dividend of $1.02 per share, yielding about 1.2% annually.

Westpac Banking Corp acquired a new stake in Chubb Limited (NYSE:CB - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 7,800 shares of the financial services provider's stock, valued at approximately $2,658,000.

Several other institutional investors also recently modified their holdings of the company. Berkshire Hathaway Inc raised its holdings in shares of Chubb by 9.3% in the 4th quarter. Berkshire Hathaway Inc now owns 34,249,183 shares of the financial services provider's stock valued at $10,689,855,000 after purchasing an additional 2,916,288 shares during the period. BlackRock Inc. acquired a new position in Chubb during the second quarter worth approximately $9,913,336,000. State Street Corp increased its position in Chubb by 0.4% during the third quarter. State Street Corp now owns 17,045,793 shares of the financial services provider's stock worth $4,827,852,000 after buying an additional 68,553 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Chubb by 25.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,947,799 shares of the financial services provider's stock valued at $4,665,508,000 after buying an additional 3,049,987 shares during the period. Finally, GQG Partners LLC raised its stake in Chubb by 15.2% in the fourth quarter. GQG Partners LLC now owns 12,481,176 shares of the financial services provider's stock valued at $3,895,627,000 after buying an additional 1,647,729 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chubb

In related news, COO John W. Keogh sold 23,000 shares of the firm'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 directly owned 203,322 shares of the company's stock, valued at approximately $65,370,056.22. This trade represents a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph F. Wayland sold 8,502 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was 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. This represents a 20.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CB. The Goldman Sachs Group raised their price objective on Chubb from $362.00 to $386.00 and gave the company a "buy" rating in a research report on Wednesday, July 1st. Citigroup restated a "market outperform" rating on shares of Chubb in a research note on Wednesday, July 22nd. Wells Fargo & Company cut their price target on Chubb from $358.00 to $356.00 and set an "equal weight" rating for the company in a report on Thursday, July 23rd. Cantor Fitzgerald raised their price target on Chubb from $318.00 to $337.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Chubb from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $361.00.

Chubb Price Performance

Shares of NYSE CB opened at $341.15 on Friday. The firm has a market cap of $131.62 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 1.66 and a beta of 0.39. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.22. Chubb Limited has a 1-year low of $265.30 and a 1-year high of $365.91. The business's 50 day moving average is $345.88 and its 200-day moving average is $333.31.

Chubb (NYSE:CB - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $7.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.77 by $0.49. The business had revenue of $11.97 billion during 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 quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $6.14 EPS. Equities research analysts predict that Chubb Limited will post 27.49 earnings per share for the current year.

Chubb Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 11th will be issued a dividend of $1.02 per share. 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 currently 14.43%.

Chubb Company Profile

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.

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