Redpoint Investment Management Pty Ltd lifted its stake in shares of Chubb Limited (NYSE:CB) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,717 shares of the financial services provider’s stock after acquiring an additional 656 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Chubb were worth $1,803,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the company. Twinbeech Capital LP purchased a new position in Chubb in the third quarter valued at $4,748,000. Mercer Global Advisors Inc. ADV increased its holdings in Chubb by 72.0% in the third quarter. Mercer Global Advisors Inc. ADV now owns 10,408 shares of the financial services provider’s stock valued at $1,209,000 after buying an additional 4,356 shares during the last quarter. Independence Bank of Kentucky increased its holdings in Chubb by 38.1% in the third quarter. Independence Bank of Kentucky now owns 725 shares of the financial services provider’s stock valued at $84,000 after buying an additional 200 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Chubb in the third quarter valued at $5,307,000. Finally, PhiloSmith Capital Corp increased its holdings in Chubb by 4.6% in the fourth quarter. PhiloSmith Capital Corp now owns 90,750 shares of the financial services provider’s stock valued at $13,967,000 after buying an additional 4,000 shares during the last quarter. 85.79% of the stock is currently owned by institutional investors and hedge funds.
Shares of CB opened at $157.12 on Thursday. Chubb Limited has a fifty-two week low of $87.35 and a fifty-two week high of $167.74. The company has a market capitalization of $70.92 billion, a price-to-earnings ratio of 31.30, a price-to-earnings-growth ratio of 1.37 and a beta of 0.67. The firm has a 50-day simple moving average of $152.92 and a 200-day simple moving average of $134.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.32 and a current ratio of 0.32.
Chubb declared that its Board of Directors has authorized a share buyback program on Thursday, November 19th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 2.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 8th. Investors of record on Friday, December 18th were given a $0.78 dividend. The ex-dividend date was Thursday, December 17th. This represents a $3.12 dividend on an annualized basis and a yield of 1.99%. Chubb’s payout ratio is currently 30.86%.
In other Chubb news, Director Theodore Shasta sold 948 shares of the stock in a transaction dated Monday, November 16th. The shares were sold at an average price of $151.87, for a total value of $143,972.76. Following the completion of the transaction, the director now directly owns 15,738 shares of the company’s stock, valued at $2,390,130.06. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO John W. Keogh sold 23,432 shares of the firm’s stock in a transaction that occurred on Tuesday, December 15th. The stock was sold at an average price of $153.04, for a total transaction of $3,586,033.28. Following the transaction, the chief operating officer now directly owns 220,587 shares of the company’s stock, valued at $33,758,634.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,683 shares of company stock valued at $27,794,915. 0.37% of the stock is owned by insiders.
Several equities analysts recently commented on CB shares. Credit Suisse Group increased their target price on Chubb from $144.00 to $152.00 and gave the company an “outperform” rating in a report on Tuesday, November 3rd. BidaskClub lowered Chubb from a “hold” rating to a “sell” rating in a report on Wednesday, December 23rd. Morgan Stanley increased their target price on Chubb from $149.00 to $172.00 and gave the company an “equal weight” rating in a report on Tuesday. JPMorgan Chase & Co. lowered Chubb from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $152.00 to $155.00 in a report on Monday, January 4th. Finally, The Goldman Sachs Group raised Chubb from a “buy” rating to a “conviction-buy” rating in a report on Friday, January 8th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Chubb presently has an average rating of “Buy” and an average target price of $155.63.
Chubb Limited, through its subsidiaries, provides insurance and reinsurance products worldwide. The company's North America Commercial P&C Insurance segment offers commercial property, marine, casualty, workers' compensation, package policies, risk management, professional lines, marine, construction, environmental, medical, cyber risk, surety, and excess casualty; and group accident and health insurance to large, middle market, and small commercial businesses in the United States, Canada, and Bermuda.
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